About the Kiwanis Club of Bloomington Foundation
The Foundation a legal entity formed to collect, invest, and disburse funds for charitable purposes. It has been formed as a Tax Deductible Charitable Fund. It is to be used for “deserving children" and administered by the Kiwanis board. The Foundation committee is currently meeting quarterly, to review the Investments, Investment policy and handle disbursement.
History of the Bloomington Kiwanis Club Foundation
It all started with one Kiwanian. Milton V. Stagg was a long time member of the Bloomington Kiwanis Club. Milton
passed away in 1963. His wife survived him, but Mrs. Stage passed away in 1967. In her will she left 15% of her estate to the Milton V. Stagg Memorial Fund. Fifteen percent of Mrs. Stagg’s estate came to $40,187.58. This $40,187.58 Memorial Fund was to be used for deserving children.
In 1990 our club sold a cabin at East Bay Camp for $50,000.00. With the Milton V. Stagg Fund plus the $50,000.00 from the sale of the cabin, it was decided to start our own foundation.
On August 5th, 1993 the Foundation was officially formed. Today the Bloomington Kiwanis Club Foundation is an official 501(c)(3) charitable foundation.
The value of this fund on March 31, 2001 was $141,609
The purpose of the Foundation is to help deserving children in McLean County. The primary purpose of the Foundation is to keep Camp Limberlost going. The Foundation is our safety net in case our annual fundraising activities fall short some years.
How Do We Invest the Foundation Assets?
The Foundation committee invests the assets of the Foundation. Approximately 70% of the assets are invested in no-load equity mutual funds and the remaining 30% is invested in no-load bond funds and money market funds. The current balance of the Foundation is approximately $460,000.00.
Why is this fund important?
Allows people to give tax-deductible gifts to Kiwanis. It has been a budget support for the projects that we do each year. In recent years, approximately $8,000 per year and as high as $12,000 thus adding stability to our program. Gifts like your gifts can be made as tax deductible gifts.
We need to grow this fund over time to insure the income for our Camp Limberlost project. Our camp has dwindled to 60-75 campers and we have lost peanut day funding soon (Last year 2001 in Bloomington).
What can you do?
- Donate a Life Insurance policy that you no longer need to the club naming the Foundation as the beneficiary.
- Name the Kiwanis in you Will.
- Let family know that you would like to have memorial gifts made to the BKF. (Memorial fund)
- Help the Subscriber committee secure gift from your employer for Camp Limberlost.
- Make donations to the Bloomington Kiwanis Foundation as unrestricted gifts
Mail or give check to: Kiwanis Club of Bloomington, Illinois, Charitable Foundation:
c/o Andrea Raycraft, Executive Director
Illinois-Eastern Iowa District of Kiwanis International
2416 E. Washington St, Suite B-2
Bloomington, IL 61704 501 c Documentation