Mercury Club Welfare Fund Endowment – Established November, 2017
The purpose of the Mercury Club Welfare Fund Endowment is to financially assist the charitable pursuits of the Mercury Club Welfare Fund- beyond the revenues realized from the Club’s bingo revenue and annual Welfare Fund campaign letter.
Any asset donated to the Mercury Club Welfare Fund Endowment will be used for the perpetual benefit of the non-profit Welfare Fund.*
Donations to the Endowment will be made with the requirement that the principal remain intact and money earned from investing the principal shall be used for the specific purpose of incrementally increasing the Welfare Fund’s annual charitable gifts. The Endowment is designed to provide a permanent source of income by keeping the original amount invested and using the accrued income from dividends for its charitable purpose.**
Endowments given to the non-profit Welfare Fund will be used to advance the mission of the organization for the long term. The long-standing mission of the Mercury Club Welfare Fund has been to serve disabled youth.
The Endowment was established at the Greater Kansas City Community Foundation on August 8, 2018 to help recognize the Mercury Club’s long-term benefit to our community. A 24- page establishing document is on file with the Greater KC Community Foundation and with the Club.
* **The Endowment was also founded to help recognize the Club’s 100th Anniversary and the Mercury Club’s Welfare Fund’s willingness to “give-back” to the Kansas City community- for nearly as long as the Club’s existence. Hence the Endowment is known as the “Century Challenge” within the Club. The Welfare Fund reserves the right to use principal funds in the Endowment account for a special one-time Welfare Fund gift to a deserving organization upon review and approval in 2020; and in other major anniversary years.
Mercury Club members who are interested in planned giving toward the legacy of the Club can do so through the Endowment. The Endowment can accept complex assets including: stocks & bonds; a privately held business; personal residence; commercial property; farmland or undeveloped property; C-Corp or S-Corp stock; LLC interests; limited partnership interests; life insurance policies; retirement plans; negotiable instruments; oil and gas interests; private equity; Bitcoin; and other acceptable alternative assets.
The Mercury Club Welfare Fund Endowment does not offer tax, legal, or accounting advice. However, the Community Foundation is a public charity, so givers will receive maximum tax deduction allowed by law.
Benjamin Stark, Director, Mercury Club Welfare Fund
© 2020 Mercury Club of Kansas City, Missouri
Mercury Club of Kansas City, Missouri is a non-profit organization