Rotary Club of Springfield Southeast Endowment reaches milestone
Our club celebrated the culmination of 8 years of work on May 16. Rick Van Pelt, Steve Rice & Gary Whitaker outlined the journey creating and increasing the funds in The Rotary Club of Springfield Southeast Endowment.
Van Pelt seized on the idea of creating an endowment fund about 10 years ago when he attended a meeting of leaders of large Rotary Clubs. Many of the clubs already had endowment funds that allowed them to increase their contributions to local charities and projects. Two years later, the Rotary Club of Springfield Southeast Endowment was created.
A volunteer Board of Directors manages and promotes the endowment. Steve Rice is the current chair of the board. Its bylaws stipulated no earnings from the fund would be used until the principal reached $500,000. Through a Founders Club drive, a Give 100 Drive, bequests and other donations, the annual Golf'toberfest, and an annual raffle of a vacation package, the fund has grown steadily.
The Endowment now stands at $550,000, which will enable the board to start distributing funds (approximately $18,000 next year). The annual distributions will be added to the $10,000 that the club budgets each year from members' dues for Community Grants. Steve Brooks, a past chair of the Community Grants Committee, said the funds will eliminate some of the hard choices that the committee has to make each year from the many worthy applications that it receives.
The club celebrated the milestone with champagne, "hand clappers," noise makers and roaring applause. All Springfield Southeast Rotarians who have contributed to the Foundation were also recognized, in particular Bill McNeill for his stellar work leading the annual Golf'tober Tournament and the annual raffle for a vacation trip.
Van Pelt seized on the idea of creating an endowment fund about 10 years ago when he attended a meeting of leaders of large Rotary Clubs. Many of the clubs already had endowment funds that allowed them to increase their contributions to local charities and projects. Two years later, the Rotary Club of Springfield Southeast Endowment was created.
A volunteer Board of Directors manages and promotes the endowment. Steve Rice is the current chair of the board. Its bylaws stipulated no earnings from the fund would be used until the principal reached $500,000. Through a Founders Club drive, a Give 100 Drive, bequests and other donations, the annual Golf'toberfest, and an annual raffle of a vacation package, the fund has grown steadily.
The Endowment now stands at $550,000, which will enable the board to start distributing funds (approximately $18,000 next year). The annual distributions will be added to the $10,000 that the club budgets each year from members' dues for Community Grants. Steve Brooks, a past chair of the Community Grants Committee, said the funds will eliminate some of the hard choices that the committee has to make each year from the many worthy applications that it receives.
The club celebrated the milestone with champagne, "hand clappers," noise makers and roaring applause. All Springfield Southeast Rotarians who have contributed to the Foundation were also recognized, in particular Bill McNeill for his stellar work leading the annual Golf'tober Tournament and the annual raffle for a vacation trip.
(Left to right) Rick Van Pelt, Steve Rice, and Gary Whitaker describe the vision for the endowment and the efforts to make it successful.
Bill McNeill, club president in 2016 - '17, talks about some of the fundraising for the endowment.
Rick was club president in 2015 - '16. Steve was club president in 1996 - '97.
Steve Brooks said the distribution of earnings from the endowment will let our club, through the Community Grants Committee, make an even greater impact in our community.
Club members toast the endowment passing $500,000 after 8 years of fundraising.
