An endowment is a permanent fund of support for a specific purpose. The principal of your gift is invested, allowing you to build a strong foundation for your area of interest. Annual investment earnings of the endowment support the specified purpose.
Confidence of major donors in giving to an organization with financial strength, stability, and a well-planned investment strategy.
Author Elaine Dundy came to Tupelo in 1981 to research her book, Elvis & Gladys. Roy Turner, a local Elvis historian, assisted Dundy in her research. The two formed lasting friendship. She said she wanted to givesomething back to the community that helped saved her life. Upon her death, Turner set up the Elaine Dundy & Roy Turner Endowment for the Arts that supports the arts in Tupelo.
Why should I consider establishing an endowment fund?
Establishing an endowment is a present and future investment. By establishing an endowment, benefits will be provided generation after generation for your specific area of interest as the endowed gifts keep giving over time. Many donors establish an endowment to have the opportunity to honor a loved one, colleague or mentor with a permanent reminder of their life and example.
How is an Endowment Supported?
Several assets can support endowments including, but not limited, to cash, stock gifts and property.
How are endowed fund distributions made?
After endowing your fund, you may establish your own criteria for the distributions of the annual investment earnings. The rate of the spendable income is determined by the CREATE Foundation Board of Directors. This rate is a percentage of the endowment principal balance (currently 4% of the average fund balance for the twelve preceding quarters or since inception).
What administrative support is available for an endowment?
All gifts are tax deductible as allowed by law and donors will receive a receipt for the amount of their gift to the endowment. Endowment’s advisors are provided with a quarterly financial statement detailing contributions, disbursements, fees, gains, losses and interest accrued during the quarter. Our administrative staff provides support during your grant making process to ensure that all procedures and guidelines are followed properly.
How can I establish an endowment?
A donor can begin an endowment by simply signing a CREATE Foundation Endowment Fund agreement and contributing a gift valuing at least $5,000.
For further information contact:
Juanita Gambrell Floyd
Vice-President of Finance & Administration
P.O. Box 1053, Tupelo, MS 38802
The $50 million Toyota Wellspring Education Endowment Fund is for the benefit of students and educators in Pontotoc, Union, and Lee Counties. The purpose of the endowment fund is to help raise the education level of the region by providing opportunities for growth and enrichment. Dual enrollment classes that provide hands-on experience for students in healthcare, app development, aviation and other careers are just one of the current initiatives supported by the fund. The classes are offered online at high schools in Lee, Pontotoc, and Union Counties and at various onsite training venues. These career training classes offer students the opportunity to learn outside the regular classroom while gaining valuable career guidance and college credit hours.