About Endowments at Concord Hospital and Concord Hospital Trust

What is an endowment?

An endowment is a gift or series of gifts given to a not-for-profit organization subject to the requirement that the original gift or gifts, often called the principal or corpus, be maintained intact and invested to maintain, if not, increase the principal or corpus. Only the income generated from the principal or corpus is distributed for the charitable purpose determined by the donor and accepted by the organization.

What is the difference between an unrestricted and a restricted endowment?

In an unrestricted endowment, the donor allows the organization to determine how the available monies are best used. In a restricted endowment, the donor sets forth a specific use for the funds that will be available through investing. The Concord Hospital Trust has both unrestricted and restricted endowments.

What is a board designated endowment?

In a board designated endowment (sometimes called "quasi endowment") the organization's governing body designates charitable contributions to the endowment. Because the donor did not restrict the funds to the endowment, at any time, the Board may release their designation and use all of the monies to support the organization. An example of a board designated endowment is the Community Services Fund, which is invested like an endowment and follows the same practices to provide ongoing funding for programs that meet identified health needs or support the needs of vulnerable populations.

How is endowment at Concord Hospital and Concord Hospital Trust used each year?

Generally, a spending policy recommended by the Hospital Trust Board is followed. It currently states that up to five (5) percent of the value of the fund may be used each year to support the Hospital's charitable work. A spending policy guards against the volatility of the financial markets and ensures that the endowment continues to grow and produce viable funding in the future.

How much does it take to establish an endowment?

The Concord Hospital Trust's current policy states that a person may establish a restricted endowment for a minimum contribution of $25,000. The donor may choose to name the fund, which exists in perpetuity and confers permanent recognition for those honored or remembered through the fund's establishment.

Why is an endowment one of the best gifts a donor can make?

The importance of endowment is not to be underestimated. While it is true that it takes a large principal or corpus to produce a small amount of income (for example, at a 5% spending rate, it takes an investment of $100,000 to produce $5,000 for spending use), the longer-term health and sustainability of the Hospital is ensured.

When is an endowment the right gift for a donor to make?

An endowment is the right choice for a donor who wants to see the mission or a program at the Hospital sustained or confer lasting recognition upon themselves or a loved one. A donor who believes in long-term investing; wants to help ensure the future financial stability of the Hospital; owns highly appreciated assets, or has enjoyed a relationship with the Hospital either as an employee, a volunteer, a board member, or resident of the community, is also an ideal endowment donor.

How to set up your own endowment at Concord Hospital

To learn more about setting up your endowment at Concord Hospital, please fill out our Request for Information form to be put in touch with someone who will help you with any questions you may have.

Current Endowments at Concord Hospital Trust

Unrestricted Endowment/ Quasi-Endowment

  • Donor Restricted
  • General Endowment
  • Hazel Smith Fund
  • Walter P & Ruth S Miner Memorial Trust
  • James & Oleanda Jameson Fund
  • Board Designated, Common Trust Fund

Free Bed Endowments

  • Free Bed
  • Harry Preston Fund
  • Tibbetts Family Endowment
  • Mari Blanchard
  • Children's Free Bed
  • Marie Jenkins

Restricted Endowments at Concord Hospital Trust

Equipment

  • Tibbetts Family Endowment
  • Lillian Morrison
  • John Ruggles
  • Donald C. McIvor
  • James W. Jameson Fund
  • Dorothy Huckins

Medical Education

  • Surgical Education
  • Waldron Radiology Tech Fund
  • Continuing Education Fund
  • CH Scholarship Fund
  • Ella Terry Scholarship Fund
  • Urology Education and Research

Community Support and Education

  • Susan Pelton Fund
  • McKinney Fund
  • Pulmonary Rehab Endowment
  • Rehab Services Tuition Assistance

Cancer Care/Support

  • Helene Miller Fund
  • Joseph Matthews Fund
  • Andrew Carroll Fund
  • Gene Gillis Cancer Fund
  • Buchanan Legacy

Miscellaneous

  • Greg Grappone Children's Health Fund
  • Tibbetts Family Endowment
  • Michael J. Olimpio
  • Mary Eastman
  • C. Parsons Fund
  • Cook Family Endowment
  • Memorial Library Fund
  • Mike Green Endowment

Endowed Funds Remaining at Concord Hospital

  • Healthy Beginnings Endowment
  • Community Service Fund
  • Henderson Trust