I would appreciate it very much if listers whose museum has any sort of
capital endowment would respond to the following if they possibly can.
(I need a broad sense of existing practices.)

If your museum has a Capital Endowment of over $300,000, who manages the
investment?  The Board?  A Community Foundation? or a separately formed
Foundation that deals only with the museum's funds?  And, if managed by
a separate foundation, at what point ($ value) was that implemented?

Specifically, our museum now has an Endowment of nearly $2 million (most
relatively new). Until now they had a "Foundation Committee" which
managed the funds (then about 300K). There are now several Board members
who believe that it is necessary to set up a separate 501(c)(3)
Foundation in order to reassure potential donors that the money is being
safeguarded and is well managed. What is your experience in that regard?
(Pluses? Minuses?)

We also need the group (committee or foundation) to be responsible for
special and deferred giving. Will a Foundation, over whom we as a Board
no longer have any control, likely be successful in doing that?  Any
experiences you could share either on or off list, would be greatly
appreciated.

Lucy Sperlin
Chico Museum Association
Chico, CA
530 879-9369

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