What is the Educational Trust Fund?
The SPSS Educational Trust Fund was approved by the membership in August, 2000 to suppport our educational program, including general operating costs. This fund will allow us to keep pace with rising costs and other inflationary pressures related to our educational program without the need to increase membership dues or seek other fund raising measures to maintain balanaced budgets. Monies generated by the principal of the Trust Fund may be expended for educationalrelated operating costs. The principal cannot be accessed without a 2/3 approval vote by both the Executive Committee and Squadron members present at a scheduled business meeting.
Why do we need the Educational Trust Fund?
SPSS is in the enviable position of having a beautiful educational facility which is fully funded and can very adequately serve our teaching needs. Membership dues are kept to a bare minimum so they do not deter boating class students from joining the Squadron. SPSS retains about half of the annual dues and this dollar amount has changed little over the years. However, these funds do not always cover our building and educational expenses. Fund raising events cannot necessarily be counted on to cover all our annual expenses. The Educational Trust Fund is your opportunity to give back to SPSS, which has given so much to you over the years, and to help ensure its continued success in bringing boating education to all.
Did you know?
The Educational Trust Fund falls under the IRS determination that SPsS is a tax exempt 501 (c) (3) organization; therefore, all contributions are fully deductible from income, gift, and estate taxes. All tangible and intangible assets are welcome. The following categories of contributions will ensure your legacy with SPSS’s educational program:
- Intangible Assets (stocks and bonds)
- Life Insurance Policies
- Real Estate
- Bequest by Will or Trust
SPSS has a group of knowledgeable members who can show you how to put your legacy in place. Contact the Commander or one of the Gifts and Devices Committee members listed in the Directory. They will be glad to respond to your questions and are most willing to meet with you to discuss “Your Legacy” plan!