Building an Endowment Takes Trust
“All of those things collectively have helped us regain the trust of major donors so they can be assured that the endowment will be there for future generations,” Adams says.
Five years ago, SLSO’s endowment was $18 million; today it is $125 million. Adams say it’s important, when trying to get donors to give to the endowment, to connect them to the mission and demonstrate a real need for the endowment. At the same time, it’s crucial to demonstrate sound fiscal management and show that the endowment is protected for the long term, i.e., the organization won’t raid it in times of need. Setting up a separate 501(c)3 with outside trustees was in important step in SLSO’s effort to grow its endowment.
Randy Adams can be reached via www.slso.org