ENDOWMENT FUND
In 2001, we learned that our food bank was losing its rent-free home on the grounds of Pilgrim State
Psychiatric Center in Brentwood, NY. The good news is that we were given a substantial amount of time to move,
enough to begin a Capital Campaign to fund the purchase of a building of our
own.
The
Harry Chapin: A Celebration in Song concert in October 2001 marked the
official beginning of our Capital Campaign. What a night that was! Over a year's time we raised $1 million in cash and pledges toward our goal
of $2 million. These funds allowed us to close on a 35,000 square foot
building at 10 Davids Drive in Hauppauge. The purchase was
reported in The Smithtown
Messenger.
On October 15, 2002, Long Island Cares opened for business in the new
facility, as reported in
Newsday. This beautiful, centrally located facility
has greatly expanded our ability to serve Long Islanders
in need. The building itself was named The Harry Chapin Food Bank at
Long Island Cares in honor of its founder and his commitments. Harry
would have been proud of this place.
And he would have been very pleased to know
that on June 12, 2008, Long Island Cares officially paid off the mortgage and celebrated with a
joyful “Mortgage
Shredding Party!” Many of our donors, families and friends were on
hand to share in the celebration. Our thanks to all of our loyal
capital campaign donors and partners without whom this momentous feat would not
have been possible.
Now of course, we
must build on our accomplishment by securing Long Island Cares’ future
ability to continue to provide emergency food, programs and services to our
Long Island neighbors in need. We are now focusing on building and
nurturing our Endowment Fund to provide fiscal stability so we may
continue to carry out Harry’s mission regardless of what the future may
bring.
Why do we need an Endowment Fund?
Here are the reasons:
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An endowment fund is a
permanent, steady, and secure source of income. This is vitally
important to charitable, non-profit organizations in uncertain economic
times.
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Just as important,
establishing an endowment is like planting the seed of future organization
growth.
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An endowment fund tells the
community that an organization is building for the future and intends to
serve the community for many years to come.
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| Endowments are an attractive option to donors,
particularly those who wish to make large gifts or leave a gift by
bequest, since their donation is maintained in perpetuity and not expended
for short term operating costs. |
