Valley YMCA Endowment Fund
Since 1866, the Valley YMCA has proudly provided services to the Naugatuck Valley Community. From recreation to housing to affordable childcare, people from throughout the Valley have benefited from the sound management and forward thinking of the Valley YMCA Board and staff. Following the tradition of planning now to provide for the future, in 2009 the Valley Y became a chapter of the Central Connecticut Coastal YMCA, and entrusted its Endowment Fund to the Valley Community Foundation.
"As a Board, we looked at this and said, 'This is the Valley - let's put our money where it will help the most'," said YMCA Board Chair Dennis Gleason. "We had our Endowment with a private company for many years, but were not terribly happy with the way it was being administered. I've known VCF past President Jamie Cohen since we were kids - and when he first became a VCF Board Member we began discussing what our options with VCF might be. Shortly thereafter my wife Dorothy, who is the President of the Derby Public Library Board of Directors, had Jamie come and make a presentation to their Board, and they voted to have their Endowment become a permanent Fund at VCF. We watched the significant benefits that the Derby Library received, and decided that this would be the right thing to do for the YMCA as well."
Then Valley YMCA Executive Director Suzanne Reilly agreed. "We wanted to make sure that what was raised in the Valley stayed in the Valley," she said. "The VCF Board comprises such a committed group of volunteers who truly care about this community. We felt very comfortable with the fact that we knew them on a first name basis, and that they were going to manage this Endowment to help us sustain our programming today, tomorrow, and for years to come."
The Valley YMCA Endowment is divided into two parts. The Peter J. Vartelas Invest In Youth Fund is restricted and dedicated solely to provide scholarships for children to attend the YMCA at little or no cost. The remaining non-restricted Funds can be used for such things as building maintenance or operating expenses.
"With a building that has been in place since 1924, the costs to keep it running keep climbing each year," said Dennis. "This Endowment will help us to increase the value of both the restricted and non-restricted funds as we begin to address our needs for the future. We're in this for the long haul, not the short term. Having this partnership with VCF benefits not only our members, but the entire Valley Community. We're all working together to do what's best for the Valley."
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