Thanks to a generous award from the James F.B. Peyton Fund, the Greenbrier Valley Community Foundation (GVCF) recently conferred grants to eight nonprofit organizations located in Greenbrier County in order to establish or grow endowed funds at GVCF.
These endowments are designed to produce annual distributions of earnings in perpetuity. Recipients of the grants include the Greenbrier County Health Alliance, Greenbrier County Public Library, Greenbrier County Youth Camp, Greenbrier Valley Chorale, Main Street White Sulphur Springs, Renick Community Center, Rupert Public Library, and White Sulphur Springs Public Library.
The goal of the GVCF’s Endowment Challenge program is to help nonprofits become more financially stable and self-reliant. GVCF Executive Director Courtney Smith explained, “Because a permanent endowment is an invested pool of money that provides a reliable source of income in perpetuity, the organization can count on annual distributions for its charitable work.”
Benefits include:
▪ Relieves pressure on annual fundraising. A large, well-managed endowment can produce earnings that will cover a significant portion of an organization’s annual operating expenses.
▪ Allows program expansion. Earnings can also be used to create new programs.
▪ Provides independence and offers flexibility for management. There are no stipulations as to how an organization can use their annual distributions. Nonprofits can set their own priorities.
▪ Enhances prestige and encourages gifts: an endowment sends a message to donors of planned, long-term stability, fiscal responsibility, and financial viability.
The eight nonprofits who were selected this year each contributed $2,500 and received a $7,500 grant. To be eligible to apply, the organizations needed to be recognized as a charitable organizations by the Internal Revenue Service, maintain an addresses and have its primary operations in Greenbrier County, and have existed for at least five years in Greenbrier County. GVCF hopes to be able to offer this program again in subsequent years.
The Greenbrier Valley Community Foundation is a collection of funds that make distributions to support the charitable needs of our community. To date, it has 135 funds with $14.7 million in assets and has distributed over $8.5 million. For more information about GVCF, please contact Courtney Smith, Executive Director, at (304) 645-5620 or info@gvfoundation.org.