At our inception, the long-term goal for FWR was to fundraise for a boathouse in Williamsburg. Upon successful completion of the Tack Family Boathouse in 2011, we have shifted our attention to another extended fundraising campaign: the WMRC Endowment Fund. The goal of the WMRC Endowment Fund is to provide a permanent and steady stream of income which can be used by WMRC to purchase equipment and cover operating costs.
Donations to the fund are invested in a mix of exchange-traded-funds (“ETFs”) which are designed to provide market returns while minimizing expenses. Currently, FWR uses Wealthfront, an automated investment service, to manage the portfolio of ETFs as outlined during our 2014 annual meeting. Donations are never spent and represent the principal of the endowment. The income, dividends and gains from the investment of principal will be distributed to WMRC.
The WMRC Endowment is currently building towards our initial “Phase I” goal of $50,000. Once we achieve this level of funding, FWR will be able to reassess our investment options and explore the potential of establishing the WMRC Endowment as a subset of the College’s existing endowment.
The Phase I goal is not the end. Rowing is an expensive sport, particularly the equipment, and we will continue to grow the WMRC Endowment well beyond this goal. Our “Phase II” goal is an endowment fund that could cover the annual costs of maintaining a competitive fleet – about $250,000 based on some preliminary estimates. The Phase II goal will be finalized once we have achieved Phase I.
One advantage of donating to this fund is that it allows your gift to have a lasting impact for years into the future. One-time donations can be made below. You can even designate your monthly subscriptions to this goal!