An endowment is basically a permanent investment fund that distributes earnings every year for special causes. Donations are made into the account and invested with the goal of growing the fund over time. The exciting part of these funds is that a one-time gift can provide a lasting return for special purposes.
The KML Foundation has an endowment fund that has been in existence for years, but I’m concerned that many people don’t know about it. I want to share this information because it is pretty impressive. I’m happy to report the Foundation’s endowment fund’s assets are now approaching $2 million. This is worth noting considering we reached $1 million just three short years ago. Every year, 5% of the fund is distributed, and most of that is for student assistance. In fact, the KML Foundation is the largest single source of tuition assistance for KML families. As this endowment fund grows, we are able to help more and more families with the cost of a KML education.
So, what is a named endowment fund? This is simply an endowment that has been created by an individual, a family, a company or other group of people like an alumni class. With these funds, the donors have some special options regarding their gift. We currently have about a dozen of these named funds. Some of them are designated for KML graduates who will study for ministry at MLC. There are awards for those going to a trade school. Some are designed for students who demonstrate leadership or athletic accomplishments, we have one for students facing physical or learning disabilities, and a number of them go for general KML student assistance. In other words, there are many options for those who wish to create one of these funds.
I want to encourage you to create your own named endowed fund. You can start at any time and the fund can be created with a one-time gift, with periodic gifts over time, or with an estate gift. Regardless of the process you choose, you will know that you gift will have a lasting impact for KML.
I can help you manage this in a way that is comfortable for you because it is your life – your plan – your legacy!
I also want to wish you a Happy and Blessed Thanksgiving from all of us at KML and the KML Foundation. Stay safe and healthy and I’ll see you next month.