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Friends Endowment
Friends of the Museum
Administrative Endowment Fund
The Friends of the Museum Administrative Endowment Fund was created in July 2003 into which contributions can be made by members of
The Friends or any other individual, firm or corporation wishing to support the administrative activities of
The Friends of the Museum, North Carolina Maritime Museum, Inc. (hereinafter
"The Friends").
For the past 25 years The Friends organization has provided the North Carolina Maritime Museum with financial, material and administrative support. Much of the support has come in the form of contributions from individuals with a shared interest in, and concern for, maritime history and the programs and activities of the NC Maritime Museum.
The Friends of the Museum Administrative Endowment Fund establishes an avenue whereby individuals may contribute to the administration of
The Friends organization in perpetuity.
Contributions of any amount may be received into the fund, and such contributions should be identified as such indicating the intent of the donor.
The monies received into The Friends of the Museum Administrative Endowment Fund will be invested and reinvested at the sole discretion of the Board of Directors of
The Friends.
Ten percent (10%) of the net annual interest income of the fund shall be added to the principle of the fund. All the remaining interest income of the fund, after the deduction of the administration of same, shall be devoted solely to the purpose set out below.
Although it is the intent of the Board of Directors that The Friends shall have the sole discretion in determining appropriate expenditures from the fund, the objectives, goals and primary interests of the NC Maritime Museum will be considered. The Board of Directors, in its discretion, may create a committee to advise the board of matters associated with the expenditure of income from the fund.
It is intended that the interest income from The Friends of the Museum Administrative Endowment Fund be expended to cover administrative overhead expenses associated with the operations of
The Friends in support of the Maritime Museum to include but not be limited to: office rent, office and executive salaries, insurance, accounting services, etc. It is intended that the income from the fund
not be employed for the purpose of supporting: the membership program, acquisition of real estate, operational or salary expenses of the Maritime Museum, or direct support of
Friends or museum programming.
Please contact The Friends office for more information on how you can contribute to
The Friends of the Museum Administrative Endowment Fund and help free up other donation income for the enhancement of programs, projects, and direct museum support.
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