The GWG Endowment
On the occasion of its tenth anniversary, the GWG Board voted unanimously to create an endowment to ensure a robust level of philanthropic engagement in perpetuity, and to allow GWG to be opportunistic in contributing to community needs that don’t fall into its traditional grant cycle. Any disbursement from the endowment will be in Greenville County to an organization in one of its five granting areas.
GWG has set a goal of raising $5 million for the endowment by 2026, when it will celebrate twenty years of giving. The by-laws require the principal remain intact, and that all income is reinvested until the endowment reaches $500,000.
The endowment will be managed by the investment committee of The Community Foundation of Greenville. All CFG requirements for donations will apply.
To give to the endowment, click here.
Frequently asked questions:
Why is GWG creating an endowment?
GWG has become an important part of the philanthropic fabric of Greenville County. The endowment is being created for two primary reasons: (1) to help ensure we can continue our current level of engagement in perpetuity, and (2) to allow us to be opportunistic for contributing to community needs that don’t fall into our grant cycle (e.g., a flood destroying a building or an organization seeking to obtain a matching gift in a specific time frame).
How large will the endowment be? Will the proceeds be spent immediately?
There is no limit to the potential size of the endowment. Our goal is for it to reach $5 million in its first ten years. Our bylaws state that nothing will be spent until the fund reaches $500,000. We will have the investment proceeds to spend annually (expected to be 4%) and keep the principal intact.
Will endowment proceeds still benefit Greenville County organizations?
Yes, we will use the same criteria for endowment disbursements as are used for our annual grants.
Is there a plan/policy/procedure for how the endowment will be spent?
The GWG Board must approve each expenditure and they have the ability to review the guidelines on an annual basis. Every year, the Endowment Committee of GWG (comprised of 5 – 7 appointed members which must include the GWG Treasurer, the CFG liaison and one Co-Chair) will bring a recommendation to the Board who will make the final decision. It will not be mandatory to use the endowment proceeds in any year.
Will there be regular reporting on the value of the endowment and its uses?
Yes, an annual update on the endowment will be part of the annual report of GWG financial information.
How will GWG raise money for the endowment?
The primary way will be through voluntary member donations and bequests. In addition, the Board approved that any undesignated gift received by GWG (for example, donations “In Honor of” or “In Memory of”) will be put into the endowment. Of course, we will honor the wishes of any donor who specifies how a gift is to be used.
Who will manage the endowment investment?
Management of the endowment will be overseen by the Finance and Investment Committee of the Community Foundation of Greenville. Our endowment will join those of United Way, The Warehouse Theatre, United Ministries and others which CFG currently manages. For a current list of Committee members and policies, go to www.cfgreenville.org
Is there a minimum donation?
No, gifts of all sizes are welcome.
If I make an extra donation to GWG will that go into the endowment?
How your extra donation is used is up to you. If you make a specific request (e.g. 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 or property to the endowment?
Yes, the process is the same that is used for a stock donation for an annual commitment – contact the Community Foundation (864-233-5925) and they will facilitate the process.
My company has a matching gift program, how does the endowment impact that?
Your gift to the endowment may be eligible for a matching gift in accordance with company policy. If you let us know, we will work with you to provide the information your company needs.
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 or financial advisor.
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. Even when the endowment is funded, GWG’s primary focus will be our annual grant cycle that immediately returns a member’s donation into a grant for a worthy cause in Greenville County.