Endowment
A Brief Guide to the GWG Endowment
Endowment funds are financial assets donated to support an organization’s mission and objectives, providing longterm financial stability and support through income generation and growth of the fund’s investments. They are crucial for the sustainability of many institutions, including universities, hospitals, museums and other nonprofit organizations.
GWG is an important part of the philanthropic fabric of Greenville County. The endowment was created in 2016 for two main reasons: (1) to allow us flexibility in responding to community needs that may not fall into our grant cycle. Examples might be a health crisis or a natural disaster, as we experienced with Hurricane Helene, and (2) to supplement our grant pool if member contributions fall short of our ability to fund a grant in each of our five designated categories.
Any distributions from the endowment will be made to qualified nonprofit organizations providing services in Greenville County.
View the endowment brochure.
The seed of Greenville Women Giving was an article about women’s collective giving that Harriet Goldsmith, one of our three Founders, kept in her “Good Idea” file. That seed sprouted into a 20-year-old philanthropic force that has granted over $9.5 million to Greenville County’s nonprofits.
In celebration of our 20th anniversary, and to ensure GWG’s important role in our community is maintained, we honored Harriet’s Good Idea through the creation of the Good Idea Legacy Society. If you would like to become a member, first either arrange a new planned gift to the GWG Endowment, or identify a planned gift you have previously created naming the GWG Endowment as a future recipient. Next, complete the Good Idea Legacy Society form to notify us of the planned gift. We don’t need to know the amount, only that the GWG endowment has been included. Members of the Good Idea Legacy Society will be recognized in the GWG Annual Report, unless you choose to be listed anonymously.
View the Good Idea Legacy Society Form (email form to greenvillewomengiving@gmail.com)
Frequently asked questions:
How large will the endowment be, and will endowment funds be spent immediately?
There is no limit to the endowment’s potential size. Our endowment bylaws state that no money will be distributed until the fund reaches at least $500,000. The principal, or “corpus,” is to remain intact. Investment earnings above that amount may be distributed following the Community Foundation of Greenville’s spending policy, but there is no requirement to make distributions in a given year. The endowment fund can continue to grow until needs emerge.
How will endowment funds be spent?
The GWG Board must approve each expenditure, and it can review spending guidelines on an annual basis. The GWG Endowment Committee (five to nine Board appointed members which include the GWG Treasurer, the Community Foundation liaison, and one GWG Co-Chair) will make recommendations to the Board, which will make the final decision.
Is there regular reporting on the endowment status and its uses?
Yes, GWG bylaws require that an annual report is made to the full GWG Membership.
How does GWG raise money for the endowment?
The primary way is through voluntary donations and bequests from members and others. Board-approved policy states that any undesignated gifts to GWG will go into the endowment. Example: Donations “in Honor of” or “in Memory of.”
Who manages the GWG endowment investments?
The assets of the endowment are invested by the Community Foundation of Greenville which oversees and manages the assets. Our endowment joins those of other local nonprofit organizations currently managed by the CFG such as the United Way of Greenville County, Public Education Partners and The Warehouse Theatre.
If I make an extra donation to GWG does it go into the endowment?
How your extra donation is used is up to you. If you make a specific request (e.g., place in the current year’s grant pool) it will be honored. However, if you do not specify, it will be put into the endowment.
Can I donate stock to the endowment?
Yes, the process is the same one used for stock donations to fulfill your annual membership commitment. Contact the Community Foundation (864-233-5925) and they will facilitate the process.
Is there a minimum donation?
No, gifts of all sizes are welcome.
My employer has a matching gift program. Can it be used for the endowment?
Your endowment gift may be eligible for a match in accordance with your company’s policy. If you let us know, we will work with you to provide the information your company needs.
I like that my money is granted in the year I make a donation. Do I have to contribute to the endowment?
No. Contributions to the endowment are completely voluntary. GWG’s primary focus remains our annual grant cycle that immediately returns member donations into grants for worthy causes. The endowment is our means of ensuring that GWG continues its community-building work into the future.
What is the Good Idea Legacy Society?
For many years, GWG founder Harriet Goldsmith kept a Good Idea file of articles she considered to be interesting. Specifically, she had saved an article about the philanthropic concept of “collective giving.” In celebration of our 20th anniversary, we recognized Harriet’s Good Idea through the creation of the Good Idea Legacy Society. Anyone who makes a planned gift to the GWG endowment and notifies us of the planned gift will become a member of the Society.
What is a planned gift?
A planned gift is a charitable donation created as part of a donor’s estate and financial plan that is completed at a future time. They are typically made from accumulated lifetime assets, allowing donors to leave a legacy while receiving potential tax advantages.
What are the benefits of the Good Idea Legacy Society?
You can create a lasting legacy to help secure the future of GWG through your planned gift. Members of the Good Idea Legacy Society will be recognized in our Annual Report unless you choose to be listed anonymously.
How can I plan for a bequest to be made to GWG?
The Community Foundation can help you with the appropriate wording for the bequest. Then you should work with your personal attorney, accountant or financial advisor.
Donate to the Greenville Women Giving Endowment