I was asked late last year to write an article about Bay Village’s Endowment Fund. The endowment fund celebrated its 40th anniversary last month. In late 1990, The Restated Indenture of Trust creating the Bay Village Endowment Fund was completed to bring the endowment up to date. Within this 1990 document, the purpose stated ”….to make distributions of the income therefrom and the principal thereof directly to the Corporation to assist in the operation and maintenance of the retirement home operated by the Corporation and to assist needy residents of such retirement home in times of financial difficulty.” Fast forward to 2018, it was again necessary to amend The Restated Indenture of Trust for the Endowment Fund to bring it up to date with current IRS rules. The Restated Indenture of Trust defines the general purposes of the indenture to be: “To assist financially needy residents of such facilities operated by Bay Village for the purpose of defraying the cost of residing at Bay Village; To assist in the operation, maintenance, growth and improvement of any and all of the operations of Bay Village now in existence or as may be in existence in the future; For any additional purpose related to the stated purpose of Bay Village at the discretion of the Board of Trustees as long as all such purposes are solely such charitable purposes as will qualify it as an exempt organization under 501 (C)(3) of the IRS code of 1986…” The fund through the years has been used to assist residents who, through no fault of their own, require financial aid to meet the costs of living at Bay Village.
Last year the Trustees passed a motion to provide funding “up to 2 million dollars” for the memory care household that will start construction later this year. At the end of 2019, the Endowment Fund had close to $15 million.