Cheat Lake, WV – The Board of Directors of the Cheat Lake Rotary Club is pleased to announce completion of the required funding of an endowment fund to permanently benefit the Cheat Lake area community. “The Cheat Lake Area Community Fund” was established with Your Community Foundation of North Central West Virginia, Inc. (YCF), in June, 2017, by an initial contribution of $2,500, with the goal of completing the required minimum funding of $10,000 within three years.
While the club contributes more than $30,000 annually to charitable causes in the community, a decision was made to establish a permanent fund from which the earnings could be used to supplement annual fundraising. In order to accelerate completion of the minimum funding, the Board dedicated the proceeds of the Club’s newest fundraising initiative, “The Annual Cheat Lake Rotary Club Regatta” to the community fund. “With support of local businesses and individuals, the Regatta was a huge success and we were able to add $13,000 to the community fund, thereby completing the minimum funding in the first year”, said Cheat Lake Rotary President, Michael Yura.
The earnings from the fund will be used to support charitable causes within the Cheat Lake area community, which is defined in the fund agreement as Union District of Monongalia County and those areas outside of the district which are served by the Cheat Lake Volunteer Fire Department.
The community fund is a donor advised fund, which means the Board of Directors of the Cheat Lake Rotary Club, will advise YCF with respect to purpose, amount and timing of distributions from the fund. While the Club’s board serves as an advisory committee, the fund is for the benefit of the Cheat Lake area and donations of all types (cash, checks, stock, IRA distributions) will be accepted from those wishing to make a permanent contribution to the community. Individuals are also encouraged to include the fund in their estate plans to make a gift to their community in perpetuity.
Donations may be made to
Your Community Foundation of North Central West Virginia, Inc.
111 High Street
Morgantown, WV 26507
Or by calling 304-296-3433