When CFAAC Communications Specialist Renee Zemanski was in a weekly staff meeting discussing the Community Foundation’s special offer for nonprofits, the wheels began to turn. The offer, an opportunity to establish a Nonprofit Agency Endowment Fund with CFAAC by making an initial investment with no minimum contribution or setup fees required to open a Designated Fund, was a game changer. She immediately knew of an organization that she wanted to support and went home to discuss opening a fund with her husband. The goal of setting up the Designated Fund is for it to reach a balance of $25,000 within three years so CFAAC can permanently endow the fund and convert it to a Nonprofit Endowment Fund.
“It really was an easy decision for us,” said Renee, who with her husband, decided to open a Designated Fund for NAMI Anne Arundel County. “We wanted to support NAMI and knew they wanted an endowment but finding the time and staff to administer and manage an endowment fund would be challenging for them. It was a ‘nice to have but we’ll get to it later’ item on their to-do list so it made sense for us to assist the organization in this way.”
NAMI Anne Arundel County is an affiliate of the National Alliance on Mental Health (NAMI) and is dedicated to improving the quality of life for people with mental illness and their families through support, education, and advocacy.
Renee and her husband explained the special offer to NAMI AAC’s Executive Director Fred Delp and told him they started the fund. Fred loved the idea of ensuring the long-term success of NAMI AAC. He was especially excited about generating awareness for the organization and expanding his audience for contributions by partnering with CFAAC. He also was relieved about not having to do the administrative and investment work associated with starting and maintaining an Endowment Fund. Other benefits of having an Endowment Fund with CFAAC include the ability to accept complex assets such as stocks, real estate, and mutual funds into the fund and having CFAAC’s expertise in local philanthropy as a dedicated partner focused on helping organizations achieve their long-term goals. Individuals interested in growing NAMI AAC’s Designated Fund into a Nonprofit Endowment Fund can donate here.
Since announcing its special invitation at the end of May, more than 35 nonprofits have shown an interest. If you know a nonprofit or are a nonprofit that could use help starting an endowment fund, CFAAC is offering the following special invitation to all nonprofits during its 25th anniversary year:
The opportunity to establish an Endowment Fund with CFAAC by making an initial investment with no minimum contribution required to open a Designated Fund to support their organization. This year, the set-up fees are also being waived because they have been underwritten by a generous donor in honor of CFAAC’s 25th anniversary. The Designated Fund will have three years to reach a balance of $25,000 so CFAAC can permanently endow the fund and convert it to a Nonprofit Endowment Fund.
During this anniversary year, CFAAC will help publicize the new Designated Fund and invite contributions from the community.
If you’re interested in learning more about Nonprofit Endowment Funds at CFAAC, contact John Rodenhausen, our Director of Gift Planning, at john@cfaac.org or 410.280.1102, x 103.