An endowment of one million dollars has been created after decades of dedicated work, and the Rotary Club of Clearwater is honored to provide this charity endowment program to our community.
In 1991, under the direction of Dr. Ralph Frick, The Rotary Club of Clearwater established the local charity Endowment Fund with the goal to be a strong and permanent annual contributor to the needs of our community.
The fund is governed by nine Trustees/Directors of The Rotary Club of Clearwater Charities, Inc. (“Charities, Inc.”) which oversees the Endowment Trust. Charities, Inc. is an IRS certified 501 (c)(3) nonprofit, charitable corporation.
Over the years, members of The Rotary Club of Clearwater regularly contributed to the endowment which also grew due to the generosity of wills and bequeaths of Rotarians. After a successful Kingfish Tournament in April 2017, the Club Board of Directors voted to contribute $15,000 of the proceeds from that charity event to the endowment. That check was presented at a Rotary Club meeting on June 28, 2017 which pushed the balance of the principle to $1,004,000! Dr. Ralph Frick, who envisioned this goal back in 1990 (and who recently turned 90 years old), was present for the presentation ceremony.
Building the Endowment and Providing Grants
The Rotary Club of Clearwater has empaneled a committee of financial experts which developed an updated investment strategy and a formula for distributing earnings from the endowment to local charities. The Rotary Club of Clearwater intends to continue sponsoring the annual charity kingfish tournament and anticipates that in a good market year and a good fishing year, total annual local charity grants could be significantly higher than previous year grants. Donations can be made with the help of legal counsel as part of a will, family trust, stocks, bonds or cash. Real estate would be treated on an individual basis.
Applying for Endowment Grants
Clearwater area 501(c)(3) charitable organizations may contact The Rotary Club of Clearwater for more information.