The Past, Present, and Future of Rotary's Endowment Fund
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Since the first contribution of $26.50, our Endowment Fund has grown to more than $350 million in net assets and $770 million in promises of future gifts. Learn how the endowment continues to grow, how it is invested, how it supports grants, and how we are working to strengthen its impact over the Foundation’s second century of service. Creating your personal legacy within the endowment is covered in two complementary sessions: “Rotary’s Tomorrow Depends on What We Do Today” and “Enhance Your Rotary Legacy with U.S. Tax-Wise Gift Options.”
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The Past, Present, and Future of Rotary's Endowment Fund
- 1. 1 The past, present and future of Rotary’s Endowment Fund 12 June 2017
- 2. 2 Panelists Ron Burton PRIP and 2018-19 Foundation Trustee Chair Chair, Investment Committee Richard Clarke Endowment/Major Gift Advisor, Zone 25 Past President of The Rotary Foundation – Canada Eric Jones Chief Investment Officer Ravi Vadlamani Endowment/Major Gift Advisor, Zone 5
- 3. 3 Arch Klumph’s Vision - 1917 It seems eminently proper that we should accept endowments for the purpose of doing good in the world, in charitable, educational or other avenues of community progress … — Arch Klumph, 1917
- 4. 4 Ways to Contribute to the Foundation Term Gift/ Restricted Giving Annual Fund Endowment Fund PolioPlus Secure the future End polio now Supporting communities today Donor customized giving
- 5. 5 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Endowment Fund Milestones $1 billion Today Cash and expectancies $2.025 billion by 2025
- 6. 6 Areas of Focus • Water and Sanitation • Peace and Conflict Resolution/Prevention • Basic Education and Literacy • Disease Prevention and Treatment • Child and Maternal Health • Economic and Community Development
- 7. 7 The Power of an Endowment Fund • Contributions to the Endowment Fund are invested in perpetuity • Earnings from investment are used to support Foundation programs 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 Spendable Earnings Market Value
- 8. 8 Endowment Management Philosophy Expected return of 8% Distribute up to 5% in support of Rotary programs Reinvest 3% to keep up with inflation Needs of today Needs of the future
- 9. 9 Endowment Investment Policy Long-term investment strategy Diversified portfolio Equity orientation for growth and capital appreciation Long-term return that exceeds the spending rate and the rate of inflation Stocks 36% Bonds 10% Real Estate 4% Inflation Protection 12% Hedge Funds 10% Private Equity 10% Global Balanced 18%
- 10. 10 Endowment Spending Policy Total Spending Above Gift Value Below Gift Value Spending rate is driven by expected future return on the portfolio Spending amount is determined each year by formula based on the extent to which a fund has accumulated earnings to spend
- 11. 11 Endowment Fund Spendable Earnings $5.7 $7.2 $8.5 $10.0 $11.7 $13.3 $13.5 $15.5 3.0% 3.5% 4.0% 4.5% 5.0% 5.5% $0 $2 $4 $6 $8 $10 $12 $14 $16 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 SpendingRate Spendable Earnings Spending Rate US$ in millions ProjectedProjected
- 12. 12 Individual Endowment Funds Global grants 10% Peace centers 18% PolioPlus < 1% SHARE 41% World Fund 30% Area of Focus < 1% ~1,400 Individual named endowments supporting…
- 13. 13 Why the Endowment Fund? Achieve Your Dream Of “Doing Good” In Perpetuity • Establish your Rotary legacy • Provide a permanent source of funds to support Foundation grants and programs that are important to you – starting now or in the future and • Be a part of Rotary forever
- 14. 14 Rotary’s Endowment Fund • Gifts can be made today or in the future (estate bequest or planned gift) • Spendable earnings directed to programs • Can establish individual fund in the name of the donor or other name selected by the donor • The larger the gift, the more flexibility afforded
- 15. 15 How to make a gift to the Endowment Fund Contributions in any amount provide crucial support for Rotary’s programs and can be funded through… Appreciated securities Cash Real estate Life income agreements Estate bequests or planned gifts $10,000 or greater major gift pledge
