The Benton County Foundation Establishes Facilities Endowment Fund
Biddle-Porter House (Sixth and Harrison Blvd, Corvallis) – The foundation has received approval from both the City Planning Commission as well as the Historic Recource Commission for zoning changes and continues to work towards gaining ownership of the house as the new home for the Benton County Foundation.
Board members and Foundation supporters believe that an attractive, visible, and permanent headquarters will greatly benefit the Foundation.
To seed the vision of a permanent home, the board recently established the Benton County Foundation Facilities Endowment Fund as a means of managing donations toward maintaining a facility. When fully funded, the earnings from the endowment fund will pay ongoing upkeep and maintenance expenses for the Foundation’s permanent headquarters.
The fund was established to manage $125,000 in donations already received from Ray and Genny Stephenson and Pete and Linda Sekermestrovich. Ray and Pete are long-time Foundation board members, and Pete currently holds the office of vice president. These donations put the Foundation well on its way toward reaching the board’s stated goal of $500,000 in the fund.
Once fully funded, this endowment will enable the Foundation to support a permanent facility without using any part of the earnings from other funds for expenses. This is consistent with the Foundation’s policy of using as little as possible of our charitable funds earnings for administrative expenses. The board has made funding this endowment a priority.
View information about the Stephenson and Sekermestrovich Funds in our recent newsletter.