What are Legacy Funds?

Legacy Funds are permanently endowed funds established by donors to support Highland Park Schools in perpetuity. 

 

How is a Legacy Fund established? 

Legacy Funds are established with gifts totaling $15,000 or greater, paid in either single or multiple payments over a mutually agreed upon time frame. A gift agreement is signed between the donor and Highland Park Education Foundation (HPEF).

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Legacy Funds can be 

• gifts of cash

• stock

• other appreciated assets

and may be pledged over a period of up to five years.

 

They may also be 

• donor advised fund

• estate bequest

• charitable gift annuity

• beneficiary designation of a retirement account

• required minimum distributions from an IRA.

 

How are Legacy Funds managed and used?

Legacy Fund gifts are invested and only a percentage of the annual earnings are expended, allowing the principal to grow and generate larger distributions over time.

 

Donors receive an annual report of their fund noting the growth in its market value, amount distributed, and how distributions were utilized.

 

Types of Legacy Funds - 

• Districtwide Legacy Funds

  • support districtwide needs

  • utilized in the immediate future to strengthen teacher salaries

• Designated Legacy Funds

  • support a specific HPISD school, academic program, student activity, team sport, or other designation. 

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All grants are reviewed by the executive and planning committees of the HPEF board of directors and approved by the executive director.

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Currently, funds have been established with gifts ranging from $15,000 up to $5 million.