- 16. 16 Major Giving and Named Funds Named Funds $25,000 Support World Fund, SHARE or Peace Centers $25,000 Support an Area of Focus $250,000 Support Area of Focus projects from a district$500,000 Establish an Endowed Rotary World Peace Fellowship $750,000 Endows a two- year fellow approximately every $1,000,000 Work with TRF to meet your philanthropic goals
- 17. 17 Making Dreams a Reality and a Legacy WORLD FUND – make a gift and designate the World Fund and the Trustees will determine the highest and best use SHARE – Support your District’s projects DG Lyn and Alex Stroshin D - 5040 – new AKS members designated their gift in part to enhance District DDF for District Grants
- 18. 18 Making Dreams a Reality and a Legacy Areas of Focus Doreen and Zen Moisey (D 5370) Rotary Endowment for Economic and Community Development for Ukraine Global Grants Liz and Herb Hezlop D 5300 – established a Vocational Training Team Endowment
- 19. 19 Named Funds PRIVP Monty Audenart Endowment – designated to District 5360 SHARE Rotary Club of Chicago 100 Years Endowment – to District 6450 SHARE Making Dreams a Reality and a Legacy
- 20. 20 Secure Your Vision for the Future Tae-In Kim Endowed Global Grant Original Gift Value: $1,216,999.31 Current Market Value: $1,445,853.87 Growth: 15.8% since 1996 Spendable earnings: • have funded three scholarships for District 3640 • continue to generate funding for additional scholarships; currently $166,113.16 remaining
- 21. 21 See Your Rotary Legacy at Work PRD Hee Byung Chae has watched his legacy grow for 23 years while providing $39,000 in spendable earnings for Rotary programs 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 Spendable Earnings Market Value Initial gift: $26k Cumulative Spending: $39k Market Value: $46k
- 22. 22 See Your Rotary Legacy at Work PRD Hee Byung Chae Endowed Fund Original Gift Value: $26,000.00 Current Market Value: $47,084.93 Growth: 44.8% since 1994 Spendable earnings: • have provided $ 5,308.39 to World Fund since 2010 • have provided $5,308.39 in District Designated Funds for District 3650 since 2010
- 23. 23 Making Dreams a Reality and a Legacy • Pooled endowment funds – a new opportunity • Major gift initiatives – an attractive option • Endowments – the way forward • Regular recurring gifts and pledges – an opportunity to invest in the future of Rotary
- 24. 24 Other Related Break-Out Sessions • Rotary’s Tomorrow Depends on What We Do Today June 12th at 2:30 pm EDT Room B408 • Enhance Your Rotary Legacy With U.S. Tax-Wise Gift Options June 14th at 2:30 EDT Room B316
- 25. 25 Resources • Your Rotary Legacy brochure • Endowment postcards • Additional resources and information available online at rotary.org/legacy
- 26. 26 Questions?
- 27. 27 This presentation and others from throughout the convention are available through the convention mobile app and on SlideShare at www.SlideShare.net/Rotary_International.
- 28. 28 Rate this session in the Rotary Events app, available in your Apple or Android app store.
Hinweis der Redaktion
- RON BURTON […introduces himself as leader/moderator of the session and makes the following introductory remarks] We are fortunate that each year, thousands of Rotarians and non-Rotarians choose our Rotary Foundation as one of their charities of choice and, by doing so, provide support by way of an outright major gift and/or a future gift commitment through a bequest or pledge. The Rotary Foundation is unique. The Rotary Foundation is your Foundation, addressing the greatest needs this world faces. With world reach greater than the United Nations, we can go where other groups cannot go. You are here today, I hope, because you have an interest in learning more about Rotary’s Endowment Fund, perhaps for your personal benefit, perhaps as a club, district or zone leader. You may be here today because you are already a major donor or bequest society member and would like to learn more about the new opportunities available for support. If you fall into this category [OPTIONAL: ASK FOR A SHOW OF HANDS?], let me take a moment to thank you for your generosity. More than anything, we encourage you to share what you have learned here today with others. You may just plant the seed of consideration in the mind of another for a future gift. We will have time for Q&A after the panelist’s remarks and if we do not get to your question during the allotted time we will be here after the session or you can leave your contact information and we will reach out to you.
