ADK ENDOWMENT AND OTHER FUNDS

An endowment fund is defined as those funds whose principal is designated by the donor to be invested and to remain intact, with only the earnings to be spent on operations. A board may create endowments funds where a contribution may be transferred from an unrestricted fund to establish an endowment. A board may also add to an endowment already in existence. Additionally, a donor may restrict a gift intended for endowment purposes for a specified term of years with a stipulation that based upon organizational need and board action the income and possibly the principal may be used for other purposes. Currently there are two categories of endowment funds in use at ADK: Permanently restricted/legally binding/donor designated; and temporarily restricted/board designated.

Funds in both categories are managed as part of a unified Investment Portfolio. A 4% portion of this portfolio is returned to ADK’s yearly operating budget to support the programs for which the funds were given. This portfolio is designed to insure that the return from the original gift grows slightly faster than inflation. Thus over time, the earnings from these gifts represent an ever increasing percentage of the original gift. To avoid confusion the Permanently Restricted funds in this portfolio are referred to as “Endowments” while the Board Designated / Temporarily Restricted are called “Funds”.

Currently the permanently restricted endowments include:

· ADK Conservation Endowment: Established by contributions from various donors.
· ADK Natural History Endowment: The Natural History Endowment was established through the generosity of Arthur E. and Kartherine D. Newkirk. Additional funds were supplied by William B. Buhlman in memory of his wife, Barbara North Buhlman, and by others in memory of Dr. Orra Phelps.
· ADK Stewardship Endowment: Established by contributions from various donors, and the Marjorie C. and Walter W. Shannon Endowment. These endowments are to be used to support ADK’s field programs, which include Trails and Summit Stewards.
· ADK JBL Endowment: Established by Bob Grimm to support the maintenance and operation of ADK’s JBL Loj.

Current Board Restricted funds include:

· ADK Education Fund: Established by a bequest from the estate of Agnes Goldman Sanborn and the Keene Valley Chapter.
· ADK Slater Trust Fund: Established by a gift from the Lillian A. Slater Trust Fund to support ADK’s Education Interns.
· ADK Sean A. Kelleher Memorial Fund: Established by Mr. and Mrs. Brian Kelleher to grant awards to high school students to support their participation in ADK’s High School Trails Project.
· ADK Memorial Fund: Established for individuals wishing to honor the memory of family or friends by making a donation which supports the operations of the Club.
· ADK Third Millennium Fund: Established to receive general gifts and bequests to support any purpose appropriate to the mission and objectives of ADK.
· ADK Capital Fund: Established by Ranger Tyler and Mary Tyler to be used to aid in the financing of capital enhancements and new capital acquisitions.

Current Temporarily Restricted funds include:

· Paul Jamieson/Land Trust Fund: Created in honor of Paul Jamieson to be used “to improve public, non-motorized access to the Forest Preserve for hiking, and, especially, canoeing, through purchase of fee simple title or easement rights or through other appropriate initiatives toward insuring such access.”
· ADK Recognition Fund: Established by Marilyn Gillespie to fund the recognition of volunteers, staff, and others whose support of ADK is particularly appreciated.

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