FAQs

What is an Endowment Fund?
An endowment is an investment set aside for the long-term support of a non-profit organization. The principal is protected and only the income, or a portion of the income, is used to support (day to day) activities or long term projects.

Why does NBAC need an Endowment  wment Fund?
NBAC has a rich tradition of excellence that spans 5 decades and many continents.  Our swimmers have gone on to many successes in life as business persons, educators, served in the military, and coaching.

How will it be used? 
The initial goal of the money is to build a corpus of $1,000,000.  After that building phase the interest will be spent in four areas.  (1)The General Fund as deemed by the Board of Directors, (2)Scholarship, (3)Equipment and Special Projects, and (4)Coach retention.

How large should the fund be to ensure (long-term financial stability) of the Club?
A fund of at least $1,000,000 will give the team an annual interest amount of $50,000 to be used in each calendar year.

Can I control the way my donation is utilized (designated/unrestricted)?  Certainly, you can designate your donation or leave it unrestricted.

How can I be assured my donation will be used responsibly?
 NBAC is a fiscally sound 501c3 which has timely tax filing and audited financial statements by the accountants of Clifton Gunderson, LLC.  The fund is reviewed quarterly by the Board of Directors who will oversee the spending of the fund proceeds.

What happens to the Fund if NBAC ceases to exist? 
The goal of the fund is to promote the future financial health of NBAC.  If NBAC ceased to exist the portion of the fund which is invested in the Baltimore Community Foundation would revert to that fund.  The remainder of the fund would be donated to the United States Swimming Foundation.