- RON I would now like to ask my fellow panelists to introduce themselves. We also have representatives from Rotary’s development staff here in the room [ASK FOR THOSE INDIVIDUALS TO RAISE THEIR HAND]
- RON It was Arch Klumph who, in 1917, foresaw the power of an endowed institution for the “purpose of doing good in the world” and the $26.50 that endowed the Foundation is the origin of what is the Endowment Fund today. And 100 years later, we are in Atlanta to celebrate the centennial anniversary of The Rotary Foundation.
- RON There are multiple ways to contribute to The Rotary Foundation. The Annual Fund is the primary source of funding today for Foundation programs and grants and contributions to the Annual Fund provide current support for Foundation programs. Term gifts and restricted gifts can be used by donors to meet their specific wishes to support global grants within a specific period of time, usually within one or two years. As you all know, polio is the primary initiative of Rotary. We are this close to complete eradication, but there is still work to be done. The Endowment Fund is what we are here to discuss this afternoon. The Rotary Foundation launched its first Endowment Fund initiative in 1996. The initial goal of $200 million was surpassed in 1999, six years ahead of schedule, building a strong base for the Foundation.
- RON The Rotary Foundation’s Endowment Fund has reached an important milestone to secure the Foundation’s future. Thanks to the generosity of Rotarians around the world, the Endowment Fund has recently crossed the $1 billion milestone based on the total of invested cash and future expectancies and bequests. The Trustees have approved the next goal for the Endowment Fund of $2 billion and $25 million by the year 2025. That has a nice ring to it doesn’t it. The Endowment Fund has grown rapidly over the past several years, but we have only just begun to scratch the surface of our potential. To put it in perspective, the current net asset value of the Endowment Fund is equivalent to $312.50 per Rotarian.
- RON No matter where or how you designate your gift to The Rotary Foundation it will be used to change lives. You may want to see your gift used to provide clean, clear, potable water and good sanitation which are cornerstones of a good healthy environment for a village and for children to grow up healthy. Rotary launched the Water and Sanitation area of focus major gift initiative on 1 July 2016 with a goal to raise $25 million. You may be passionate about peace and conflict resolution and want to endow a scholar at one of Rotary’s Peace Centers. Rotary will launch the Peace area of focus major gift initiative on 1 July 2017 with a goal to raise $75 million. You may be most enthusiastic about literacy. Literacy projects locally or internationally leave a lasting impact on young lives. Nothing ensures a strong future for our communities better than education for gifts and boys. Rotary will launch the Basic Education and Literacy area of focus major gifts initiative also on 1 July 2017 with a goal to raise $25 million. You may want to support Maternal and Child Health or Disease Prevention including polio eradication. Rotary will launch major gift initiatives for these areas of focus on 1 July 2018 with a combined goal to raise $50 million and the Economic and Community Development initiative will launch the following year. No matter where your interest lies, the Endowment Fund is a way to meet your giving preferences and do so in a way that provides funding forever. I would now like to invite Eric Jones, Rotary’s Chief Investment Officer, to discuss the management of Rotary’s endowment fund.
- ERIC To distinguish an endowment from other ways to give to Rotary, an endowment fund is simply a permanent source of funds, whereas other types of gifts are one-time gifts. The benefit of an endowment fund is that the contributed funds are invested in perpetuity. In other words, forever. The benefits of an endowment are mutual. The organization benefits from having a permanent source of funds to invest and to generate earnings and in the case of the Foundation to supplement the funding that comes from contributions that flow through the Annual Fund. For a donor, an endowment is legacy that each and every year generates additional funding (essentially an incremental gift). The permanency of an endowment is very powerful. One of the most fundamental tenets of investing is the power of compounding. Compounding is earnings on top of earnings and that is one of the basic tenets of an endowment fund. Earnings on top of earnings each and every year on top of the original contribution to grow the amount invested and increase the earnings power of an endowment fund. This is an example using a real endowment fund created in 1994. The fund was established with an original gift of $26,000. Despite some ups and downs during this time frame, the fund has grown to $47,000 and has also generated nearly $40,000 that has been used to support the humanitarian work of the Foundation. This is an example of how you can leave a lasting, permanent legacy to do good in the world and we will learn more about this endowed fund shortly.
