Avalonia land trust establishes endowment fund
The Avalonia Land Conservancy announced Wednesday that it has invested $50,000 through the Community Foundation for Eastern Connecticut to establish an Endowment Fund.
An endowment fund is an investment fund set up by an organization in which withdrawals from the interest upon invested capital is used for ongoing operations or other specified purposes while conserving the principal. Endowment fund capital is provided by donations which, when the recipient is a registered 501(c)(3) non-profit such as Avalonia, are tax-deductible for donors.
Avalonia’s establishment of this endowment fund demonstrates its commitment to long-term sustainability and conservation in perpetuity, the organization said in a news release. The interest from the investment capital will provide a source of annual revenue to help support Avalonia’s ongoing operations.
The money for the endowment came from part of a bequest made by the late Adele Erisman, which the Avalonia Board of Directors voted to designate as endowment funds. A dedicated conservationist, Erisman also during her lifetime donated the 62-acre North Stonington property now known as Erisman Woodlands.
Donations to Avalonia’s Endowment Fund are held in perpetuity, meaning that the principal amount cannot be touched. Donors can make contributions to Avalonia to be deposited into the Endowment Fund or directly to the Community Foundation.
With offices in Old Mystic, Avalonia conserves land in Griswold, Groton, Ledyard, North Stonington, Preston and Stonington. For information, visit: www.avalonialandconservancy.org.