The generosity of our donors has made this an exceptional year of growth for the Greater Polson Community Foundation. Let us count the ways:
First of all, about a year ago, an anonymous donor gave GPCF a gift of $50,000.
This was followed by a challenge grant of $50,000. If the GPCF could raise $50,000 in three years they said, then GPCF would receive another gift of $50,000. You donors responded in a big way, donating $54,000 in only three months.
These gifts made it possible to add significantly to the permanent endowment, which now totals nearly $600,000. Only the earnings can be used from this fund, and the board intends to continue adding to it. Grants funded by earnings will still be awarded annually.
In addition, the GPCF board of directors has recently adopted an investment plan where two years of operating expenses will be held in reserve to meet operating needs. (Initial reserve: $100,000.) We also have established a fund which will be separate from the endowment and readily available in the event an opportunity arises to support a project that would significantly impact Polson’s economy. (Initial investment: $200,000.) These monies are invested in a very conservative fund that generates steady income.
Therefore, GPCF has taken a big step that enables it to do as other successful community foundations do: build an investment fund that allows more flexibility to respond to bigger projects that impact the community. If a need arises, the principal of the investment funds can be spent, whereas with the endowment fund, only the income can be spent.
Another way GPCF has grown: For the first time in its history, a part-time administrative assistant has been hired. See the story introducing Jennifer Rolfsness elsewhere in these pages.
Investing in DonorPerfect software enables us to keep accurate records of our donor base and purchasing QuickBooks for Nonprofits software makes our financial record keeping more efficient.
We are comfortably settled in our office/conference room on Polson’s Main Street. It is frequently used by other non-profits as it is such a convenient location for meetings.
Ali Bronsdon donates her time to do the layout for LEGACY, write news releases and keep our website up to date.
All of this growth is made possible because of you donors. As we approach Thanksgiving Day, be assured that the hearts of GPCF officers and directors are especially filled with gratitude for your faithful and steadfast support. Your confidence in the possibilities of GPCF inspires us to be good stewards and use your gifts wisely.