Dear Fundholders,
The Greater Salina Community Foundation's Board of Directors voted at their August Board Meeting to increase the spendable for all its GSCF and affiliate permanent endowed funds from 4.5% of a 16-quarter rolling average to 5% of a 16-quarter rolling average for this fiscal year. The decision to release more funds was made to help our nonprofits in this current economic climate.
When the decision was made on July 1, 2018, to reduce the spendable to 4.5%, it was done to protect the principal of the funds in the event of future down markets. That reduction in spending combined with high returns over the past few years has enabled the funds to grow to a point in which the Board is comfortable making an increase.
This change in spendable is only valid for this fiscal year and will be re-evaluated by the Board in August 2023.
All spendable amounts have been processed and are posted in your donor portal.
Thanks, and please let me know if you have any questions.
Sincerely,
Jessica L. Martin
President & Executive Director
Greater Salina Community Foundation
