Did you know that with an endowment fund, the prinicipal of your gift is invested over time while the earnings are used to make gifts to the causes you care about most?
Florence Vaux graduated from Mount Vernon High School in 1929. After attending Business College she worked at Seattle First Bank. Always civic minded, she chose to leave a legacy in her will for children. She directed that a portion of the Florence B. Vaux Trust establish an endowment at the Skagit Community Foundation for youth programs.
After she died on June 18, 2003, Skagit Community Foundation received a gift of $900,000. Since then, Skagit Community Foundation has awarded over $300,000 to organizations serving youth in Skagit County. Today, the principal is worth over $1,011,000 and the endowment fund continues to generate earnings for the next generation of children.
Her initial gift of $900,000 is like a young tree sapling while the $300,000 in grants are the fruit of the tree over time. The principal of $1,011,000 is the mature tree that continues to bear fruit.
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