WHAT IS AN ENDOWMENT?
An endowment is an investment fund created by foundations and non-profit organizations to create an additional source of consistent investment income, often with a specific purpose (i.e. scholarships). The corpus, or entire body of funds, are protected from use outside the strict policies that guide its function and management.
The backbone of any fiscally healthy non-profit organization is its endowment and Mowglis is no different. Our endowment fulfills a variety of roles:
- Creates an ongoing source of income. Because a permanent endowment is an invested pool of money that provides a reliable source of income in perpetuity, Mowglis can count on annual distributions for its operation.
- Enhances stability. A well-managed endowment sends a message of planned long-term stability, fiscal responsibility, and financial viability.
- Relieves pressure on the annual fund. The ability of the annual fund to meet increasing demand is not limitless. An endowment can provide annual support for Mowglis’ operating budget.
- Allows program expansion. Specific funds are used to support scholarships and capital projects, while the general endowment funds can be used for any purpose designated by the Director and Board of Trustees.
- Offers flexibility for management. Endowments offer options to meet new challenges by providing greater financial flexibility and self-sustaining income streams.
WHO CREATED OUR ENDOWMENT AND WHO MANAGES IT TODAY?
Many of Mowglis’ endowed funds were created by bequests from alumni and friends of camp. There were often aimed at supporting specific efforts at Mowglis that those individuals held dear, like scholarships or the upkeep of our campus.
The endowment is actively managed by the Board Treasurer and Investment Committee, which is comprised of board members and current parents who work in finance professionally and volunteer their time and expertise to ensure our endowment grows and adapts to the ever-evolving economic landscape.
The growth and management of the endowment is also guided by the Director of Development and the Endowment Committee, also comprised of board members and other volunteers who aid us in soliciting new gifts for the endowment and implementing focused campaigns to grow the endowment.
CURRENT ENDOWMENT: $1.8 million
As of January 2019
HART BUILDING & GROUNDS FUND
William B. Hart served as Director of Mowglis from 1962 to 1982. He began his time at Mowglis as staff under Col. Elwell. He was a greatly respected Director and member of the staff, a mentor to generations of Mowglis men, and a steward of Mowglis ideals. His legacy lives on through the Hart Buildings & Grounds fund, which safeguard the place to which he dedicated much of his life.
RUSSELL SCHOLARSHIP FUND
Mary and Ruth Russell’s history with Mowglis dates back to the earliest days of Mowglis. Mary Russell served as the camp dietician in 1910. The sisters then served as the de facto welcoming committee to generations of Mowglis families. Both were close friends of Elizabeth Ford Holt, Mowglis’ founder. They befriended, advised, and fed Directors of Mowglis until their passing. At which time it was revealed that they had left a sizable sum to Mowglis, to provide scholarships for deserving campers. Their legacy lives on in the Russell Scholarship Fund.
A healthy-sized unrestricted endowment represents the promise of a reliable income stream to strengthen Mowglis’ programs by supporting operating expenses, weathering economic variances, or seeding new opportunities. Having a strong unrestricted endowment puts Mowglis in a position of financial strength that will signal to all – future campers, current families, alumni, donors, and even the competition – that Mowglis here is stay. The potential for the General Fund is as diverse as its use, and this impact can take many forms:
- Investment in the summer experience: The hiring and retention of high-quality staff and ensuring that industries benefit from modern equipment.
- Funding strategic initiatives: Ensuring that Mowglis is a leader in best practices among summer camps and professional development for staff.
- Take Advantage of New Opportunities: In the same way that unexpected challenges can impact operations, potentially advantageous arise that can benefit Mowglis. The General Fund can provide the extra measure of support that allows Mowglis to be nimble and seize great opportunities.
- Unanticipated Needs: Sometimes, despite comprehensive planning, some challenges cannot be foreseen. The General Fund provides a mechanism to address these challenges proactively and expeditiously.
PERRY M. SMITH & EVA RIBARITS SCHOLARSHIP FUND
Alumnus, former staff member, and longtime trustee, Perry and his wife Eva are stalwart supporters of the mission of Mowglis and all it has to offer. Created in 2018, the scholarship fund that bears their name supports scholarships for families in Hebron and the towns surrounding Mowglis.