- ERIC The overarching objective of an endowment fund is to provide maximum sustainable support to the Foundation. Even though an endowment is permanent, managing an endowment fund is a constant exercise in balancing the needs of today against the needs of the future. Spending more from an endowment today reduces the value of the fund and future earnings will be lower. The investment strategy is seeking to balance the present and future and earn a return that enables the fund to support the Foundation each year with the maximum amount of funding possible.
- ERIC There are two key components of endowment management policy – the investment policy and the spending policy. First, I will talk about investment policy. The endowment investment policy is predicated on three elements. It is a long-term investment strategy, implemented in a diversified portfolio of investment strategies, with a bias to equity investments. The strategy is dictated by the need to earn a return over time that exceeds the amount that is spent from the endowment fund and the long-term effects of inflation. This means the investments of the fund are largely in higher growth or higher returning investments, mostly equity investments, with diversifying strategies like bonds and other strategies to manage risk. There is always uncertainty and volatility and diversification of risk is of paramount importance. The combination of investment strategies is intended to provide the needed return with diversification to control the risk associated with long-term investing. That does not eliminate entirely the potential for losses in any given period especially over weeks, quarters and even a year. The risk of loss goes hand in hand with investing to generate returns. Almost all of the investments of the endowment fund portfolio are managed by professional external investment firms some of which are recognizable names and some are not. These firms have a distinct strategy and skill and are trying to add value over an index or benchmark. The portfolio has allocations to approximately 25 investment managers.
- ERIC The second important element of endowment management is the spending policy. The spending policy and the spending rates that are used are driven by the expected return on the investment portfolio. In other words, if we expect to earn 8% and we expect inflation to be 3%, then we can afford to spend up to 5%. If we expect to earn less or if investments go through a tough period, then the spending rate that is used will likely be lower. We determine how much to spend from each individual endowment fund based on the current market value of each fund in relation to the original gift value. If the fund is below the original gift value, we will spend only a small amount or even zero so that the fund can recover its lost value. If the fund value is above the original gift value, then we will spend at a higher rate which has recently been up to 5%.
- ERIC The endowment fund is providing significant funding to the Foundation equal to about 10% of the Foundation’s expenses in the coming year. The growth in the spending from the endowment fund reflects the growth in the fund itself and the earnings generated during this time period. As the endowment fund continues to grow, the support provided to the Foundation will grow accordingly. When we reach $1 billion in assets invested, that will generate between $40 and $50 million per year in funding each and every year toward Foundation programs.
- ERIC The endowment fund is not one homogenous pool. Today, there are approximately 1,400 individual named endowment funds within Rotary’s endowment fund. If you establish a named endowment fund, then you can designate how your endowed fund is used. You can direct it to SHARE and a portion of the spending will go back to your district according to the 50/50 split with the World Fund. You can direct the funds to a specific area such as grants, Rotary Peace Centers, one of the six Areas of Focus, or to the World Fund where it will be up to the Trustees to determine how to spend the money. While it is clearly possible to customize a giving plan, since the fund will last forever, it is better to provide flexibility for the Trustees and District leaders of the future to address the greatest challenges. As we can see in the slide, the vast majority of donors are trusting future Rotary leaders to make sound decisions. For those who want to fund programs in the areas of peace or a specific area of focus, we stand at the ready to steward those gifts and set the stage for ongoing project work for generations to come. I would now like to invite Richard Clarke to discuss giving to the endowment fund in more detail.
