Julie Scales was introduced to give the introductions for the speakers, Kevin Donahue and Devin Cooley, who were to discuss the foundation. Julie emphasized the importance of the foundation and its impact on the club and its members.
Kevin Donahue
Dunedin Rotary Club Foundation Overview
Kevin discussed the history and current status of the Dunedin Rotary Club Foundation, established in 1996. He highlighted the foundation's growth from $90,000 to over $1 million in assets, with a 7% average annual return. Kevin also mentioned the foundation's investment strategy, which has evolved from a mutual fund approach to professional management by Schwab. He emphasized the importance of the foundation's 501(c)(3) status, which allows for tax-deductible donations. Kevin recognized key donors, including Nick and Betty David, Walter Winchester, Del Knox, the Mullick Family, Jeff Rose, Evan Harrison, and Tom Anderson. He concluded by mentioning the club's 60th anniversary and the $34,000 raised during that time.
Club Growth and Scholarship Program
Kevin discussed the growth of the club's annual distributions, which have increased from less than half of the initial amount to over $50,000. He also highlighted the club's commitment to scholarships and the unique scholarship program that follows a graduating senior through college. Kevin introduced the current board members and mentioned the club's partnership with the Pinellas Community Foundation.
Kevin introduced Devin Cooley, CEO of the Pinellas Community Foundation. Devin presented the benefits of their partnership, including professional asset management, strong oversight, and the ability to manage and track donor restrictions. Devin also discussed the asset allocation of the fund and the 14 different sub-funds, with the primary restrictions being for scholarships.
Devin Cooley
Pinellas Community Foundation Updates
Devin provided updates on the Pinellas Community Foundation's work, including environmental preservation projects, disaster relief efforts, and grants for senior citizens. He also discussed the foundation's investment strategy, which includes alternative investments to diversify the portfolio. Devin clarified that the foundation's earnings are used for charitable purposes, such as grants and scholarships, and are separate from the Rotary International Foundation. He also mentioned that the foundation's board receives quarterly reports on individual funds and available amounts for distributions.
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