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.