Springdale, AR - August was a good month for Northwest Arkansas Community Foundation (NWACF). NWACF picked up four more endowments that totaled over $406,000. The four new funds include transfers of existing nonprofit endowments from the Bella Vista Courtesy Van and Single Parent Scholarship Fund of Benton County plus two new funds placed into the Horizon Society. The latter two funds, one established by the Botanical Garden Society of the Ozarks and the other as a donor-advised family fund, allow for individuals or agencies to build their endowments to either $10,000 as an agency endowment or $25,000 as a donor-advised fund.
"We believe that one of the most important things that NWACF can do is promote financial stability and long-term thinking among the nonprofits by the use of an agency endowment. We can help grow their endowment or work with their donors to see the value of a planned gift. Eventually, the fees they pay for this financial management will be returned to the community in the form of grants," explained Gene Groseclos, Chair of NWACF.
The Bella Vista Courtesy Van was begun in January 1992 with a single 15-passenger van able to transport only riders able to walk. In 1995, a wheelchair accessible minivan was added and in 1997, the original large van was replaced with a new six-passenger minivan. CommunityCare Foundation, the supporting organization to NWACF, awarded a grant for $35,000 to purchase a replacement handicapped accessible van last year.
"Bella Vista is mainly a retirement community and has no public transit or taxi service. Our organization offers a much needed service and in turn, this has meant that our vehicles build up significant mileage. Services are in such demand that we are now averaging 24 trips a day. We hope to generate and add new income from our endowment to buy a new van as needed," explained Johnson.
The Single Parent Scholarship Fund of Benton County began in the spring of 1984, as seven single parents received $150 scholarships. Initially, most of the money came from United Ways and United Funds.
But it was in 1988 when Helen Walton made a challenge grant of $10,000 to encourage broader support by the community that the organization made a giant leap in recognition and acceptance. Eleven years later, in 1999, 487 individuals, civic groups, churches, businesses, and industries joined the program to raise $113,000 in answer to a Walton Family Foundation challenge of $90,000.
At this year's luncheon that honors both supporters and the scholarship recipients, 108 undergraduate and two graduate scholarships were awarded for $80,000 for the fall semester. The program also recognized 23 graduates from the various schools and colleges represented. The organization is quick to note that this endowment supports operating costs which in turns allows for 100 percent of an outright gift to support scholarships.
"Single Parent Scholarship Fund of Benton County is pleased to work with Northwest Arkansas Community Foundation (NWACF) on the market-based portion of our endowment investment. NWACF's board of area citizens understands local charitable needs. We look forward to a cooperative effort to meet the long-term education needs of single parents in Benton County," stressed Jim von Gremp, Chair of Single Parent Scholarship Fund of Benton County.
The Botanical Garden Society of the Ozarks, headquartered in Fayetteville but whose mission is to build and operate a botanical garden in Northwest Arkansas, are the first agency to make the decision to begin building an endowment fund in NWACF. The group will start building their fund through the Horizon Society. This type fund allows organizations or individuals to establish a named fund and then add to it over a period of several years. The minimum amount is $10,000 but funds can become as large as the group or individual wants it to be.
"For us, it was a great opportunity to make that first important step to establish an endowment and help donors realize we are looking long-term. Not only do we get to use the same portfolio managers used by both NWACF and CommunityCare Foundation, but the other advantages were too appealing. We get to work with their staff who help market and promote us to their donors and general public," explained Donna Porter, Director of the Botanical Garden Society of the Ozarks.
The Botanical Society of the Ozarks began in 1993. In 1998, the Society signed a 25-year renewable lease with the City of Fayetteville for use of 100 acres of city property for botanical garden development. That particular site is located between Springdale and Fayetteville on the south and southeast shore of Lake Fayetteville.
NWACF was founded in 1998 as the Community Foundation of Bentonville/Bella Vista. In November, 1999, its purpose was expanded to include all of northwest Arkansas, and to serve as the lead public foundation operated in connection with CommunityCare Foundation, Inc.
