New endowment fund

Nonprofit teams up with Community Foundation of Davie County.

By Todd Cohen

MOCKSVILLE, N.C. [04.06.04] — The Cooleemee Historical Association has created a $50,000 endowment at the Community Foundation of Davie County.

The endowment, the first established by a nonprofit at the $1.8 million-asset foundation, is the result of a three-year challenge grant from the National Endowment for the Humanities to the historical association to create a Textile Heritage Fund will be used to maintain the group’s sites.

Under the grant, which matches $1 for each $1 the association raises up to $100,000, the association had to raise $15,000 in the fiscal year ended last June 30, and must raise another $50,000 in the current fiscal year and $35,000 more in the fiscal year that begins July 1.

The group raised $25,000 the first year, earning the first $25,000 of the match, and the total was used as the initial endowment at the foundation.

Founded in 1988, the foundation mainly served a “pass-through” function until 2000. To help build the Davie campus of Davidson County Community College, for example, individual donors made contributions to the foundation.

The foundation now has $1.8 million in endowed assets, and is set to get another $700,000 this year that will be transferred from McGuire Trust created through the will of James B. McGuire, says Jane Simpson, the foundation’s president and CEO.

The foundation invests its assets through the trust department at BB&T, says Simpson, who joined the foundation in April 2003 after serving as director of the Davie County Arts Council.

Leave a Response

Your email address will not be published. All fields are required.