YMCA of Martha’s Vineyard announced that nearly 60 community donors and a matching grant from the Tower Family Fund have made it possible to create an endowment fund to support the YMCA’s ongoing operations and a financial assistance and community outreach program.
The YMCA has collected all pledged donations totaling $3 million in its endowment fund, upon which the Tower Family Fund has forgiven the capital loan of $1.5 million from the original construction of the facility six years ago, according to a press release.
Earned income from the endowment fund will ensure that programs and services that focus on prevention, rehabilitation, healthy living, youth development, and social responsibility will continue to be available now and into the future, the YMCA said.
The fund is overseen and managed by an endowment committee, utilizing professional investment managers. One of the ways the organization plans to grow the fund is through donations to its planned giving program, Island Legacy Society. For more information, visit ymcamv.org.