Havenside Endowment Fund
The Love Gift
Approved by the Board of Directors, March 8, 2002
Amended, May 11, 2007
The Havenside Endowment Fund has been created by the Board of Directors of Havenside Corporation with the generous bequest of Havenside’s founder and original benefactor, Margaret Love.
In honor of Margaret Love’s dedication to helping others, the mission of the Havenside Endowment Fund is to preserve, maintain, and improve the Havenside property in perpetuity and to support the expansion of affordable housing for elders on Martha’s Vineyard.
Expending Endowment Fund principal will be considered only upon informing all Board members of this intent at least one week in advance of any meeting. Endowment Fund principal may not be expended for any purpose, unless approved by a two-thirds vote of the Board of Trustees at two consecutive meetings, which must be held at least two weeks apart. Any check written on the Endowment account must bear the signatures of two Board members.
Interest or dividends earned by the Fund will accrue and may be used for the purposes stated in the mission or added to the Fund. The Board will vote to make periodic distributions of these accrued earnings as in the example below. Capital gains will be reinvested.
In response to a need for more elder housing like Havenside, in 2008 the Board undertook an expansion project that added two apartments to the property, as well as new office and meeting space in the “C” building. Income from the Endowment made it possible to complete these additions.
Additional contributions to the Fund are tax-deductible.