HELP ENSURE THE PERPETUITY OF OIBF.
Oklahoma’s International Bluegrass Festival is pleased to announce it has established an endowment fund at the Oklahoma City Community Foundation. The endowment fund was established with combined funds from Oklahoma’s International Bluegrass Festival and a matching endowment grant from the Kirkpatrick Family Fund, www.kirkpatrickfamilyfund.org.
An endowment is a permanent fund that is invested and managed to provide an annual source of income to a charitable organization such as Oklahoma’s International Bluegrass Festival as long as the organization is in existence. The Oklahoma City Community Foundation, www.occf.org, administers the country’s largest charitable organization endowment program with more than 340 organizations participating. In 2015, the foundation will distribute over $7 million to the participating organizations serving central Oklahoma. Founded in 1969, the Oklahoma City Community Foundation is a 501(c)3 public charity that administers endowment funds established by individuals, companies and charitable organizations for the benefit of the community.
The sole intention of an endowment is to invest it, so that the total asset value will yield an annual sustainable source of income for the organization to use in perpetuity. Endowment funds follow a fairly strict policy allocation, which is a set of long-term investment guidelines that will yield the targeted return requirement without taking on too much risk.
An endowment fund also provides donors a way to make a variety of charitable gifts. The Oklahoma City Community Foundation accepts many kinds of assets including real estate, retirement plan assets, business related assets, oil and gas interests and much more to benefit causes donors are interested in and provide donors with tax-related benefits for their contributions.
“By establishing an endowment fund, OIBF has taken an important step in continuing our mission for generations to come,” Kelsey Avants, board member, said. “It is our goal to raise $2.4 million for the endowment fund which will keep the festival going indefinitely. We intend for our endowment fund to provide us with an annual source of income as well as make it easy for supporters to donate a variety of gifts to our organization.”
If you are interested in learning more about how you can support Oklahoma’s International Bluegrass Festival and its endowment fund, please call (405) 606-2914.