Endowment Fund

The OhioMTA, Central East District Endowment Fund was approved by the Executive Board at their January 9, 2017 meeting.

ENDOWMENT FUND PURPOSE
The purpose of the Endowment Fund is to provide an investment fund by the OhioMTA Central East District to celebrate people (deceased or living) for their efforts to the music community and/or to the OhioMTA Central East District. The fund allows us to serve future generations in perpetuity and continue the legacy of excellence in music education.

ENDOWMENT FUND OBJECTIVE
The primary objective of the Endowment Fund is to preserve principal and generate income over time to perpetuate educational purposes for which the organization is created.

MANAGEMENT OF THE FUND shall be the charge of the Finance Committee of OhioMTA Central East District. They shall use management guidelines set up in accordance with MTNA in order to accomplish the Endowment Fund Objectives.

TREASURER ROLE
The Treasurer is responsible for accurate record keeping of donations received to the Endowment Fund. The treasurer will send a donation receipt to individuals who contribute $75 or more to the fund. ( IRS Publication 1771) If appropriate an acknowledgement will be sent to the person or family of the person(s) being honored by the gift.

SEED MONEY
OhioMTA Central East District used $3,000 from their savings as “Seed Money” to start the fund.

WAYS TO CONTRIBUTE
Contributions can be in any amount in the form of cash, checks, or gifts in kind of stock or other securities.

CONTRIBUTION FORM
To download a Contribution Form, click here:  Endowment Fund Contribution Form 2020

ANNUAL LIST
To read the annual list of names for all who have been honored by contributions, click HERE.

IDEAS FOR GETTING CONTRIBUTIONS

  • Suggest to your students or family that instead of spending money on a gift for Christmas or your Birthday, that they make a contribution to the Endowment Fund.
  • Hold a special recital and receive donations that can be contributed to the Endowment Fund.
  • Encourage memorial gifts to be sent to the Endowment Fund.
  • Conduct Raffles or prize drawings at district events where proceeds raised would be
    contributed to the fund.

ENDOWMENT WITHDRAWALS
When contributions reach $10,000, the Finance Committee has the option to recommend withdrawals of 5% per year to be added to the OhioMTA Central East budget and/or the Beverly A. Rawles Fund for Music Education. The Executive Board will decide where the money will be allocated based on the current needs of the organization.

 

Updated July 5, 2023