The Evergreen Society recognizes those who have thoughtfully included The Salisbury School in their estate plan. Whether a straightforward bequest or complex trust arrangement, an estate gift is a meaningful way to ensure the strength of the institution for the next generation of students.
What types of gifts can the foundation accept?
In addition to cash donations, the foundation accepts gifts of real estate, securities, matching funds, and tangible personal property. Planned giving vehicles such as bequests, annuities, IRA and life insurance beneficiary designations, and charitable remainder, and charitable lead trusts are also welcome.
How does the foundation manage its funds?
Endowment gifts to the foundation are invested in perpetuity with a portion of the interest (usually 5%) providing restricted and unrestricted support for the school. As of May 2014, the foundation board is finalizing an investment committee to oversee the management of the endowment funds.
The foundation also holds two operating funds, the James and Kristine Landi Scholarship Fund and the W. Booth Grier Project Fund. For more information on these funds, please contact the foundation.
Is the foundation a part of the school?
The Salisbury School Educational Foundation is a separate tax-exempt 501(c) (3) organization and is governed by its own board of directors. However, the foundation’s mission is to raise funds in support of the school so it has no other independent agenda and works hand in hand with the school to achieve its goals.
Where does the annual fund fit in?
TSS supports three main fundraising efforts. The annual fund raises important general operating support on a yearly basis. The Gala provides the community with a chance to come together socially in support of the school. The foundation focuses on long term giving in the form of endowment and other restricted major gifts. Each of these efforts is crucial to the financial health of the school and complement one another. These three efforts are centrally coordinated in order to provide donors with giving opportunities that best suit their interests and intentions.
What are the funds used for?
The proceeds from unrestricted endowment funds can be used by the school as it sees fit. Gifts to the foundation can also be restricted for a specific purpose – scholarships, teacher training, science education, etc. These proceeds are used by the school according to the donor wishes, though donors are not involved in the direct disposition of the funds i.e. choosing scholarship recipients.
How are the foundation board members chosen?
New board members are elected by the voting members of the foundation board at its annual meeting. Prior to the annual meeting, an ad hoc nominating committee appointed by the board president recommends potential candidates for consideration. Prospective board members should share a committed belief in the mission, goals, and objectives of the school and a willingness to assist in securing financial support from others.
Doesn't TSS already have an endowment at the Community Foundation of the Eastern Shore (CFES)?
Yes, CFES does manage an endowment fund that benefits the school. CFES is a respected institution and funds currently invested there are a great asset to TSS. Given the positive financial and organizational trajectory of the school in recent years, TSS is now in a position to solicit and manage endowment funds internally through the establishment of The Salisbury School Educational Foundation.