The first step of building an Endowment Fund for our Y was to complete the Tower Family Endowment Challenge. Having an Endowment Fund will ensure that the programs and benefits of the YMCA of Martha’s Vineyard will continue into perpetuity..
With this challenge, we were given a “once in a lifetime” opportunity to ensure financial sustainability for vital membership and programs, financial assistance and community outreach, and eliminate our capital loan.
In 2012, the Tower Family offered the Y a very generous gift and matching incentive. With the help of many generous donors, we successfully raised $3 Million for our Endowment Fund, thanks to the generosity of the Tower Family Foundation, who forgave the $1.5 Million capital loan they made to complete construction of the new facility.