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Endowment
If you wanted to honor your parents or another person who has influenced your life, you would be hard-pressed to find a more fitting way than to establish a named endowment. Such a fund carries the honoree’s name far into the future as it benefits a worthy cause through annual gifts.
For example, you could create an endowment fund at the Rock Island-Milan Education Foundation in honor of your mother. This fund, bearing her name, would produce a certain amount each year to support the purpose of the endowment. It could be for special projects, to underwrite a specific program, or for operations.
Every time the fund is mentioned, the memory of your mother would be acknowledged and honored. The association of her name with the Education Foundation would recognize her as one having values consistent with the mission of the Education Foundation. Grandchildren and great-grandchildren would identify with the endowment and perhaps contribute to the fund through their charitable gifts, thus developing their own philanthropic instincts.
Endowment funds are easy to establish and they last indefinitely. They can be launched now with current gifts, or created later through a will bequest or other deferred gift. Another possibility is to start an endowment now and add to it later through a bequest. Of course, the advantage of getting an endowment started now is that you can enjoy the experience of seeing your loved one honored while you are alive.
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