Report: Hawcreek-Flat Rock Endowment fund tops $1 million in reserves
An endowment fund benefiting northeastern Bartholomew County has hit a major milestone. The Hawcreek- Flat Rock Area Endowment fund has passed $1 million in its nest egg for the community, according to HSJ Online, the Hope news website.
According to the site, the benchmark was hit on Dec. 4th.Tim Andrews, a St. Louis Crossing native, and now a business executive in New Jersey promised to donate $25,000 to the endowment if the community could raise $975,000 by the end of next year. However the community fundraising reached that total a year early, and Andrews made the final donation to push the fund over the top.
The money in the fund is held in trust through Heritage Fund: The Community Foundation of Bartholomew County. Each year, earnings from the endowment are used to support programs and projects in the two townships in northeastern Bartholomew County. This year the endowment awarded grants of almost $33.000.The endowment is set up so that the nest egg will never be dipped into, with grant funds coming from the earnings on the investments.