This week we opened up two new endowment funds — one for the Orcas Community Resource Center and the other for the Orcas Island Food Bank. Both were seeded with contributions from Board Members currently serving or recently retired. What a lovely way to ensure the work of these organizations continues for future generations of islanders and a nice way to honor their Board service — truly a legacy gift.
Currently, OICF manages 134 funds for community organizations, of which 27 are endowments established by individuals who want to support a variety of organizations and areas of interest, such as education, senior services, and youth activities. Each year, these endowments provide distributions to support many local programs, providing consistent and welcomed support. Many organizations choose to invest through OICF for ease of management and the security of additional oversight, such as our annual audit and financial review. They also have a unique URL used to help direct donors to their funds. We are grateful to be able to provide the support. A complete list of organizational funds under management can be seen here.
Additionally, OICF holds 55 donor advised funds set up by individuals and families. Donors make a contribution into the fund and receive a tax receipt for that gift. They then can request distributions to support the nonprofits of their choosing (both local and afar). I think of mine as my philanthropic checking account. I make an annual contribution which represents my philanthropic budget for the year. Periodically, I recommend a distribution. OICF writes (and mails!) the checks, and I can track it all online — makes it easy!
If you are interested in learning more about OICF’s fund options, give me a call. I would be happy to meet with you.
This week, the Saint Patrick’s Day Parade returns after a two year COVID hiatus. For those interested in being in the parade, meet at the Island Market parking lot at 11. For those interested in watching the parade, it starts at noon. It does a loop up Prune Alley and down North Beach. SLAINTE!
Have a lovely weekend,