Wednesday, November 9, 2016

Tannery Pond Center Gift Establishes Endowment

Adirondack FoundationAn anonymous gift in memory of Bob Foley has created an endowment for the Tannery Pond Center, the nonprofit organization that manages the operations and programming for the town-owned facility known as the Tannery Pond Community Center.

Donna Welch, president of Tannery Pond Center’s Board of Directors, announced that the nonprofit organization received an anonymous memorial gift of $25,000, which will be used to establish an endowed fund at Adirondack Foundation. Foley passed away last year.

The donor required that this gift be used to establish an endowment for Tannery Pond. With this understanding, Glenn and Carol Pearsall personally agreed to match the gift with contributions to the endowment of $5,000 a year for the next five years. Glenn Pearsall also offered to spearhead an endowment campaign, working in conjunction with Tannery Pond’s Board of Directors.

Congress just renewed the provision that permits charitable contributions up to $100,000 from retirement plans’ required minimum distributions.

The endowment will be managed by Adirondack Foundation, a community foundation based in Lake Placid.

For more information about the Tannery Pond Center, visit their website.

For more information about Adirondack Foundation, visit their website.

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