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Community Foundation briefs council: EMS endowment near $2.9M; about $113,000 generated annually for grants
Summary
A Community Foundation representative told the council the EMS endowment's ending balance is about $2.9 million, with roughly $225,000 immediately available and an expected annual spendable yield of about $113,000; the foundation recommended splitting the current spendable funds with Parkview EMS.
A representative from the Community Foundation briefed the Whitley County Council on the EMS endowment created after the 1996 sale of the county hospital to Parkview. The presenter described the fund as an endowed asset—principal preserved and earnings used for health‑related grants—and said the ending balance is about $2,900,000 with approximately $225,000 currently available for expenditure.
"Ending fund balance, $2,900,000," the presenter said while walking the council through fund statements. The representative said the endowment has granted about $2,400,000 since inception and noted that the foundation charges a management fee of about 0.75%, with bank fees near 0.33%.
Council members were shown prior uses—ambulances, radios, heart monitors and, most recently, 40 automated external defibrillators (AEDs) placed in nonprofits and churches. The foundation reported a recent decision to split the current spendable amount: half earmarked for Parkview EMS purchases (sim labs/mannequins for training) and half left at the council’s discretion for health‑related community use. The foundation representative explained the foundation can create two spendable accounts and hold funds in a high‑interest account until the council directs expenditures.
Council scheduled a follow‑up meeting with the Community Foundation so members can provide guidance on priorities before any funds are distributed.
