ENDOWMENT - FUNDS WORKING FOR TOMORROW

In 1997, the first endowment gift was received by the Blue Ridge Parkway Foundation. The primary function of the endowment is to build a pool of charitable assets that will benefit the Parkway through the Foundation's projects and programs. The objective is to create long-term discretionary income, the disposition of the funds to be determined annually by the Board of Trustees.

These funds are placed with various community foundations along the Blue Ridge Parkway. Community foundations build and strengthen communities by creating opportunities for donors locally to meet critical needs. The Blue Ridge Parkway Foundation believes in investing in communities because this is where there is the catalyst for improvement in urban and rural life.

In handling the endowment funds, the community foundations assume responsibility for:

• legal administration of the fund
• receiving, acknowledging and processing additional assets at any time
• managing the investment of the fund's assets
• re-investing the income from fund's assets
• preparing and filing all tax returns
• scheduling an annual audit - responding to federal regulations and audits
• providing periodic statements on the endowment's principal balance, and available income
• distributing earnings
• cooperating with the Blue Ridge Parkway Foundation in endowment outreach
• coordinating with the Blue Ridge Parkway Foundation in marketing

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