Q. Why is Clearwater Camp becoming a non-profit?
A. The camp was privately owned for its entire existence. The family and other owners have deliberated carefully as to the best way to perpetuate the camp. It was determined that selling the camp to a non-profit foundation was the best choice. To that end, the Clearwater Camp Foundation was formed under the leadership of Sunny Moore. The family's involvement will continue to help ease this important and historic organizational transition.
Q. What are some of the ranges of gifts you have received so far?
A. The gifts we have received so far range from several $1 million gifts, to a $500,000 leadership donation to $120 from a counselor who sent in $10 a month for one year. We are so grateful for any and all support we receive. All of it will help make a difference. Together, we can help Clearwater span the generations!
Q. What will happen to the money that is raised?
A. We raised $2.7 million in cash and $1.1 million in pledges to close on the property in Feb. 2008 and purchase the camp. Our $1.3 million mortgage loan was also paid off aggressively in July 2010 to avoid interest charges. Beyond the financing for the purchase, an additional $2 million will be allocated toward a permanent maintenance endowment fund so that the property and equipment can always be maintained. The final $500,000 will be allocated to a permanent scholarship endowment so that we can help deserving girls enjoy the benefits of a summer at Clearwater.
Q. Who are you asking to give to this project?
A. We began by asking members of the Camp Board and the Foundation Board. Now we are opening up the opportunities for more people to participate in this endeavor. We have already held gatherings of Clearwater families, including those in the Greater Chicago Area, central Illinois, St. Louis, and Florida. We have also established a direct mail campaign and an e-communications campaign to broaden the community of people who are interested in sustaining Clearwater Camp for the longer term. While leadership gifts will be important in the short-term, we hope that families will consider making Clearwater Camp part of their annual giving for years to come.
Q. Who owned the property?
A. There were six shareholders, including Sunny Moore, her family members and the family of a former camper and counselor, Lynne Hales Jacob.
Q. Did you consider selling to a developer?
A. Though advised of an offer to purchase for $10 million, as stewards of this timeless tradition, the family remained dedicated to having the property carry on as Clearwater Camp. It is not in the best interests of the girls Clearwater serves nor of our neighbors. This is the right choice for Clearwater.
Q. What is the financial position of Clearwater Camp? Is it self-sustaining from tuition and fees?
A. Clearwater Camp's financial position remains strong and it is a profitable camp. Profits in recent years have been invested back into the camp's operations and programs, which is why you see the grounds looking so vibrant and active today!
Q. How does a fund for maintenance endowment work?
A. The principal in this case $2 million, is kept in an interest-bearing account or investments. Each year, up to 5% of the earnings can be spent on specific maintenance/capital equipment needs, which are likely to include repainting the buildings, new roofs, water heaters, septic system, and replacement of equipment such as the canoes, sailboats, and motorboats.
A maintenance endowment fund of $2 million will generate about $100,000 each year in spendable dollars, providing more than half of the funds needed for maintenance and replacement of capital items like boats and vans. In a year when less than $100,000 is spent, the additional funds help build the principal so that in succeeding years, more money is available for maintenance and capital purchases without having to raise camp fees to cover these expenses.
Q. How much is it costing to raise this money?
A. All campaign and management expenses - which have included a feasibility study, legal fees, clerical costs and projects related to establishing the non-profit - represent only a small percentage of our overall revenues and remain well within accepted fundraising standards.
Q. What if you raise more money than you need?
A. Additional funds will be allocated to one of the three goals: paying for the property, maintenance endowment or scholarship endowment. The Foundation Board will determine how additional monies should be spent.
For more information, please contact Ruth Igoe.