Introducing The Greensboro Association Endowment

July 2014

Dear fellow members:

I want to share with you important recent developments at the Greensboro Association (GA). Based upon the membership vote at the 2013 Annual Meeting, we filed a request to the Internal Revenue Service to designate your organization as a 501(c)3 public charity. The IRS has recently approved this change in our status, and this will enable 2014 and future contributions to the GA over and above dues to be tax-deductible to the extent permitted by law. Our officers and board believe that this change will allow the Greensboro Association to increase its membership support and to build a long-term endowment to support its mission.

The Greensboro Association mission is to conceive, advance, and support village initiatives and organizations that enhance our community and to protect Caspian Lake and its surrounding environment for both full and part-time residents of Greensboro.  With a Greensboro Association Endowment, our members and contributors can expand their support for initiatives that are aligned with this mission.

We plan to work with the Vermont Community Foundation (VCF) to manage the Greensboro Association Endowment.  The VCF manages hundreds of charitable funds including many nonprofit endowment and reserve funds. With this arrangement, we can make available to our members expertise and services in structuring and stewarding major gifts.  We expect to build the fund deliberately.  We will facilitate discussions with members and friends who wish to have a lasting impact on Greensboro and several residents have approached us to inquire about how to provide long-term support.

We are in the process of establishing the specifics of the program, and we plan to share an update at our annual meeting on August 8 at 7PM – including a guest speaker from the VCF. We are developing a “fact sheet” to help answer questions you may have. Please get in touch with Clay Simpson, Linda Ely or me if you have questions or would like more information about the endowment. We will keep you posted as plans develop.

A substantial effort has gone into restructuring the organization as a 501(c)3 public charity and shaping plans for an endowment fund. For their lasting impact, I would like to thank all our board members and in particular, Clay Simpson, Day Patterson, Mike Cassidy, Robert Fairbanks, Clive Gray, Tara Reynolds and Linda Ely, who have provided countless hours and expert insights. Mary White invited us to explore the initial idea of a community fund.  We have benefited from the expertise of Trish Alley, Marcia and John Stone, Rick Lovett, Andy Dales, Tom Kehler, David Rahr, the VCF founding President, and many others.  Thank you.

Sincerely,

John C. Stone III

Association President