Imagine the Lakeside Endowment just beginning; a bold move by the Lakeside Chautauqua leaders. These leaders created a fund where the principle is maintained and invested to create a source of income to support the annual operations. Even today, this vision to create a strong endowment remains very critical for Lakeside’s future.
“The Lakeside Endowment is very small for a more than 140-year-old institution. With 47 structures, all an average age of 80 years old and hundreds of Chautauqua programs, we have an obligation to preserve the Lakeside Chautauqua experience for many more generations,” explains Lakeside Chautauqua President/CEO Kevin Sibbring.
The Lakeside Chautauqua Foundation publicly announces the development of The Endowment for Life Initiative, a $12 million initiative. The goal of the initiative is to bring a heightened emphasis to the need of raising new deferred endowment gifts totaling more than $12 million by 2023.
Deferred gifts might include pledging an endowment gift, purchasing an annuity or naming Lakeside as a beneficiary in an estate, IRA or life insurance policy. To lead the effort of community volunteer ambassadors, the Lakeside Chautauqua Foundation Board of Directors named Barb and Joe Caner (pictured) to serve as co-chairs.
Lakeside Chautauqua must grow endowment funds in order to achieve its strategic goals and to protect the Chautauqua experience for many more generations. Currently, the endowment totals approximately $3 million.
Each year, a percentage of the Lakeside Endowment is drawn on to support the Chautauqua program and many historic buildings. Approximately $100,000 is dispersed from the endowment to support the signature Chautauqua program and the Lakeside experience each fiscal year.
The spending rule for the endowment to benefit Lakeside’s operating budget is 4 percent of a 12 quarter trailing average of the fund.
The Lakeside Endowment is managed by the Lakeside Chautauqua Foundation Board of Directors. The principle is maintained and invested to create a source of income for Lakeside Chautauqua and the programming. These endowment funds have one objective: to support strategic plan goals, not just for one year, or even one generation, but in perpetuity.
Lakeside Chautauqua’s strategic plan goals are to: preserve Lakeside’s heritage, traditions and culture as expressed in the mission and vision; become known as a center of Chautauqua programming excellence; assure Lakeside is a safe, healthy and aesthetically pleasing community; address emerging guest expectations; and develop the financial resources needed for long-term sustainability and advancement.
Many Lakesiders have made it a priority to protect Lakeside Chautauqua by planning a deferred endowment gift. Today there are 70 Founders Society families who have already planned new endowment gifts. We thank these families for their support. We have to do even more to protect Lakeside; therefore, new endowment gifts are essential to sustaining the Lakeside mission.
We invite you to join The Endowment for Life Initiative. Planning a gift provides major support for Lakeside, while realizing personal philanthropic and financial goals. Whether you purchase an annuity or leave Lakeside as a beneficiary in an estate, IRA or life insurance policy, you can benefit in many ways, including reducing income tax, avoiding capital-gain tax or reducing or eliminating state or federal estate taxes.