Local Kiwanis Club transfers endowment
The club gave more than $250,000 of its endowment to the Jewish Community Foundation of Greater Pittsburgh
Two local organizations have joined efforts to foster future support. The Kiwanis Club of Squirrel Hill Pittsburgh recently turned over its endowment to the Jewish Community Foundation of Greater Pittsburgh. The fiscal move, which saw the transfer of more than $250,000, ensures that Pittsburgh Allderdice High School seniors, as well as graduating teenage residents of the 14th and 15th wards, will continue to receive funds for future study, explained David Maretsky, president of the local club.
“There’s enough money in the endowment that we are able to give out 5 percent each year in scholarships,” said Maretsky.
Since 1953, the Kiwanis Club of Squirrel Hill Pittsburgh has awarded more than $500,000 to approximately 481 students.
Last month, as part of its annual distribution, the group provided aid to six scholars. Five recipients were awarded $1,500 each, and a sixth student received $6,000 in a renewal of $1,500 per year for four years.
The gifts were due to “a need for support of academically talented students who had the ability, but not the means, to further their education,” noted Maretsky.
Much like recognizing a requirement to bolster student success, the club’s local president realized the moment for buttressing his own organization.
“I’m 75 years old, and most in our group aren’t spring chickens,” he said.
The aging affiliates of the international service club have recently seen a decline in membership.
Pennsylvania District of Kiwanis International notes that there are only 10 members in the local group.
While the Kiwanis Club of Squirrel Hill Pittsburgh, which was chartered in December 1949, has long handled its own financial responsibilities, transferring management of the endowment ensures a certain flexability and sustainability, explained Maretsky.
“We will be able to relieve them of the administrative support burdens while enabling them to continue to exercise their own discretion with the scholarship awards,” said Dan Brandeis, director of the Jewish Community Foundation of Greater Pittsburgh.
And achieving fiscal security is just one benefit of the merger, added those involved.
“The fact that the Kiwanis Club chose the Jewish Federation’s Jewish Community Foundation demonstrates both the competitiveness of our investments and the importance of aligned missions — in this case, alignment between the Kiwanis Club’s focus on kids in need and the Foundation’s focus on the future of our community,” said Adam Hertzman, director of marketing at the Jewish Federation of Greater Pittsburgh.
By bringing the financial responsibilities to the Jewish Community Foundation, there should be an increased communal awareness, added Maretsky. “It’s important that people know that education is important and that there are sources of money available to the community that can be applied for,” he said.
Added Brandeis: “The Federation’s Jewish Community Foundation appreciates the Kiwanis Club choosing us as the best fiduciary partner to achieve their objectives for the management of their scholarship endowment.”
Adam Reinherz can be reached at email@example.com.