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MESSAGE FROM THE FINANCE COMMITTEE REGARDING THE ENDOWMENT FUND
During 2006 the Board of Trustees, working with the Finance Committee, established the Loaves & Fishes Endowment, funding it with $250,000 from the recently completed Capital Campaign. The endowment is governed by a policy document approved by the Board, which states “The purpose of the Loaves & Fishes Endowment is to provide for the operating expenses of the pantry to the extent possible, thereby allowing our donor donations to be used for direct services.”
We have chosen to place our endowment funds in an account with the Community Foundation of North Central Massachusetts, based in
The intention of the Board is to leave the principal of the endowment untouched, and to allow the fund to grow to keep pace with inflation. Income above and beyond this growth will be withdrawn each year to fund the operation of Loaves & Fishes. Withdrawals will begin in 2007.
The current endowment will yield approximately $11,500 annually, which will be used to help offset the operating expenses related to our permanent facility. We do not yet know what the operating cost of our new building will be, but we expect it to be significantly more than this. Therefore, a goal of the organization for the next several years will be to continue to raise funds to add to our endowment, with the hope of creating an endowment large enough that its annual income pays for the costs of the building. We will have a clearer picture of what this might entail by the end of the year.
Jonathan Panek
Finance Committee
Endowment Fund
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