The Springmoor Endowment Fund
When Springmoor began, the founders envisioned a community where residents could spend the rest of their lives, be as active as they wish, continue their pursuits, and be cared for if they became ill.
After a few years, it became apparent that in order to keep the promise of lifetime care, an endowment fund should be created to help those residents who, through no fault of their own, have depleted their assets to a point where financial assistance is needed.
Although applicants to Springmoor undergo a thorough evaluation of their assets and income in relation to life expectancy and inflation factors, some residents may still outlive their resources and need subsidies. Springmoor’s Management as well as the Fund’s Board of Directors will carefully investigate and approve any and all needs for their residents. The Endowment Fund is often thought of as neighbors helping neighbors.
Who Manages the Fund?
A Board of Directors manages the Endowment Fund. The Board consists of seven members of the Springmoor, Inc. Board of Directors, plus two additional directors. This Board is responsible for the approval of all gifts to the Fund, investments and management of these gifts, as well as approval of all disbursements by the Fund. The Board serves without compensation.
At the end of 2015, the Fund had just over five million dollars. Funds are carefully invested in mutual funds and other sources of minimum to moderate risk to optimize safety, diversity and growth opportunities. The Fund’s goal is to reach a level that can cover all the resident subsidies. Until then, the Springmoor Operating Budget has a line item that assists with subsidies. Currently, fifty percent of the income from the Fund goes to subsidies, with the other fifty percent being used to grow the Fund.
Residents have made half of the contributions to the fund, with the remaining half coming from the founders of Springmoor, and other growth within the fund. The fund has grown each year with total donations ranging from $100,000 to over $150,000 in the past few years. The Endowment Committee of the Springmoor Residents Association sponsors events throughout the year and an annual campaign to raise money for the Fund.
An Annual Fund Drive is held every spring. Residents, family members and vendors are encouraged to donate to this fund. Contributions in each of the past few years have been between $40,000 and $50,000.
The Endowment Committee also encourages residents to donate to the In Honor Of and the In Memory Of campaigns. There are several residents that donate to this fund every time a resident passes away. Some will donate towards this part of the Endowment Fund when a friend or neighbor passes away. It continues to be a wonderful way to give recognition to those that we have lost and honor those that we love. This program also raises a similar yearly total to the Annual Fund Drive.
The Endowment Committee continues to introduce new fundraising ideas each year. In past years, a furniture sale was held each fall. Residents or their family members donate their furniture when they downsize. Other residents or Springmoor employees then purchase it. It is a win-win for everyone involved.
On September 20 of this year, a Silent Auction will be held. The committee has gathered donations of jewelry, original art, gift baskets, furniture, restaurant and retail gift certificates, and so much more. The fun-filled auction will be held in our Great Room and should be a lively event with competitive bidding!
This year, the Endowment Committee has been challenged with a Matching Funds program. For every dollar that they donate, other committee members have offered to match the total contributions up to $30,000 and an anonymous donor has agreed to match this number. The Committee is almost to their goal this year! A four-time matching program is too big of a goal to not to meet in 2016, as they do not know when this opportunity will be offered again.
Contributing to the Endowment Fund can also be done with a donation towards a room or building at Springmoor. The committee has designated a list of places and a recommended donation for common areas on campus that a family can honor a loved one or add their own name. As the campus has grown, the number of areas on the list has also increased. With over thirty spaces already designated, these contributions will continue to help grow our Endowment Fund. An anonymous donor has offered to match, up to $500,000, donations made from May through the end of December 2016, that are sufficient to result in the naming of a Springmoor location. Lists of these locations and the amounts necessary to designate them have been distributed to residents and are available in a black leather notebook in the Ammon’s Room at North and the Gathering Room at South. And, this, too, is a one-time opportunity to grow the Endowment Fund.
Contributions to The Endowment Fund can be given In Honor of a family member, through the Annual Fund Drive, at fundraising event or through naming donations. The possibilities are not limited to these annual events. A resident, family member or friend can also contribute with a bequest in their will. A gift of stock, bonds, property, or insurance is also an easy way to donate. With The Life Income Gift option, the contribution allows the donor to receive income during his or her lifetime.
Neighbors Helping Neighbors
The Endowment Fund has been a very successful way for Springmoor to assist six to eight residents each year. It is a wonderful way to honor a loved one and help a neighbor. The Springmoor Endowment Fund is a very special benefit for all those that live here.