North Shore Senior Center's Foundation Board
Donor-designated gifts to the Center had accumulated to more than $500,000 by 1992, so the Board of Directors created the NSSC Foundation. The foundation is an independent 501(c)(3) organization with its own board in order to have a clear separation between the Center’s operating funds and invested funds, both donor-designated and unrestricted. This became even more important in the late 1990s when a capital campaign was conducted to raise $12 million to acquire and retrofit the current Northfield property. The foundation already was structured to handle significant invested monies, so campaign donations were held and administered by the Foundation Board. Once the project was completed, the balance remaining in 2000 provided the core of the current fund balance of the Foundation.
The Foundation’s singular purpose is to help ensure the long-term survival of the Center by providing income for programs and services. To that end, the Foundation Board distributes approximately 5 percent of the $14 to $16 million fund balance to the Center each year. Allocations include a grant to the operating budget and for particular donordesignated purposes, such as the Golder Distinguished Senior Lecture Series and the Samuel Thaviu Memorial Concert.
Being watchful of the balance between the distribution and growth of funds has been crucial. According to Jordan, “Our Foundation Board has done a very good job at investing the funds over the years. We’ve been through up markets and down markets, and those assets have remained relatively steady.” Foundation Board members generally have included individuals with financial management expertise. The current Board is no exception. David Barth chairs the Foundation Board and has decades of experience managing funds in both corporate and small-business settings. Other members—a few from the community for outside perspective and a majority from the Board of Directors—also have had significant experience managing sizeable investment portfolios.Back to Blogs