Operation P.R.I.D.E. continues to look for ways to bring in money for the beautification organization.
On Tuesday, the group’s board heard from Jennifer Wethington, executive director of the Community Foundation of South Central Kentucky, about how the nonprofit group could establish an endowment within the foundation.
The group for several years has discussed ways it could build funding.
Community Foundation would take care of all the paperwork and management of any endowment fund for a 1 percent fee.
“For agencies (such as P.R.I.D.E.), you would need an endowment of $25,000 before it can begin paying out,” Wethington said.
With current market considerations, when a fund begins to pay out, an agency could expect to receive about 4.5 percent return.
“That is what ... they have determined you can pay out and still grow your fund,” Wethington said.
In endowments, only the interest from the principal amount is used.
“We know it’s hard to shave a chunk of money off your today’s dollars, so we suggest you talk to potential donors,” Wethington said of how to get started.
P.R.I.D.E. board member Jeff Moore said the group would have to consider how doing so might impact its current Partners with P.R.I.D.E. program, in which donors sponsor the beautification and maintenance of a section of an entry corridor.
“So would you solicit donors for Operation P.R.I.D.E.?” Moore asked.
“We would talk to donors if they had questions, but you would be responsible for bringing them in,” Wethington said.
But the foundation has an attorney who could draw up any of the needed paperwork to establish the endowment as well as an investment board to determine how the money is invested. That is what the 1 percent fee covers.
Wethington said they would expect that anyone starting an endowment from scratch might take about five years to build the necessary $25,000 fund before any payouts can begin.
It’s also possible that current donors to the foundation might be interested in supporting Operation P.R.I.D.E. if they were part of the foundation.
“With the donors that we currently have, we work with connecting them with needs in the community,” Wethington said.
In the meantime, Wethington said P.R.I.D.E. could apply for one of the community grants that the foundation gives each year to nonprofit agencies.
Board member Vicki Fitch said the potential for a partnership between the two groups is intriguing.
“I think this would be a really good thing,” Fitch said.
In other matters, board chairman Johnny Webb said he would resign from the post at the end of the year but remain a board member.
Webb, a former Bowling Green mayor, helped start P.R.I.D.E.
“As a candidate for mayor, I knew I wanted to do something to change the look of Bowling Green,” he said.
A committee of Webb, David Garvin, Warren County Judge-Executive Mike Buchanon and then-Bowling Green Area Chamber of Commerce President Dennis Griffin began discussing forming such an organization. Its first executive director was Dan Cherry, who was on loan for a year from Commonwealth Health Corp.
“I give Dan Cherry a lot of the credit for what this organization has been able to do,” Webb said.
He also credited outgoing Executive Director Ray Lackey.
Webb said he has enjoyed his time with the organization and planned to continue doing what he could.
The board also gave outgoing employee Jerry Meachum the Chairman’s Award.
Meachum started with P.R.I.D.E. as an employee from Experience Works. He then volunteered for three years and for the past year has helped with maintenance of the Louisville Road and Scottsville Road corridors.
“This is for people who have made a significant contribution to Operation P.R.I.D.E.,” Webb said. “We’ve only given out five of these, so they are significant.”