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Temple Shir Tikvah Endowment FAQ

1. What is an endowment?

An endowment is a permanent fund that produces yearly earnings, leaving the principal intact. Conservatively invested, it could generate a five percent return for use in our annual operating budget, spent in ways to fulfill the priorities and dreams of the community and donors. Usually there are two types of endowments. ‘Restricted’ funds are designated for specific purposes. ‘Unrestricted’ funds are used wisely to further the congregation’s goals. We expect we will be able to raise both but hope the majority of the funds will be unrestricted.

2. Why are we doing this now?

Although it’s been an idea for years, many generous members have again reached out to see about starting a planned giving fund. Some are at a stage of downsizing, selling their homes, or relocating, and they feel it is a good time in their lives to make an investment in Shir Tikvah’s future, either as an allocation in their will or as an annual contribution. Endowment gifts are not limited by age or stage of life, however. Ours is a vibrant, youthful, multigenerational community, and we hope all members and friends of the community who have been enriched by their experience at Shir Tikvah and believe in its future will be moved to give.

4. Will there be a capital component in the endowment campaign?

We will be testing the waters to see if members would be excited to fund some level of renovation to the temple building if those improvements align with our vision of a vibrant community future.

3. Who is leading the effort?

The temple board, after due diligence, has hired the firm of  Mersky, Jaffe & Associates (MJA) to help us determine if there is enough congregational enthusiasm and financial support to create an endowment that will spin off a healthy return. We need professional help to make this assessment, as do most institutions our size that are successful in this effort. MJA will work closely with the endowment committee, which will regularly report to the board and the temple community.

4. How long with this take?

A successful endowment campaign for a temple our size will take approximately two to three-years from start to finish, with planned donations made over a three to five-year period. During that time our annual Chai Campaign will continue as always because the money raised is a vital part of our annual operating budget.

Excited about our plans for the future and have the kind of expertise that could help?
Questions you’d like answered?
Please contact Dan Raizen or Cliff Manko, endowment committee co-chairs

 

Wed, May 22 2019 17 Iyar 5779