LAKETOWN TWP., MI (WHTC-AM/FM, Jan. 11, 2023) – The Felt Mansion in Laketown Township was built almost a century ago on a strong foundation and now a solid base for its financial future has been set as well.
The Friends of the Felt Estate Endowed Fund was established last fall with the Community Foundation of the Holland/Zeeland Area to provide sustainable operating support to preserve the Felt Mansion so that it may be enjoyed for generations.
“When the fund grows, it will provide long-term stability for the estate,” said Patty Meyer, Felt Estate operations director. She, along with the Friends of the Felt Estate, a 501(c)3 group, helped set up the fund. “Covid taught all of us that life is uncertain. We are all like the fiddler on the roof, trying to play a simple tune while keeping our balance. The endowment fund is part of keeping our balance,” she said.
The Friends group set up a reserve fund of $25,000 for the community foundation to invest. The contribution came from the significant increase in rentals at the estate, according to Meyer. People rent the mansion and grounds for events and weddings.
The Friends can draw on that reserve as needed.
Along with the reserve fund, the Friends also set up an endowment fund. That fund is for the public to donate for the estate’s long-term wellbeing.
The Friends can draw up to 4 percent from that account each year.
“Right now, that isn’t a great deal of money, but our hope and belief is that it will grow over the years and eventually be something that helps sustain the Felt,”
Meyer said. Planning for the endowment began in the summer. “We knew that many people in our area are starting to think about estate planning, and many do that with community foundation giving in mind, knowing that they are reputable organizations for managing funds. Having a fund that was established last fall with the Community Foundation also lends some credibility to our own organization. It says, ‘We are here to stay,’” Meyer added.
Donations may be tax deductible.
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