United Way partners with Community Foundation to establish local-agency endowment accounts thanks to Jimmy Buffett benefit concert proceeds
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| Certified-agency executive directors, volunteers, Susie Busch-Transou (2006 UWBB campaign chair), Community Foundation of North Florida representatives, and UWBB board and team members gather together to celebrate the initiation of agency endowment funds totaling $220,621.10 during a news conference at UWBB July 10. |
In what will have a positive impact for many years to come, United Way of the Big Bend (UWBB) announced its partnership with the Community Foundation of North Florida July 10 as it invested $220,621.10 for local certified-agency endowment accounts with one-third of the Jimmy Buffett Benefit Concert proceeds.
Initiating these agency endowment accounts is a solid way of putting the spotlight on the benefits of planning for these agencies’ future.
“The Community Foundation is pleased to partner with UWBB to help strengthen its certified agencies,” said Joy Watkins, Community Foundation of North Florida president. “United Way’s foresight in helping each of these agencies establish an endowment at the Community Foundation is truly a watershed event for our community. The seed money provided by United Way for each endowment will attract supporters of those organizations to add to the endowments as well. The endowment funds will be invested and professionally managed by the Community Foundation to provide a stream of income for each agency to support their missions in perpetuity. These endowments provide additional fiscal stability for each agency at a time when other funding sources for these agencies may be in jeopardy.”
The challenge of addressing current human-service needs in the Big Bend continues. Investing in these endowments now will help strengthen longevity and efforts of partners throughout the Big Bend as they plan on how to meet local needs down the road.
“United Way of the Big Bend works very hard to help raise critical resources to serve community needs in partnership with many certified agencies,” said Susie Busch-Transou, former UWBB campaign chair and the one who arranged the Jimmy Buffett Benefit Concert. “The creation of this endowment program is tremendous in that it allows UWBB to continue its efforts in supporting immediate needs while allowing our agency partners to plan for the future better than ever before, both in prevention and in need fulfillment. Thank you to all community supporters who have made this development possible.”
To gain the maximum benefit from this concert’s proceeds, the UWBB Board of Directors voted and passed a three-way distribution plan, said Ken Armstrong, UWBB president. One-third will go toward meeting current needs and will be utilized this year, one-third will be used to set up these endowment accounts, and one-third will go to UWBB’s long-term reserves.
“We want to re-emphasize the value of what this Jimmy Buffett Benefit fund-distribution plan means to folks in the Big Bend,” Armstrong said. “UWBB is always looking first at current needs, and it's appropriate that a third of the dollars will be put to use right now. The needs are real. They out-strip our ability to meet them ... even with a campaign as large as this. Also, we are investing in more prevention efforts now that will help reduce needs in the long run. Second, our certified agencies put every dollar they can into meeting needs of their clients, and they don't very often get to set money aside for long-term growth. Finally, UWBB will announce a major gift-planning effort of its own soon to strengthen its reserves and its endowment. The Jimmy Buffett concert was a rare opportunity to kick-start that effort without having a negative impact on current needs, and we are all grateful for that.”