Did you know 50 nonprofits
entrust the Hampton Roads Community Foundation to manage their charitable endowments?
While we don't widely advertise this service, our community foundation is happy to help
area nonprofits' endowments grow.
We are delighted that The Muse Writers Center recently started an endowment with us. We have administered nonprofit endowments since 1991 when the Feldman Chamber Music Society started one here.
The Muse, which opened in 2006 in Norfolk, offers more than 100 literary and creative writing classes a year -- from Building Your Memoir and Writing Through Depression to Screenwriting and 30 Poems in 30 Days. It also sponsors at least 10 weekly events so writers can connect, learn and have a place to create. The nearly 7,000 participants who use The Muse each year range from teens (pictured above) who are learning to express themselves to retirees with a lifetime of memories to share.
The Muse's board of directors and staff pondered starting an endowment for several years before the nonprofit donated $25,000 in 2018 to do just that.
"We want to ensure our long-term viability to make sure we stick around no matter the ups and downs of the economy," says Michael Khandelwal, The Muse's executive director. Partnering with the community foundation "seemed like the easiest and best managed way to do that."
In case you aren't familiar
with how organizational endowments work, here are a few details:
- An organization donates to the community foundation at least $25,000 to start its named endowment.
- We invest its funds to grow over time and handle all paperwork and reporting related to the endowment.
- Any additional donations must be made directly to the nonprofit, which then sends funds to us to add to its specific endowment.
- Each year the nonprofit can receive a grant check of up to 4.5% of the average daily balance over 12 trailing quarters.
- Fund holders have 24-hour access to their endowment information through our online system. And, our staff is here to help with question and details.
While many organizational fund holders take their full distribution each year, some like The Muse focus at the start on growing their endowments. "We plan to see where we are at the end of the year and put more money into it," Michael says.
Contact Kay Stine at email@example.com or (757) 622-7951 if your nonprofit organization would like to explore ways to start an endowment focused on the future. Click here to see a list of all organizational funds we steward.