- RICHARD YOU AND I HAVE BEEN PART OF THE FOUNDATION’S PAST – WE CAN BE PART OF IT’S PRESENT AND CERTAINLY IT’S FUTURE. THE ENDOWMENT FUND OFFERS ROTARIANS A NUMBER OF OPPORTUNTIIES TO SUPPORT ROTARY’S INCREDIBLE HUMANITARIAN EFFORTS AND WE CAN DO IT IN PERPETUITY. A GIFT NOW TO THE ENDOWMENT FUND WILL GO TO WORK RIGHT AWAY A BEQUEST WILL GO TO WORK IN THE FUTURE BUT EITHER WILL BE FOREVER
- RICHARD TODAY YOU CAN CHANNEL YOUR GIFT TO YOUR FAVOURITE ROTARY FOCUS YOU CAN NAME A FUND IN COMMERATION OF A LOVED ONE OR REMIND YOUR CLUB OF YOUR MEMBERSHIP AND SUPPORT OR REMAIN ANONYMOUS THE CHOICE IS YOURS BUT WILL DEPEND ON THE MAGNIITUDE OF THE GIFT
- RICHARD A CASH GIFT OR GIFT IN KIND SUCH AS PROPERTY OR STOCK WILL BEGIN TO GENERATE SPENDABLE EARNINGS WITHIN 18 MONTHS IT IS IMPORTANT TO NOTE THAT THE AVAILABILITY OF SPENDABLE EARNINGS WITH AN ENDOWED GIFT TO SUPPORT THIS PROGRAM, MAY VARY DEPENDING ON INVESTMENT PERFORMANCE AND THE ENDOWMENT FUND SPENDING POLICY. TO PRESERVE THE CAPITAL OF THE GIFT – IT NEEDS SOME TIME TO GENERATE EARNINGS
- RICHARD ONE OF THE LESSONS FROM OUR CAMPAIGNS FOR THE PEACE CENTRES THESE PAST 10 YEARS IS THAT NAMED FUNDS ARE ATTRACTIVE TO MANY DONORS SO WE HAVE EXTENDED THE POSSIBILITY OF NAMED FUNDS AS THIS SLIDE DEMONSTRATES TO OTHER ROTARY EFFORTS INCLUDING THE SIX AREAS OF SERVICE. YOU CAN CREATE A NAMED FUND IN YOUR NAME OR SOMEONE ELSE’S NAME FOR A GIFT OF $25K OR MORE. IN THIS WAY, YOU CAN REMEMBER A FAMILY MEMBER OR LEAVE YOUR PERSONAL LEGACY. A NAMED FUND IS TRACKED SEPARATELY AND DONORS RECEIVE AN ANNUAL UPDATE ON THEIR ENDOWED FUND. NAMED FUNDS ARE GIFTS OF $25,000 OR GREATER. YOU CAN SUPPORT YOUR DISTRICT WITH A GIFT DESIGNATED TO SHARE OR THE PEACE CENTERS. A GIFT OF $500,000 CAN SUPPORT A ROTARY PEACE FELLOW EVERY SECOND YEAR. GIFTS CAN BE DESIGNATED TO ONE OF THE SIX AREAS OF FOCUS. $750,000 ENDOWS A FELLOWSHIP FOR ONE MASTER’S DEGREE STUDENT APPROXIMATELY EVERY TWO TO THREE YEARS $1 MILLION ENDOWS ONE VISITING LECTURER APPROXIMATELY EACH YEAR $1.5 MILLION ENDOWS A FELLOWSHIP FOR ONE MASTER’S DEGREE STUDENT APPROXIMATELY EVERY YEAR ROTARY WELCOMES THE OPPORTUNITY TO RECOGNIZE GIFTS OF $10,000 OR MORE WITH MAJOR DONOR RECOGNITION. WITHIN THE MAJOR DONOR RECOGNITION STRUCTURE IS A PRESTIGIOUS RECOGNITION LEVEL FOR GIFTS OF $250,000 OR MORE, KNOWN AS ARCH C. KLUMPH SOCIETY RECOGNITION (AKS).
- RICHARD SOME ROTARIANS CHOOSE TO DESIGNATE THE WORLD FUND AND LEAVE CURRENT AND FUTURE TRUSTEES THE FLEXIBILITY TO UTILIZE THE FUNDS THROUGH THE WORLD FUND TO MEET CHANGING PRIORITIES YOU CAN DESIGNATE A DISTRICT’S SHARE AS THE BENEFICIARY OF YOUR GIFTS EARNINGS ONE ROTARIAN DID SO ANONYMOUSLY TO HIS OWN DISTRICT WITH A CURRENT GIFT. HE GETS TO SEE HOW THE FUNDS ARE BEING USED AS HE CONTINUES HIS ROTARY JOURNEY DG LYN & ALEX STORSHIN – NEW AKS CANADIAN MEMBERS’S WISHED TO ENCOURAGE AND SUPPORT MORE LOCAL DISTRICT GRANT PROJECTS – SO THEY ENDOWED A PORTION OF THEIR GIFT TO THEIR DISTRICT’S SHARE.
