Garth Christenson and Jim Lutiger presented an overview of the history, purpose, and functioning of the Hudson Daybreak Rotary's Endowment Fund. The history starts in July 2000 with establishment of a fund at the St Croix Valley Foundation. In 2003 it became the HDR Long Term Fund at SCVF, then in 2007 the HDR Finance Committee recommended creating an endowment fund, which happened in May 2008. At that point the fund totaled about $45,000. The endowment fund is one of four "buckets" of funds for the HDR club. As an endowment fund, the principal cannot be tapped for giving.
Funding occurs through transfer from other sources including fundraisers, member donations, and others. Over time the fund has grown to over $300,000 with about $150,000 in legacy pledges from members' estate plans. Click READ MORE for more about the HDR fund and the speakers.
The stated purpose of the fund is for local support of youth-focused programs. Garth and Jim emphasized that knowing how endowment funds will be used is key to gaining contributions to the fund from members of HDR. Beneficiaries listed the the presentation are Hudson High School scholarships, the Senior Party, Bridge for Hudson Youth, Junior Achievement, Partners Program at SCV YMCA, Rotary Teen Center and Wheel Park at the Y, and YMCA Camp St. Croix.
HDR members provide oversight via an Endowment Advisory Board, comprised of two past presidents and four at-large members. The club has an ambitious goal to grow the Endowment Fund substantially over the next few years.
About the Speakers: Jim Lutiger has been a Hudson Rotarian for 35 years; he has served as club president as well as on many committees. Jim retired after spending many years in the investment business. Garth Christenson, a UWRF graduate and local optometrist, is also a long-time Hudson Rotarian with significant involvement with the fund management.