TEAM Inc. Richard J. Knoll Endowment Fund
If your organization is considering creating an Endowment Fund, now is a great time to do so. Just ask Rich Knoll, the former President and CEO of TEAM, (Training, Education, and Manpower) Inc.
"With the economy the way it is, we didn't see things changing for quite some time," said Mr. Knoll. "We want to be able to meet the needs of our clients - seniors, Valley residents, people who are going through a difficult time. Creating an Endowment Fund with the Valley Community Foundation makes great sense, and allows us to really plan with our donors and stakeholders for the future of TEAM."
TEAM has been a local community action agency, as well as a non-profit corporation, for over forty years. With its office in Derby, and child development centers in Ansonia, Milford, Seymour and Shelton, TEAM provides social services through the Valley and Milford. TEAM's purpose remains the same today as it was in 1965: to build stronger communities by identifying and focusing resources to improve the lives of the economically disadvantaged: the elderly, families and children.
Governed by a diverse and representative Board of Directors, and supported through private and public funding, TEAM has developed a wide range of services to empower and support their clients. The philosophy of the agency is that assisting and enabling individuals and families to be self-sufficient is socially responsible and, at the same time, promotes healthier communities.
When TEAM began to explore creating an Endowment Fund, they liked the idea of using a local philanthropic vehicle - and began a dialogue with the then President of the Valley Community Foundation, Jamie Cohen. "VCF has integrity - demonstrated through its proven leadership team, and a solid investment record," said Mr. Knoll. "They have developed a great deal of trust throughout the Valley, and their services are extremely affordable. We wanted to give our Donors a long term funding option, and the ability to designate their donations to specific programs. Our Endowment Fund at VCF will do exactly that."
Annual Distributions from the Endowment Fund will flow directly to TEAM, and their Directors will decide how the income will be used to support its programs, including Senior Meals on Wheels, or Affordable School Readiness programs, for example, among many others.
"This was a unanimous decision by our Board of Directors," said Mr. Knoll. "We didn't have to re-invent the wheel. VCF has the financial management to help us build and grow a permanent and reliable source of income for current use and for the generations of Valley people we haven't even met yet. An Endowment Fund will provide TEAM with long term sustainability - and we all agreed that this was the time in history for us to do that."
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