Springmoor

The Springmoor Endowment Fund

What is 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.

How does the Fund Grow?

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.

What Events are held each year?

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! Continue reading →