The George Washington Endowment Fund Board was established by the Executive Committee and approved by the trustees during the meeting of February 27, 1993. This action followed two years of work by a special task force that had been asked to evaluate and propose a plan for the SAR to provide for the following:
• Establish a permanent restricted fund, the income of which would provide annual funding for support of the SAR unfunded and underfunded committees and special projects; and to
• Provide for the equitable distribution of funds.
Until the inception of the George Washington Endowment Fund, little funding was available to reimburse the more than fifty SAR committees for administrative purposes or to support their activities or special projects. The board is composed of a board chairman, the chairs of the George Washington Endowment Fund Fundraising Committee and the George Washington Endowment Fund Distribution Committee, and four George Washington fellows elected at the annual SAR Congress. The George Washington Endowment Fund Board oversees all aspects of the George Washington Endowment Fund, which is financed by gifts from members and friends of the SAR. Individuals interested in serving on the George Washington Endowment Fund Board should refer to the Application for Board Election form.
The purpose of the George Washington Endowment Fund is to maintain a continuing program for obtaining and distributing funds to support the SAR’s unfunded and underfunded committees and special projects. The endowment fund should grow annually to continue the support of approved SAR activities and projects. The George Washington Endowment Fund serves as an umbrella under which gifts are placed. Earnings from the contributions over the years have helped to finance a wide variety of programs and projects.
Fundraising activities are conducted at the national level, during the SAR Leadership Meetings and the annual SAR Congress. SAR chapters and state-level societies are encouraged to establish a program to accept George Washington Endowment Fund donations on a continuing basis. Each chapter and society should appoint a chairman to coordinate the George Washington Endowment Fund program and to maintain records of all contributors for recognition. The Vice Presidents General should also have guidelines for SAR chapters and societies to assist in fundraising activities.
All gifts are important and are tax deductible to the extent allowed by law under section 501(c)(3) of the Internal Revenue Code. Individuals donating $1,000 or more are recognized as George Washington fellows. The gifts may be paid in a lump sum amount or in installments of $200 or more annually over a five-year period. Each individual recognized as a George Washington fellow shall receive a distinctive lapel pin and a certificate denoting his or her status. The name of each fellow will be displayed in the new SAR Center at the SAR Headquarters in Louisville, Kentucky.
GEORGE WASHINGTON ENDOWMENT FUND DISTRIBUTION
Requests for funds are submitted by chairmen of each of the SAR committees. Requests for funds by unfunded and underfunded SAR committees and for various special projects are sent to the George Washington Endowment Fund Distribution Committee for consideration. No more than eighty percent of the net income (interest and dividends) from the George Washington Endowment Fund may be spent in any one year and the remaining twenty percent is then invested into the corpus of the George Washington Endowment Fund. The George Washington Endowment Fund Board oversees the investment of the endowment fund.
GIFTS AND DONATIONS
Please remember that one-hundred percent of donations go into a permanent restricted fund. Gifts may be made by giving cash, personal checks, stocks, bonds, or any other financial asset that individuals may desire to contribute. Personal checks should be made payable to the SAR George Washington Endowment Fund; please contact your local George Washington Endowment Fund chairman or the SAR Executive Director for further details concerning donations.
GEORGE WASHINGTON ENDOWMENT FUND AWARDS
Two SAR awards associated with the George Washington Endowment Fund are presented annually at the SAR Congress. The term of each award is from April 1 to the following March 31.
• The Howard F. Horne, Jr. Award goes to the SAR state-level society with the largest increase in new George Washington Endowment Fund fellows as a percentage of the society’s membership. This award includes a stipend of $100 or 80% of the net annual earnings of the Horne (Delaware) Fund (whichever is greater), a flag streamer, and a certificate.
• The Walter Buchanan “Buck” Meek Award goes to the SAR state-level society with the largest numerical increase in new George Washington Endowment Fund fellows. This award includes a stipend of $100 or 80% of the net annual earnings of the Meek Fund (whichever is greater), a flag streamer, and a certificate.