An endowed fund (also referred to as an endowment) preserves and grows charitable assets in order to support a cause, organization, or scholarship in perpetuity. Gifts made to an endowed fund form the “corpus,” which is not donated, but instead invested for long-term growth. An endowment fund yields interest, and that interest is donated to the designated nonprofit recipient, creating a permanent and ever-increasing source of financial support.
For example, the PCF Senior Grants program is supported by the Cornelia L. Eaton Endowment for
Assistance to the Elderly. Eaton lived in a modest house in Pasadena, which she left to PCF, along with the rest of her estate, upon her death in 1995, a bequest valued at $816,225. She specified that the funds to be used to support charitable organizations that serve Pasadena’s seniors, so PCF created a permanently endowed fund. Her fund is now valued at $1.5 million and has awarded more than $850,000 in grants over 23 years.
Cornelia Eaton was one of PCF’s earliest Endowment Builders, who are the cornerstone of our mission to build hometown legacies for Pasadena. Endowment Builders are donors who have established unrestricted endowment funds that support PCF’s grantmaking programs, making it possible for PCF to award more than $1 million in local grants each year and provide sustained support for more than 100 local nonprofit organizations. Together we enrich the arts community, protect our environment, provide health care and critical social services, and bolster public education in Pasadena.