For several years, Iowa City Hospice planned strategically to create an endowment fund, a savings account for permanently restricted gifts the nonprofit organization received from grateful families.
Last year, the not-for-profit provider of hospice care and grief support services in the Iowa City area and surrounding seven-counties set aside $500,000 creating the endowed fund through the Community Foundation of Johnson County.
Iowa City Hospice Executive Director Maggie Elliott says the organization's board of directors will determine how income from the endowment will be used each year. Establishing the fund through the Community Foundation of Johnson County qualifies contributors to receive a 20 percent tax credit through the renewed Endow Iowa bill (see inset box).
Elliott says, "The endowment fund ensures compassionate hospice care and grief support services will be available to the greater Iowa City community and beyond for generations to come."
Iowa City Hospice received two significant leadership gifts from individuals who were critical to the development and continued strength of Iowa City Hospice.
Longtime Iowa City Hospice supporters Ina and Jerry Loewenberg and Richard and Judith Hurtig contributed to the endowment fund.
Ina Loewenberg served on the Iowa City Hospice Board of Directors and she continues to volunteer. Her accounting background provided a unique perspective and understanding of the organization's infrastructure. "Both endowment funds and annual giving are critical to nonprofit organizations. An endowment is an investment in the future and annual giving serves daily operations."
Richard Hurtig says, "Contributing to the Hospice endowment was a way of insuring the community's future needs would continue to be met.
Richard says, "There is a 'joy of giving' when you know your gift will have a positive impact on the quality of hospice care in our community. Making it possible for good people to do good things for people at a critical time of need is immensely rewarding. A gift to an endowment allows your gift to continue to have a positive impact year after year."
In 2008, Iowa City Hospice will celebrate 25 years of helping people add life to each day with comfort and dignity in mind.