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In keeping with the focus on building a collection of permanent endowments for the long-term care of our region, the Waccamaw Community Foundation announced a grantmaking initiative in 2004 that would better align the way the Foundation processes and awards grants with its mission of building permanent endowments. Known simply as the Challenge Grant Initiative, its objective was to encourage the long-term growth of philanthropy in the greater Waccamaw Region by making it sensible – indeed, advantageous – for existing non-profits to establish permanent endowment funds.
There are several benefits to having permanent endowment funds managed by the Waccamaw Community Foundation. First, because only the earnings from these endowments are tapped, the principal continues to produce interest income forever -- delivering a permanent source of funds to subsidize annual operational budgets. Equally important, by giving through WCF, Donors are able to utilize a wider variety of giving methods. For example, making gifts of appreciated stocks, real estate, life insurance policies and bequests represent just a few of the ways Donors can support their favorite causes in perpetuity.
The Community Kitchen of Myrtle Beach, the Lowcountry Day School and the Master Chorale participated in this challenge grant which concluded in December 2005. If you would like to make a gift to any of these new endowment funds, or if you would like to learn more about why community foundations represent the fastest growing arm of philanthropy in the nation, please call 843.916.4483 or by email at jkresken-wcf@sc.rr.com .
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