It might be a bit superfluous to say unrestricted donations are the holy grail of philanthropy but one cannot overlook their significance.
Unrestricted endowed funds allow maximum flexibility to use where needed most. Having that flexibility gives added value to the donation. It has allowed Tucker Community Foundation to support and grow existing projects and programs and provides the opportunity to create a number of new ones that can benefit our region.
In 2006, the estate of Kep and Alice Smith established a $7 million trust and named Tucker Community Foundation as one of two benefactors to receive half of the unrestricted income generated annually. That income has allowed us to leverage hundreds of thousands of dollars to support programs like Run For It, Feet Under Seats (school attendance) campaign, and the Potomac Highland Food and Farm Initiative. It provides annual support for scholarship and grant awards. Smith trust income seeded a community lending program that in turn leveraged additional grant support. An extremely frugal couple, the Smiths would enjoy the impact of their gift.
In addition to the Smith Trust, the Foundation manages 6 unrestricted endowments that collectively produce in the neighborhood of $ 6,000 annually for grant and scholarship awards: the Citizens Bank of West Virginia Fund, the Directors’ General Fund, the Robert W. & Sarah Minear Fund, the Mountain Valley Bank, NA Fund, the H. Dailey & Belva Shaffer Martin Fund, and the Uncle Sam’s Birthday Party Fund.
Funds that benefit general charitable purposes can be established for $10,000 (donors have five years to establish the fund). The Foundation currently manages five such endowments that collectively generate more than $30,000 annually to support such projects as local food banks, community clothes closets, local health fairs, Backpack Buddies food program for school age children, and utility assistance through the North Central WV Community Action; to name a few.
The Louise & Jim Cooper, Jr. Family Fund was established in their memory to support the Blackwater Ministerial Association to aid the needy by the four children: Jim Cooper, III, Carol Stark, Ida Slezak and Susan Wingfield.
The Coopers owned a number of businesses in Thomas from the 1920’s – 1960’s: Coopers Department Store, Coopers Insurance and a dry cleaning plant that ran from the back of their store for more than 20 years. Mr. Cooper served on Thomas City Council, he was mayor of Thomas in 1958 and he was a member of the WV House of Delegates 1939-40. Louise taught in the public school system and assisted Jim in his business.
The John, Kathleen & Sharon Syrian / Donald T. Goss Fund was established by Saundra Syrian Goss and family to honor the memory of her parents John & Kathleen Syrian, sister Sharon Syrian and husband, Donald T. Goss. The fund supports a variety of community projects and programs: The Warm the Children program that provides clothing for needy children, the Knights of Columbus of St. Thomas and Our Lady of Mercy Catholic Churches, and any public garden project (public park and/or public park board and/or public garden and/or garden club beautification project).
The Thompson Family Fund was established by the late B. Dorothy Thompson of Canaan Valley to provide funds for community needs and to assist needy families. The George Thompson family came to West Virginia and Tucker County in the late 1800’s with the booming timber industry. In 1907, the holdings of the Thompson Lumber Company and the Blackwater Boom and Lumber Company were purchased by the Babcock Lumber Company of Pittsburgh, Pa. When the mill closed in 1924 Thompson served a term as postmaster of Davis and he also served a term in the House of Delegates as Tucker County representative. Thompson’s son Ben became a well-known farmer in Canaan Valley. Today the farm is the site of several small businesses run by various members of the extended family of the Thompsons.
The Philip Warken Fund was established by the estate of Philip Warken to provide funds for the needy in Tucker County. Warken, an emeritus professor of history and a longtime debate coach at the U.S. Naval Academy, died at his home in Canaan Valley in the fall of 2004. His generous bequest supports a wide variety of charitable causes.
The (Francis Woodrow) “Woody” Nestor Memorial Fund was established by friends and family following his death in 1990 to aid the needy of Tucker County. Known as a “kind and giving man” who, in the weeks after the flood of 1985 when St. George was all but destroyed, at nearly 72 years old, was out every day trying to help someone. According to his widow, Juanita Nestor and daughters, Priscilla Poole and Sue Ellen Carpenter, “Giving was not just something Woody Nestor did, giving was Woody Nestor. It was his personality”.
Donor-advised funds are a popular option for donors who want to have a say on the distribution of grant awards. TCF administers four donor advised funds that are providing support for different areas of interest in different geographic areas.
The George and Mariwyn Smith (donor-advised) Fund supports charitable purposes. Mariwyn was a charter member of the board of directors of the Tucker Community Foundation, serving from 1989-2011 when she “retired”. On endowing the fund in 2004, the Smith’s stated, “A donor advised fund is an excellent method to fund more than one project and allows flexibility for years to come. After our deaths, it will be possible for the board to decide where they think it is best needed.”
The Albert A. and Frances M. Kerzic Memorial Fund was established in 2015 to promote education, recreation, historic preservation, beautification and economic development for Davis, West Virginia per recommendation of the donors Lynda Given Lessek and Peter V. Lessek of Wheaton, Illinois.
The Bucher Family (donor-advised) Fund supports initiatives that promote community development, health, gardening, use of natural resources, alternate energy, historical preservation and spirituality in Randolph, Tucker, Pendleton, & Barbour Counties. The fund was established by the children of Samuel and Margaret Bucher to honor their legacy and in some way continue their parents work.
The Ryan Patrick Gosa Fund provides educational opportunities in the liberal arts for Tucker County. Funding was provided by Ryan’s parents James (Jake) and Patricia Gosa to celebrate his life as well as his love of writing, the arts, and athletics. The first grant award will be available in 2017 based on recommendations from the donor.
Once an endowment is established, the general public can donate to it. Contributions to endowed funds are tax deductible.
Donors who want to leave their legacy in their community but are overwhelmed by the options might consider establishing an unrestricted fund. It only requires $5,000 that can build over five years. Donor-advised appeals to those who want to have a say in the distribution and general charitable purpose funds can be designated to benefit a specific program or cause or distributed based on the field of interest (youth, parks and recreation, etc.).
West Virginia is experiencing the largest transfer of wealth in its history and, as part of Philanthropy West Virginia’s “Keep 5 Local” program, Tucker Community Foundation encourages donors to take a new look at philanthropic estate planning through the lens of a community foundation to create a powerful private sector solution to longtime local development needs.
For more information contact the Foundation Development Office at 304-259-5008. Visit us at www.facebook.com/tucker.commfound for up-to-date information about Tucker Community Foundation.