An endowment is a fund that is invested for long-term support of an organization. A portion of the funds are made available annually while the remaining assets are retained to provide for growth in the fund over time. Endowments are key indicators that a non-profit is planning for its the future.
Mrs. Jane Batten established a designated endowment fund for the Children’s Museum of Virginia in 2008 as part of the Batten Endowment Challenge through the Hampton Roads Community Foundation with a $1 million gift and matched up to $500,000 for gifts to the fund. Grants are made each winter and are used for capital improvements and program enhancement at the Children’s Museum of Virginia.
Two projects which the funds were used for are:
Toddler Tracks, located in the Lancaster Toy & Train exhibit.
The transformation of the Pets & Vets exhibit to Happy Paws.
A second fund was established at the Hampton Roads Community Foundation–the Portsmouth Museums Foundation, Inc. fund–which provides annual support for the operations of the Foundation.
This gives donors the opportunity to give for general operating or for exhibits/programs.