The Rotary Minute is a quick one-minute story that features the work and impact of Rotary in our community and world!
When I first joined Rotary, I knew about the Rotary International Foundation, but it took me several years before I knew our own club had its own foundation.
Every year we raise money for our Rotary Community Services Committees (RCS) which our committees then vet and give out to various charities and worthy causes to help our community. We give out over $200,000 every year, which makes our RCS one of the bigger non-profit organizations in Spokane.
But did you know that nearly 1/2 of that money comes from a distribution from our own Spokane Rotary Foundation?
It all started back in 1994 when then Spokane Rotary Club 21 President, Jack Reeves (1994-95), heard a program about how other large Rotary clubs were creating their own endowment funds. After approval by the Board of Directors, Articles and By-laws were drawn up and submitted to State and Federal agencies and in December of that year, the Spokane Downtown Rotary Endowment Fund was born.
As of the end of the first quarter of 2023, our Foundation asset are $2,649,853. Our foundation distributes 4% annually, and the sole beneficiary of this perpetual endowment fund is Rotary Community Services Inc. (aka, RCS). In 2005 the Spokane Rotary Foundation distributed $45,000 to RCS. Last year it was over $100,000! And since inception in 1994, the Spokane Rotary Foundation has distributed $1,228,341 to RCS!
Our goal with the Spokane Rotary Foundation is to grow it large enough so that someday 100% of our annual RCS funds come from the Foundation. Some simple math tells me that at a 4% distribution rate, to fund $200,000 a year, we need to have a foundation worth at least $5 million.
Donations to the Foundation are not something we’re going to hit you up for every year, but there are members of our club that donate $1,000 to the Foundation every year on their birthday. If every member made it a long-term goal to donate at least $10,000 to the Spokane Rotary Foundation, either in life or as an estate gift, you could literally endow your annual RCS donation in perpetuity. Think about it, 4% of $10,000 is $400 a year to RCS in perpetuity.
There are many ways to leave a legacy gift. You can give outright, or through a qualified charitable distribution from your IRA, or through your will, or through a life insurance beneficiary form. If you’re not sure how best to leave a legacy gift, come see me and I’ll discuss it with you in more detail.
Please think about your legacy because you are writing it every day by being a Rotarian. And if leaving a legacy is an important part of your life’s work, please consider the Spokane Rotary Foundation as part of your legacy gift.