Endowment Giving and the South Lincoln Training and Event Center
The South Lincoln Training and Event Center has created an endowment fund with the Wyoming Community Foundation. An endowment is a fund created to provide a permanent source of support to be used for charitable purposes. The principal of the fund is never spent. The total earnings from principal are interest, dividends and market gains/losses. Distributed earnings are that portion of total earnings which are granted to one or more charitable organizations. An endowment is not a reserve fund or a rainy day account.
The fund is owned by the Community Foundation, designated to benefit the South Lincoln Training and Event Center, so fiduciary responsibility rests with the Community Foundation and SLTEC has to account only for the distributed earnings, and can better focus efforts on its mission. Since endowments are invested in one portfolio, the Community Foundation can better afford professional investment management and greater portfolio diversification than might be available to smaller investors. Should the favorite charity cease to exist, the Community Foundation re-designates the fund's distributable earnings to the next best organization, according to donors' intent, while ensuring that the principal of the fund remains inviolate.
A benefit of the Wyoming Community Foundation is that gifts to our endowment can be given directly to the WCF with the South Lincoln Training and Event Center specified as the beneficiary, and because the WCF is a 501c3 non-profit organization, the gifts are tax deductible for our donors.
The earnings from the endowment go to program costs, such as our Cultural Concert Series. The Concert Series brings renowned artists from around the world to our community and keeps ticket prices affordable for all South Lincoln County residents. We offer a place for our families to have their weddings, funerals and special occasions. Many safety and industrial training courses are held here for our local workers. The endowment will also ease the burden of some of the operating costs off of our constituents.
Through our endowment, we can ensure that the South Lincoln Training and Event Center will continue to provide quality services, enrichment events and a place for our community celebrations for the long term.