Endowment Fund
Description
The NCC Endowment fund is a monetary fund that is invested to provide support for NCC in perpetuity. A portion of the fund can be used annually by NCC to fulfill our mission, if needed. While the remaining assets are retained in the fund to provide for future growth.
The NCC Endowment Fund provides a source of ongoing annual financial support to address our mission. This source of funding can be invaluable in uncertain economic times when other support may no longer be available. The NCC Endowment Fund is a tool to help ensure that all the great things that NCC does today can be done well into the future. NCC has a vibrant community of members that promote Cambridge Glass, maintain a beautiful museum, devote countless hours to education on Cambridge glass and glass making, and ensures that Cambridge Glass is remembered as an important part of Cambridge Ohio and American history. The Endowment can also provide financial security to take on new challenges and seize new opportunities as they arise for the development of new programs and services.
Our Endowment also provides intangible benefits. Gifts to NCC’s endowment creates the opportunity for donors to leave a lasting legacy of support. NCC’s endowment is sending a message to its donors that the organization will be here fulfilling its mission for decades to come.
The NCC Board of Directors has established a Board level committee, The Endowment Committee, to watch over the NCC Endowment Fund. This committee can have no fewer than five (5) members. The President of NCC and the Treasurer of NCC are automatic members of the committee. The NCC President appoints the Chair of the Endowment Committee. The endowment committee oversees how the fund is invested and works with its professional advisor.
The committee has retained Merrill Lynch to execute our investment policies and maintain custody of the funds. The investment policy has the Endowment Fund invested with a Moderately Aggressive Level as defined by Merrill Lynch. Merrill Lynch also maintains many different variables including but not limited to: ratios of asset classes (equities, bonds, cash), different types of funds (growth, value, small cap, large cap, corporate bonds, government bonds, etc.) and different market sectors as they monitor market, government policy and economic factors in order to maintain our investment policy.
The principal amount of any donor gift to the Endowment Fund is never allowed to be invaded per the NCC policy. Today our Endowment Fund is still in growth mode. We are actively adding to the Endowment Fund, reinvesting all interest and dividends, and not taking any proceeds from the Endowment for annual operation of the organization Gifts to the NCC Endowment Fund are tax deductible charitable gifts. Individuals should always consult their financial and tax advisors for any questions
