“With no endowment, without a dollar of invested funds, and with donations and subscriptions coming in so slowly that at no time during the year were there funds in hand sufficient to carry the Club sixty days into the future, it has been impossible for your superintendent to do his best work.”
− 1894 Report of the Superintendent
Bunker Hill Boys’ Club
Gifts to BGCB’s endowment are invested for long-term growth. While a fixed percentage of endowment assets will be spent annually, income above that percentage will be reinvested to accelerate growth. An investment committee composed of Board members and other volunteers with strong financial backgrounds reviews performance and works with outside advisors on the investment strategy. With a solid commitment to fiscal accountability, BGCB will be able to maximize the impact this endowment will have on both current and future generations.
Endowment revenue will be used primarily to offset program and operating costs – 70% of which are related to staffing. General unrestricted endowment and named endowment funds that support specific programs and key staff positions are already making a significant difference in creating a more sustainable financial model.
BGCB’s endowment grew 24% from $17 million on 6/30/07 to $21 million on 6/30/08 as a result of new gifts raised through the Comprehensive Campaign. The Investment Committee, working with our advisors, continued to further diversify BGCB’s investment portfolio in FY08. With the success of the Campaign and investment strategies, the endowment has grown 162% over the past three years (FY05-08). FY09 has provided a challenging environment in which to manage investment resources. With the guidance of our Investment Committee and external investment advisors, BGCB is maintaining its diversified position in a volatile market. We are hopeful that by fiscal year end, additional gifts will offset most of the endowment losses this year.
Donors can add to the unrestricted endowment fund or direct support to a specific core program or initiative. Our endowed funds include:
Unrestricted Endowment
This fund provides BGCB the greatest flexibility, allowing Board and management to direct financial resources to areas of greatest need. Donors receive an annual report on representative uses of unrestricted endowment income. BGCB has received two $1.5 million unrestricted gifts for endowment.
Whitlock Fund for Inspirational Leadership and Excellence
Created in 2008 to honor Linda Whitlock’s ten years of service as BGCB’s chief executive, this fund ensures the continuity of the initiative and innovation championed by Linda during her tenure. The purposes of the fund are broadly defined so that the innovation that marked her leadership will continue. The fund will primarily support three initiatives: an annual program team innovation award, the President’s Innovation Fund, and staff professional development opportunities.
Facilities Maintenance Fund
Seeded with a $1.5 million Campaign gift, this fund will help support the long-term upkeep of our facilities. Our facilities support a wide variety of programs, are staging grounds for other important social programs, and serve as important resources in the communities where they are located.
South Boston Club: Paul D. Buckley Swim Team Fund
Endowed and named in 2005 by Gary and Martha Solomon in honor of South Boston Club alumnus Paul Buckley, who speaks highly of the Club experience, particularly his participation in the swim team.
Blue Hill Club: Lifeguard Training Program Fund
Created in 2008, this fund provides support for the Blue Hill Club’s new Lifeguard Training Program. Lifeguard certification develops leadership and athletic skills in teens, while also providing a valuable opportunity for employment. Participants in this program are accomplished swimmers who learn CPR, first aid, and rescue techniques.
Yawkey Club of Roxbury: Matthew Vernon Memorial Life After the Club Fund
Yawkey Club of Roxbury: Sandy and Paul Edgerley Fund for Athletics
Created in 2004 as one element of Sandy and Paul Edgerley’s generous gift to BGCB’s Comprehensive Campaign, the Fund for Athletics at the Yawkey Club supports the Edgerley Athletic Director, the Athletic Assistant, and program activities. The Athletic Program develops strong interpersonal skills and constructive use of leisure time
Brian J. Knez Education Fund
This fund was established in 2008 through the generosity of the Knez Family to honor Brian and his commitment to Boys & Girls Clubs of Boston. Brian has served on BGCB’s Board of Directors since 1991 and has been instrumental in shaping the vision of the organization through his active volunteer participation. This fund provides BGCB’s members with financial assistance for higher education in areas that scholarships typically don’t cover, e.g., application fees, standardized test fees, registration fees, transportation costs and textbooks.
Myra and Robert Kraft Giving Back Scholarship Fund
Established with an initial gift in 2003 by their four sons to honor Myra and Robert Kraft on the occasion of their 40th wedding anniversary, the Kraft Giving Back Scholarship recognizes Club members who give of their time and talents to the community and instills in young people an understanding of the importance of community service for generations to come. Donors listed below gave to the fund during the Comprehensive Campaign, including those who made gifts in 2008 in honor of the Krafts' 45th anniversary.
Myra Hiatt Kraft Professional Development Award Fund
The Myra Hiatt Kraft Professional Development Award was created in 2001 with a gift from Norman Knight to honor Myra Kraft for her devoted and tireless service to Boys & Girls Clubs of Boston and the youth of Boston and Chelsea. This annual award supports staff growth and enrichment by awarding a fellowship that recognizes outstanding leadership, service to the organization and the community, and dedication to continued learning—all qualities that are important models for the youth whom Boys & Girls Clubs of Boston serves.
Nordblom College Club Fund
This fund was established by Rodger and Dawn Nordblom in 2005 as part of their generous commitment to Boys & Girls Clubs of Boston’s Comprehensive Campaign. The Nordblom College Clubs encourage Club members to apply to college and help to make their aspirations a reality. Club staff members organize trips to visit college campuses, help Club members prepare for entrance exams, and guide members through the complex process of completing admission and financial aid applications.
Scott Farrar Memorial Fund
Established in memory of Scott Farrar, the Farrar Fund supports summer camperships, enabling deserving Club members to discover new interests, develop new skills, and make memories that will last a lifetime through Boys & Girls Clubs of Boston’s summer camp experience.
Teen Leadership Fund
Boys & Girls Clubs of Boston lost a dear friend when Joe Lovejoy passed away in early 2006 after a long illness. The teen leadership fund, created during 2007 with seed money from Joe’s planned gift to Boys & Girls Clubs of Boston and gifts from The Ensign-Bickford Foundation, underwrites activities that provide unique leadership activities and recognize the accomplishments of our teens. We will never forget Joe or his legacy of leadership, vitality and integrity. Joe served on the Board of Directors from 1969 to 1989, serving as Board Chair from 1976 to 1980, and remained engaged in recent years as a member of the Senior Advisory Board.
Thomas A. Pappas Chef’s Clubs Fund
One of the earliest restricted endowment funds, this fund was established with a gift from the Thomas A. Pappas Charitable Foundation nearly 20 years ago. The Thomas A. Pappas Chef’s Clubs provide opportunities for Club members to learn essential skills such as how to plan, prepare, and serve a healthy, well-balanced meal, as well as to experience the satisfaction of enjoying that meal with peers, family and community members
Staff Development Fund
This fund guarantees resources to recruit, train, retain and recognize the best people to mentor, nurture and educate the young people whose lives we touch. Regardless of what else we offer children and teens, meaningful, supportive, lasting relationships with adults is our most important gift. This fund ensures appropriate salaries and benefit packages that attract and retain top notch staff, professional development and enrichment opportunities that support internal career growth and the assurance that our staff gains the maturity, experience and professionalism our children and teens need.
A healthy endowment is the key to reshaping BGCB’s financial model and providing BGCB with the solid financial platform needed to advance our mission. To make an endowment gift, please contact Kathy Sheehan, Vice President, Development, at 617-994-4712.