< Back to All News

Nevada County Historical Society Sets up Endowment Fund

The Nevada County Historical Society has taken the necessary steps to set up an endowment fund that will allow them to accept donations.  Nevada County Historical Society President Daniel Ketchum says they will partner with the Sacramento Regional Community Foundation to manage the fund.

“They set aside the funds in what we call perpetuity forever and ever and then they distribute the earnings back to the participating non-profits and so in this case, the donated funds are in their hands now, they’re invested. Actually, they are in a pool of over two billion dollars with other non-profit endowments and we’ll get a dividend every year.”

 Ketchum says they have received their first donation in the amount of   $70 thousand dollars, designated by the donor to be used by the Nevada County Narrow Gauge Railroad Museum.

“This particular one came out of the railroad museum and one of the donors generously stepped forward and funded what we hope to be the first of many more to come, of an endowment and in fact the funds that are distributed through the endowment will go specifically back to the railroad museum. That’s what the donor requested and that’s how the funds will be utilized.”

The Nevada County Historical Society also operates the Firehouse Museum, the NorthStar Mining Museum, and the Searls Historical Library.

“On an immediate basis, for example, we are still accumulating monies to build a new Searls Library. We need a bigger facility. So we’re accepting and garnering donations for that.”

Ketchum says they are looking forward to future donations and an annual revenue stream that will help them meet their operating expenses.

KNCO Web Comments Guidelines

  1. Keep it clean. Comments with inappropriate language, no matter how cleverly spelled or decorated will not be posted.
  2. Comments on the way the story was written or misspelled words will be passed on to the story authors and not posted.
  3. Please use your real name. Anonymous comments or comments posted using a fake name or web handle may not be posted.
  4. Please use your real email address so we can contact you.
  5. No flaming. Any comments that are primarily of a name calling finger pointing nature may not be posted.
  6. The comment section is not a right it is a privilege. KNCO retains all rights as to what is posted on its website.

Leave A Comment

*

*

* captcha