The NBHS will continue to need funding to support the ongoing operation of the museum and offer new exhibits. We will take a donation or charge a minimal fee to get in and will also sell items such as books, wine, oysters, etc. but will need more than the income projected from these items to hire minimal staff and cover annual insurance and utilities over the coming years.
We always appreciate individual donations of any size but for those who wish to make a more significant and long lasting contribution you may want to consider including the NBHS in your will or sitting up an endowment fund.
Sargent Oyster House Funding - Endowments
Q: What is an endowment fund?
A: An endowment fund is a permanent, self-sustaining source of funding. Endowment assets are invested. Each year, a portion of the value of the fund is paid out to support the fund’s purpose, and any earnings in excess of this distribution are used to build the fund’s market value. In this way, an endowment fund can grow and provide support for its designated purpose in perpetuity. When you establish an endowment fund, you create a permanent legacy of support for the museum.
Q: How much money does it take to start an endowment?
A: The North Bay Historical Society has not set a minimum funding amount. There are different funding levels for different types of endowments.
Your attorney is the best person to help understand how they work and to get it set up.