- RICHARD WITH A GIFT OF $25K OR MORE – YOU CAN CHOOSE TO DESIGNATE ONE OF THE AREAS OF FOCUS TO BENEFIT FROM YOUR GIFT ECONOMIC DEVELOPMENT – ANOTHER NEW AKS CDN ROTARY COUPLE WISHING TO MAKE A DIFFERENCE IN THEIR HOMELAND USED THEIR AKS GIFT TO ESTABLISH THE DOREEN & ZEN MOSIEY ROTARY ENDOWMENT FOR ECONOMIC AND COMMUNITY DEVELOPMENT FOR UKRAINE HERB HEZLEP COORDINATED HIS DISTRICT 5300’S GSE PROGRAM FOR THE ENTIRE LIFE OF THE PROGRAM – WISHING TO SEE A CONTINUATION OF A LONG-STANDING FRIENDSHIP WITH AUSTRALIAN ROTARIANS. HE AND HIS WIFE LIZ HAVE ESTABLISHED AN ENDOWMENT TO SUPPORT CONTINUNING EXCHANGES BETWEEN THEIR DISTRICT AND AUSTRALIA.
- RICHARD TWO EXAMPLES OF NAMED FUNDS: D 5360 WISHING TO CONTINUE THE WORK OF PRIVP MONTY AUDENART – WHO WE LOST WAY TOO SOON - ESTABLISHED A NAMED FUND TO SUPPORT THEIR DISTRICT’S SHARE ROTARY ONE IN CHICAGO DID SOMETHING SIMILAR FOR BY ESTABLISHING AN ENDOWMENT TO GIVE CLUB MEMBERS AND OTHER DISTRICT ROTARIANS’ PROJECTS IN PERPETUITY. SO AS YOU CAN SEE – INDIVIDUAL ROTARIANS, GROUPS OF ROTARIANS, CLUBS, DISTRICTS AND EVEN ZONES CAN MAKE THEIR ROTARY DREAMS A REALTY THROUGH MAJOR GIFTS AND LEGACY GIVING TO OUR ROTARY ENDOWMENT FUND – DOING GOOD THROUGH THE DECADES TO COME. I WOULD LIKE TO WELCOME ROTARY FOUNDATION TRUSTEE YOUNG SUK YOON TO DISCUSS THE IMPACT THAT TWO ENDOWMENT FUNDS HAVE HAD ON INDIVIDUALS FROM KOREA.
- YOUNG SUK The generosity of Tae-In Kim has enabled Ms. Sulhwa Choi to study applied theatre at Royal Central School of Speech and Drama in London, England and Dongyoun Cho to earn a Master’s in Public Administration at Harvard University in Cambridge, M.A, U.S.A. In addition to these scholarships, his gift has generated over $160,000 in spendable earnings that is available to be spent in future years for programs on top of the value of his named fund. His fund will continue to grow each year within the Endowment, ensuring that Rotarians have the financial support they need to achieve his hopes for the future.
- YOUNG SUK Past Rotary Director Hee Byung Chae of District 3650 wanted to support his district and Rotary’s future at the same time by supporting the Endowment. Currently 84 years old, he has watched his named fund grow for 23 years while seeing it improve communities through Rotary programs.
- YOUNG SUK Past Rotary Director Chae’s gift was designated to SHARE, so half of the spendable earnings on his fund go to World Fund and support communities around the globe and the other half is directed back to his district in the form of District Designated Funds. Since 2010 his named fund has generated over $5,000 in funds for District 3650 that helped provide life-saving surgeries and educational program for neglected children with serious medical conditions in Seoul, Korea. His legacy will continue to nurture the Rotary causes that are most meaningful for him for generations to come. I would now like to invite Ravi Vadlamani to share some thoughts about gifts to the endowment fund.
- RAVI Pooled endowment funds – a new opportunity Major gift initiatives – an attractive option Endowments – the way forward Regular recurring gifts and pledges – an opportunity to invest in the future of Rotary I would like to turn the session back to Ron Burton for final remarks before questions.
- [Keep this slide at the end]
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