Oct. 13th – The Good Works of the Lexington Rotary Club Endowment Fund
The Rotary Club of Lexington held its weekly meeting Thursday, October 13th, at The Mane on Main and on Zoom. The program highlighted the good works of the Lexington Rotary Endowment Fund.
If you would like the Zoom link contact the Rotary office, firstname.lastname@example.org.
The Lexington Rotary Club Endowment, Inc.’s primary mission is to assist in the partial funding and implementation of the philanthropic activities of the Rotary Club of Lexington, Kentucky, Inc. without regard to race, creed, color, sex, nationality or age. The Endowment will establish reasonable policies to receive, prudently manage, and disburse funds in support of the vocational, community and international avenues of Rotary Service. The Endowment Fund, in providing partial funding and implementation of these philanthropic activities will directly serve young people, aged and disadvantaged persons, and other charitable groups.
The Lexington Rotary Club Endowment, Inc., was incorporated on August 28, 1978, as a 501(c)(3) entity, with the approval of the Board of Directors of the Rotary Club of Lexington. Officers elected at the first meeting of the corporation were: Herschel Weil, President; Wade H. Jefferson, III, Treasurer; and W. James Host, Secretary.
The Rotary Club had historically been a catalyst for commencing good works in many areas. This new corporation was organized for the specific purpose of securing and retaining contributions as an endowment whose income-producing funds would be available for assistance to charitable, educational, and literary groups.
Another purpose of the Endowment was to have funds available for investment. Initially, it was felt by some that the funds could be used to build a building for a home for Lexington Rotary. However, an investigative committee reported back to the Board of Directors that it was not economically feasible to build a building and to pay the operating cost thereof. The object of the Endowment was thus amended to investing temporarily in short-term Treasury obligations while undertaking to find an office building that could be used by Endowment, the Rotary Club, committees, etc. The majority portion of the building would be leased to secure income for Endowment and to pay off any mortgage placed on the property. The purchase of a building, however, is no longer a goal of the group. To assist the club in establishing an office space with a full-time director, the Endowment entered into an agreement with the Club wherein the Club provides office space and administrative services to Endowment for a monthly fee.
The 1996-1997 Board of Directors reached an agreement with the Endowment Board that allows for all charitable giving and community projects to be removed from the operating expenses of the Club and to be financed by the Endowment. These budget items include scholarships, the winter coat program, the Toyota Bluegrass Miracle League, Surgery on Sunday, and additional discretionary donations.
Over the years there has been increased emphasis on growing the Endowment. Projects such as the Nell Main Society, Birthday Club, the annual fundraiser, “Dancing with the Lexington Stars,” were initiated as ways to expand the fund and increase its awareness.