Our Endowment: Rising to the Challenge
The response to the endowment campaign so far has been enthusiastic. Members have taken up the call and begun to write checks to the endowment.
Recently an email appeared in my inbox which lays out a challenge for all members of the Wisconsin Painters and Sculptors. Robert Ragir who has been a regular supporter of the Wisconsin Painters and Sculptors writes that “The Ragir Foundation will match contributions to the WP&S endowment dollar for dollar up to $12,500.”
The challenge given by the Ragir foundation puts the ball in our court, but it also provides a sizable incentive to members and friends who would like to make a lasting impact on the visual arts of Wisconsin. In making this pledge Mr. Ragir encouraged us with these words “Think BIG.... Not everyone in WP&S a starving artist, so consider making a substantial donation. Everyone’s gift is vital, but for those of you with means consider a gift of $10,000 or $12,000. If you have not mentioned WP&S in your will, now is the time to think about leaving a legacy.”
Our plan is to put the endowment funds under the professional management of the Greater Milwaukee Foundation once the fund reaches the minimum endowment level of $25,000. Our goal is to reach $50,000 since the policy of the GMF is that endowments remain in “acorn” status until they reach $50,000 at which time an official endowment fund is established which pays out a revenue stream of approximately 5% less 1% administrative fees. (The GMF uses a “spending policy” which sets distributions for both grants and expenses at 5% of the portfolio’s average market value over the prior 20 quarters.)
The Ragir foundation pledge is a significant boost in reaching our goals and I am confident that our supporters will rise to the challenge.
Checks to may be sent to
P.O. Box 186,
Mt. Horeb, WI 53572