The Power of Endowments: Primeplus Norfolk Senior Center
Primeplus Norfolk Senior Center strives to provide programs and services that help adults in Norfolk, Virginia enjoy good lives as they age.
To help the center accomplish its mission in 1998 it started an endowment at the Hampton Roads Community Foundation with $70,650 in donations. Since then Primeplus has regularly taken annual distributions -- putting more than $55,719 to work helping older adults stay as healthy, active and engaged in their community as possible. Today the Primeplus endowment is valued at more than $80,000.
“The beauty of the endowment is that it allows us not to have gaps in service when there are budget shortfalls caused by government cutbacks or funding delays,” says Lynne Berg, Primeplus executive director. Her nonprofit has also used its endowment grants to double or triple matching grant challenges. “The endowment has been fabulous to have,” Berg says.
Today the Hampton Roads Community Foundation manage more than 45 similar endowments for an array of nonprofits working to improve arts, education, health, human services and other areas in Hampton Roads.
Each fund is designed to grow over time while benefitting the specific nonprofit that created it with options for the organizations to take annual distributions while leaving the principal to grow.
If you want to explore how an can help your nonprofit organization, contact Kay Stine at email@example.com. Or call Call (757) 622-7951.