Our Endowment
The Endowment is intended to provide stability and funding for the current and long-term needs of Hospice of Southern Maine (HSM), whereby the contributions of donors are not spent, but are invested to provide a stream of earnings which may be used to supplement annual operating requirements or which may be directed from time to time to dedicated Endowment projects. During the first several years of the Endowment, the HSM Board of Directors (the Board) intends to exercise reasonable efforts to minimize all expenditures from earnings from the Endowment in order to facilitate growth of the Endowment principal.
Funds from many sources will be encouraged and solicited to support the needs of Hospice of Southern Maine through growth of the Endowment. Donations to the Endowment shall be considered unrestricted as to their specific use in support of the organization, unless given with a purpose or time restriction by donors that is clearly stated in writing. Categories of use may be, but are not limited to:
- Unrestricted support
- Volunteer program
- Bereavement services
- Education for professionals and the community
- Patient direct care and comfort
- Gosnell Memorial Hospice House support
With input from the staff as to financial needs, the Finance Committee will, near the end of each fiscal year, recommend to the Board an amount (if any) to be transferred from the Endowment for general budgeting purposes in the forthcoming year. Expenditures will be used for unrestricted support of the organization and its programs, unless specifically restricted or limited by donors.
Individually Named Funds by a donor may be established within the Endowment as separate accounts. Such Named Funds may be established with a threshold minimum gift or pledge of $100 thousand.
For more information on the Hospice of Southern Maine Endowment, including investment and spending policies, please contact our CEO Jody Deegan at 207-289-3647.