Roger Cole ’58, Ken Harper ’48, and Bill Vermillion ‘63 are pleased to announce the recently established Kentucky Military Institute Memorial Endowment which is domiciled in the Gulf Coast Community Foundation (501c3) in Venice, Florida. As of Gulf Coast’s June 30, 2016 fiscal yearend, their independent auditors reported net assets of $247 million and an “Unqualified” opinion. Investment return as of September 30, 2016 was 7.1%. For more information regarding the Gulf Coast Community Foundation go to: www.gulfcoastcf.org.
The seed funds for the KMI Memorial Endowment came from the remaining balance of The KMI Fund at the Community Foundation (501c3) of Louisville, Kentucky. Those funds were not utilized in the production of the recent KMI Historical Documentary: Character Makes the Man: - The Story of the Kentucky Military Institute: 1845 – 1971. The remaining Louisville funds totaled $12,950.75 and were granted by the Community Foundation of Louisville to the Kentucky Military Institute Memorial Endowment at the Gulf Coast Community Foundation. Those funds were designated for use by the Venice Museum and Archives for their collection and display of KMI memorabilia and for the maintenance and expansion of the KMI Archives and Legacy.
The Venice Museum and Archives has always maintained a small, but wonderful collection of Kentucky Military Institute memorabilia and exhibits. As many of you know, the Venice Museum and Archives is in the early stages of a multi-million-dollar fund drive. The funds raised will be used to expand their current facility by 10,000 square feet which will be divided into four 2,500 square feet primary displays. The KMI story will occupy one of those displays. The other three displays will tell the stories of the Railroad Union, the Ringling Brothers Circus, and the Early Venice Pioneers. We, as Kentucky Military Institute alumni, look forward to the day when the expansion of the Venice Museum and Archives is completed and KMI has a world class exhibit and legacy.
The good news is that time is on our side. Collectively, we have many years of longevity to accomplish the goal of raising endowment funds to help the Venice Museum and Archives accomplish our mutual goals of collection and display of KMI memorabilia and the maintenance and expansion of the KMI Archives and Legacy. How do we make that happen? The Kentucky Military Institute Memorial Endowment is an entity that will exist into perpetuity. It will outlive all of us. Our job is to make a tax deductible donation to the endowment, at least annually, to the Gulf Coast Community Foundation for the benefit of the Kentucky Military Institute Memorial Endowment. After we are all gone, appreciation of the endowment principal will carry on for us.
Annually, starting in late 2018, the endowment will grant 4% of its balance to Venice Heritage, Inc. (501c3). Venice Heritage will annually grant the same 4% to the Venice Museum and Archives for the benefit for the KMI directives that have been articulated above. We are off to a good start. In recent months, there have been several tax deductible contributions made to the Gulf Coast Community Foundation for the benefit of the Kentucky Military Institute Memorial Endowment. One of those donations came from a very Good Friend of KMI. We thank that Good Friend of KMI immensely! As of October 31, 2016, the endowment balance had climbed to $48,015.38!
There are a number of ways to make a tax deductible donation to our endowment. Personal checks or credit cards are used more than 90% of the time. If your choice is the personal check, make it payable to the Gulf Coast Community Foundation and mail to 601 Tamiami Trail South, Venice Fl. 34285. Please remember to put “KMI Memorial Endowment” on the check’s memo line. To contribute via credit card, go to www.gulfcoastcf.org/kmiendowment.php, scroll down and complete the personal information form and click “Submit”. You will then be directed to a secondary page to enter your credit card information. Click “Submit” again. You’re done! A receipt for your contribution will arrive via email shortly.
Additionally, there are several other tax deductible donation options that will support the KMI Memorial Endowment such as: gifts of stock, business interests, real estate, art, antique collections, closely held stock, planned gifts from will or trust, naming the KMI Memorial Endowment as beneficiary of investment/bank account or retirement account or life insurance policy, and a Charitable IRA Rollover (Consult your tax and financial advisors regarding Charitable IRA Rollovers as there are IRS restrictions which apply.) If you are interested in any of these tax deductible alternatives, please contact the Gulf Coast Community Foundation at 941-486-4606.
THE KENTUCKY MILITARY INSTITUTE MEMORIAL ENDOWMENT WILL LIVE INTO PERPETUITY. ANNUAL GIVING TO THE KENTUCKY MILITARY INSTITUTE MEMORIAL ENDOWMENT IN THE COMING YEARS WILL ASSURE THAT THE LEGACY OF THE KENTUCKY MILITARY INSTITUTE WILL KEEP CHARACTER MAKES THE MAN, OUR TRADITIONS, AND OUR MEMORIES ALIVE FOR FUTURE GENERATIONS.
Cole, Harper, and Vermillion thank you for your support of the Kentucky Military Institute Memorial Endowment and its Legacy.
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