THE KENTUCKY MILITARY INSTITUTE MEMORIAL ENDOWMENT
December 17, 2017
In April 2017, Roger Cole ’58, Ken Harper ’48, and Bill Vermillion ‘63 announced the establishment of the Kentucky Military Institute Memorial Endowment which is domiciled in the Gulf Coast Community Foundation (501c3) in Venice, FL. As of Gulf Coast’s June 30, 2016 fiscal year end their independent auditors reported net assets of $247 million and an “Unqualified” opinion. Investment return for the fiscal year 2016 was 7.8%. Results of fiscal year 2017 have not yet been published. 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, KY. Those funds were not utilized in the production of the KMI Historical Documentary. 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 a wonderful collection of KMI memorabilia and exhibit, but the museum and archives is bursting at the seams. Venice executives are currently exploring all alternatives to rectify the space issue and come up with a world class exhibit that tells the story of the Kentucky Military Institute.
There is good news for the Kentucky Military Institute Memorial Endowment. Time is on our side. Collectively, the KMI alumni have many years of longevity to accomplish our endowment fund raising goals to help the Venice Museum and Archives accomplish our mutual goals. Those goals are the collection and display of KMI memorabilia and the maintenance and expansion of the KMI Archives and Legacy. How do we make that happen? The KMI 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, at least annually, to the Gulf Coast Community Foundation for the benefit of the KMI Memorial Endowment. Appreciation of endowment principal will carry on for us after we are gone.
Annually, starting in late 2018, our 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 of the KMI directives articulated above. In recent months several tax deductible contributions have been made. One of those donations came from a very Good Friend of KMI. We thank that Good Friend immensely! As of October 31, 2017, the endowment balance was $60,157.52.
Personal checks and credit cards are the most common methods of making your annual tax deductible donations. If your choice is a personal check, make it payable to the Gulf Coast Community Foundation and mail to 601 Tamiami Trail South, Venice Fl. 34285. Remember to put “KMI Memorial Endowment” on the check’s memo line. If you prefer to make a credit card donation, go to: https://www.gulfcoastcf.org/kentucky-military-institute-memorial-endowment, scroll down, 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. Your done! A receipt for your contribution will arrive via email shortly.
There are several other tax deductible donation options available such as: gifts of stock, business interests, real estate, art, antique collections, closely held stock, planned gifts from your will or trust, and a Charitable IRA Rollover (Consult your tax and financial advisers regarding Charitable IRA Rollovers as there are IRS restrictions which apply.) You can also name the KMI Memorial Endowment as beneficiary of an investment or bank account, retirement account or life insurance policy. If you are interested in any of these tax deductible alternatives, contact the Gulf Coast Community Foundation at 941-486-4606.Community Foundation accepts a variety of ways to make a contribution.
Please make your check payable to Gulf Coast Community Foundation and write “KMI Memorial Endowment” on your check’s memo line.
Mail checks to:
Gulf Coast Community Foundation
601 Tamiami Trail South
Venice, Florida 34285
To make a gift via credit card, please complete the form AT THE BOTTOM OF THIS LINK and click “Submit.” You will then be directed to a secondary page to enter your credit card information. You will receive a “transaction receipt” via email soon after your donation is received.
Charitable IRA rollover
This provision allows an individual that is 70 ½ or older to make an annual gift of up to $100,000 by transferring from their IRA assets directly to Gulf Coast. The distribution, which can count towards an individual’s RMD, may be considered tax-free. There are IRS restrictions on this provision so please be sure to consult with your tax and financial advisors.
Other gift options
Gulf Coast has the ability to accept a broad range of assets to help you maximize tax-advantaged charitable giving. Those assets include: business interests, real estate, art, antique collections, closely held stock, gifts of stock, and gold.
THE KMI 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 KMI WILL KEEP “CHARACTER MAKES THE MAN”, OUR TRADITIONS, AND OUR MEMORIES ALIVE FOR FUTURE GENERATIONS.
Thank you for your support of the Kentucky Military Institute Memorial Endowment and its Legacy.
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