Endowment
The legal and practical definition of an endowment is a fund that is created, often by gift or bequest, from a decedent’s estate, for the maintenance of a public institution.
A true endowment consists of funds that are permanently set aside to generate income for a nonprofit. The principal of this fund may not be spent.
The Wilson Memorial Hospital Foundation has just such an endowment fund to perpetually support Wilson Memorial Hospital. The corpus has been invested and is closely managed by the Investment Committee so that the endowment fund continues to grow. The Growth and Distribution Policy govern any and all distributions made from this fund. Each year the Foundation Board, with recommendation from the Investment Committee, determined the growth necessary for the fund prior to any distributions being made.
The intent is that the proceeds from the Foundation’s General Endowment Fund are sufficient to meet the Hospital’s major annual capital requirements.
We recently introduced The Wilson Society to assist with the growth of the general endowment fund. The Wilson Society members are people who have made a commitment to include the hospital in their estate planning.
In addition, annually, the proceeds from the 1930 Club, Golf Outing and Charity Ball are channeled into the General Endowment Fund as another means of increasing the fund balance.
For more information please contact Bonnie Faulkner, Executive Director Wilson Memorial Hospital Foundation at bfaulkner@wilsonhospital.com or (937) 498-5575.
This information is not intended as financial or legal advice. For financial or legal advice, please consult your financial advisor or attorney.