Endowment Program - May 25, 2023
What is the Rotary Club of Springfield Southeast Endowment, Inc. (the “Endowment”)?
The Endowment is a Missouri non-profit corporation created by the Rotary Club of Springfield Southeast membership in 2015 to support the long-term charitable objectives of the Rotary Club of Springfield Southeast. The funds in the Endowment generate interest in perpetuity for projects which address the issues of Springfield and the surrounding community, including poverty, children, child abuse, housing, hunger, health, hygiene, education, and safety, plus Rotary’s six (6) areas of focus, including peace and conflict prevention/resolution, disease prevention and treatment, water and sanitation, maternal and child health, basic education and literacy, and economic and community development. The Endowment is a public charity and has obtained 501(c)(3) tax exempt status from the IRS and offers donors the maximum charitable tax deduction permitted by law. A copy of the Endowment’s IRS Determination Letter is available by request.
Who makes decisions for the Endowment?
The Endowment is managed by a nine (9) member board of directors comprised of active members of the Rotary Club of Springfield Southeast. Directors serve three (3) year terms and three (3) new directors are elected each year. Prospective directors are recommended by the President of the Rotary Club of Springfield Southeast and are elected by the Endowment Board. Directors may serve two (2) consecutive three (3) year terms. Any active member of the Rotary Club of Springfield Southeast is eligible to be recommended as a member of the Endowment Board. The President, President-Elect, and Treasurer of the Rotary Club of Springfield Southeast serve as non-voting members of the board of directors.
Who makes the decisions on grants?
The board of directors of the Endowment make decisions on grant requests. Grant requests may be submitted by any individuals or non-profit organization. Grants are only made for projects which address the issues detailed above. By the terms of the Endowment by-laws, no grant funds can be disbursed by the Endowment until the total investment assets of the Endowment total at least Five Hundred Thousand Dollars ($500,000.00). Current investments as of July 1, 2019 total $106,000.00.
What fees are the funds charged? – how much of every dollar goes to projects/mission as opposed to administration?
The Endowment has no employees and is managed by volunteer members of the Rotary Club of Springfield Southeast who are prohibited by the Endowment bylaws from receiving any compensation. One hundred percent (100%) of funds contributed are invested and one hundred percent (100%) of funds are available for grants. In accordance with the Endowment’s bylaws, no more than five percent (5%) of the average market value of the Endowment’s funds over the prior full thirteen (13) quarters may be used annually for grants.