Endowment Fund
Twenty-six years ago, 1985, visionaries established the NACBA Endowment Fund. Mr. Walter Pharr, national board member and Presbyterian layman from Orlando, Florida, made the initial gift of $1000 to start this fund. The fund is currently just over $400,000.
There are specifics which are important to understanding the need for such a fund and how it is managed:
- The Endowment Fund was established with the understanding that the principal will never be invaded. Contributions and donations to the fund will be invested and reinvested to produce a steady flow of income.
- Only income realized from the Endowment Fund will be used.
- Only funds for purposes approved by the NACBA Board of Directors.
- The Endowment Fund is administered by the NACBA Board of Directors, functioning as trustees.
- The Endowment Fund is maintained as a restricted or designated account within the NACBA financial records.
Most, if not all, church administrative leaders understand the importance of an Endowment Fund. Administrators may be involved in their church’s Endowment Fund. They are aware that endowment funds have common objectives:
- to support activities not just for one year,
- to provide for ongoing support for a wide variety of other activities, and
- to reach beyond the church itself to accomplish things that are not covered by the annual giving budget.
NACBA holds these same beliefs.
One might ask how funds collected by NACBA are used. Annual dues to the National NACBA go for national office operational costs:
- Personnel costs,
- insurance,
- office expenses,
- member publications,
- conference,
- consulting and
- training, etc., etc,
Funds realized from the investments of the NACBA Endowment Fund can help the organization by providing the following:
- Seed money to start new chapters and strengthen those in need
- Scholarships to local chapter presidents who need financial assistance in attending the annual conference.
- Scholarships to those who need financial assistance in attending the certification seminars.
- And, for the past two years, the NACBA Board of Directors has offered scholarships to NACBA members (not just presidents) to help defray costs of conference attendance.