Fall/Winter 2003 Table of Contents

Endowment Account
by Michael Stock, Treasurer

The Landmark Society's dream of setting up an invested endowment account was finally realized in the fall of 2002. Our stated goals for our restricted investment portfolio are to attempt to outperform the S&P 500, the NASDAQ Composite index, and money market rates. I am pleased to report that we continue to exceed our three goals. We also have no more than a small percentage of our portfolio invested in any one stock and we have tried to invest in local businesses where prudent. At the present time we have approximately 50 different stocks in our portfolio. In a way, we really have our own mutual fund!

Many members must wonder where this money came from. Many years ago numerous board members pledged and gave a $1,000 for the seed money for an endowment account. It was stipulated that this money would be held by the Society and the interest could be used to fund our preservation efforts. This money had been held in money market accounts.

Last fall the Board of Directors directed the finance committee to take that money and invest it. It amounted to just over $20,000. It was further decided to add other money in our possession from the Meech Fund Bequest to the account to bring the base amount up to $50,000. We were fortunate to have this legacy. This was due to the diligent work of past boards in raising money and to some generous benefactors who left money to Landmark Society in their Last Wills and Testaments.

In its first year, under the guidance of Dennis Galucki, a Landmark Society of the Niagara Frontier retired investment advisor, our portfolio has increased in value to over $70,000 or a gain of over 40%. It is our intention that this endowment will grow as the stock market grows and as directors, members, and friends of preservation give to capital campaigns. Our long-term goal is that the Landmark Society of the Niagara Frontier will be like landmark societies in other parts of the country and have an interest income that enables them to fulfill their missions. Our mission is, as you know, to enhance the appreciation of the built and natural landmarks of the Niagara Frontier through education and advocacy.