The FASM Endowment Fund is an arrangement whereby interest and dividends earned on a principal amount are used to continue the preservation work of the museum, build an extensive library of Shaker materials, and offer educational classes to all ages.
The goal of the Endowment Fund is to reach $100,000 in principal. This base will ensure that the Museum will continue for generations.
Your participation provides resources for the continuation of the preservation activities and an investment in the future of the Museum. FASM is a 501(c)3 tax-exempt non-profit organization. Your donation is tax-deductible up to the limits of the law.
To establish a FASM Memorial Account, contact the Friends of the Alfred Shaker Museum at 207-324-9630. If, however, you wish to start a fund at a time of bereavement, it is not necessary to contact FASM immediately. At the request of the next of kin, the funeral director will include in the obituary notice “Donations may be made to Friends of the Alfred Shaker Museum Memorial Endowment Fund, P.O. Box 873, Alfred, Maine 04002.” This will quickly notify family and friends of your wishes. When convenient, the family may contact the FASM Endowment Fund Chairman directly.
The monies donated will be held in an accumulating account. The account may be added to by family and friends until $1000.00 is reached. At that point, the accumulating account becomes a permanent account. Fundraisers can also be held to add to the accumulating account. Once the permanent account is established, your loved one’s name will be added to the scroll that hangs at the Museum.
Frequently Asked Questions
How is a Permanent Endowment Fund established?
- A permanent fund is established in the name of the contributor when a minimum of one thousand dollars ($1000) is received. Contributions of smaller amounts are encouraged and are combined in to an individual accumulating account. When the individual accumulating account reaches $1000, it becomes a permanent fund bearing the name of the contributor.
- You may also name FASM Endowment Fund in your will.
- A note may be placed on your paid-up life insurance naming FASM as one of the beneficiaries.
Can a fund be established in the name of a living person or an organization?
Yes. Many permanent funds are named for living individuals, clubs, organizations, businesses, school classes, and families.
How does the Endowment Fund work?
The Endowment Fund works on a simple concept. The original donation is invested in an interest-bearing account. Each year, the interest generated by that investment is used to continue the work of FASM. The original amount, or “principal,” remains in the interest bearing accounts. This ensures the maintenance, growth, and longevity of the Museum.
Does the minimum $1000 have to be donated all at once?
No. Arrangements may be made with FASM to start an accumulating fund. During the period while the fund is growing, it will be listed as an “accumulating account.” Some accumulating accounts reach $1000 (permanent status) quickly, while others might take several months or longer. While it is not necessary to achieve permanent status and no minimum is ever required, achieving permanency is a worthwhile goal.
How does an Endowment Fund Account continue to grow?
An Endowment Fund account “grows” when additional contributions are made directly to that account. For instance many donors earmark their pledges “In Memory/Honor of a Loved One” for birthdays, holidays, or other special occasions. Some Endowment Fund sponsors conduct private fundraising activities to help their funds grow.
What do you give to someone who has everything?
Give a living gift of an accumulating or permanent Endowment Fund in that person’s name. It will truly be a gift that will live forever,
Who can answer my questions?
Any officer or member of the Friends of the Alfred Shaker Museum can address your needs and concerns. Contact us anytime.