In November 2012, the Women’s Fund Endowment was created to offer Women’s Fund members and friends a vehicle to support the organization on a longer-term basis and to provide continuing future support with larger gifts such as appreciated assets, bequests or memorials. The endowment was started with initial gifts of $32,000 including a $10,000 contribution from the Santa Barbara Foundation.
The purpose of our endowment is to support the mission of the Women’s Fund, ultimately serving as an additional source for our annual grants pool distributed to nonprofits supporting the local needs of women, children and families.
Of course the primary focus of the Women’s Fund remains the same: to build a robust annual grants pool through annual memberships and to give it all away within the year. The Women’s Fund Endowment is an important additional tool, providing another way to support the Women’s Fund mission by helping sustain our financial health over time.
In September 2015, an anonymous Women’s Fund member offered to contribute $25,000 to the Endowment Fund if we raised $75,000 within the next 12 months. Last September, the Endowment Challenge grant expired, but thanks to the anonymous challenger—and all the Women’s Fund members who responded to her challenge—our Endowment increased by $84,000.
In the 12 months of the challenge, we raised $63,000 from members—84% of the $75,000 goal. Graciously, our donor agreed to match that percentage—$21,000 (84% of $25,000). This coupled with Jackie Inskeep’s very generous, and unexpected $100,000 gift in 2015, puts the Women’s Fund Endowment balance at $325,474 at the end of 2016.
In 2017, the Endowment Fund grew by $30,742 to a year-end balance of $356,216. With the recent change in investment managers, we anticipate a significant reduction in fees of approximately .53%.
We thank everyone who made a contribution to the Endowment Fund!
In 2015 a separate committee was formed to oversee the Endowment. This committee is comprised of the Finance Chair of the Women's Fund Steering Committee and three Women's Fund members with financial expertise who are not currently serving on any other committee. The Finance Chair is a non-voting member of the committee. The committee reports to the Women’s Fund Steering Committee quarterly.
Click here to read about the Endowment Committee members.
As Field of Interest Funds of the Santa Barbara Foundation, the Women’s Fund and its endowment adhere to the Gift Acceptance and Investment Policy Statement and Standards adopted by the Santa Barbara Foundation.
The following distribution policy was established by the Endowment Committee: No annual distributions from the Women’s Fund Endowment are required. The Women’s Fund grants pool may receive a distribution from the Women’s Fund Endowment of 4% of net assets once a threshold of $500,000 averaged over the previous three years is met.
Funds are currently invested in a “Long-Term Endowment Portfolio” managed by Meketa Investment Group for the Santa Barbara Foundation. The overall expense ratio is approximately .69% annually. The Santa Barbara Foundation provides administrative support for a fee of approximately 1% a year.