The Grays Harbor Community Foundation is pleased to announce 7th Street Theatre Association as the recipient of a $50,000 endowment grant. The Foundation considered several organizations that had received funding in the recent past and were impressed by 7th Street Theatre’s plan to build upon an endowment grant for the betterment and longevity of their organization.
Executive Director, Eric Potts, commented: “The purpose of an endowment is to build for the future by setting aside funds that will be invested and earn interest while the principal remains untouched. We have several endowment funds held at the Foundation and wanted to give a local nonprofit agency an opportunity to get a jump start on an endowment fund. The Foundation is a great fit for nonprofit agencies looking to build for the future.”
Since forming in 1994, the Foundation has grown significantly, now managing over 100 funds that range from donor advised, designated and unrestricted. The Foundation has awarded $2.4M back into our community this year. Some of the largest funds are endowments that have grown considerably since their origin. Ray Kahler, President of the 7th Street Theatre Board of Directors, mentioned: “Having an endowment fund at the Foundation allows us to have a trusted community organization oversee the funds, while our primary focus remains on providing an affordable family entertainment venue for our citizens to enjoy. Knowing we have a revenue stream we can access and build upon is very exciting for us.”