Lake View Cemetery Establishes Funds Totaling $26.6 Million with the Cleveland Foundation
Endowment funds to support Cemetery’s educational programs, ongoing operations
Release Date: 02.21.2007
The Lake View Cemetery Association, the Lake View Cemetery Foundation and The Cleveland Foundation announced today that Lake View has created two endowment funds in the amount of $26.6 million, the second-largest endowment transfer in The Cleveland Foundation’s 93-year history. Nonprofit institutions such as the Lake View Cemetery use investment earnings from endowment funds to help sustain their programs and day-to-day operations.
“We look forward to a wonderful partnership with The Cleveland Foundation, one of the great names in Cleveland, as they manage our endowment funds,” said Gerald D. Wantz, president and CEO of Lake View Cemetery. “Both organizations have a long and honored place in Cleveland history and a well-respected reputation in their fields. In fact, Frederick Harris Goff, who founded The Cleveland Foundation in 1914, is buried in Lake View Cemetery.”
The Cleveland Foundation will manage Lake View’s endowment funds, investing them for prudent growth. Each year, a percentage of the endowment is available for Lake View to use. The Foundation will also lend its expertise in planned giving to donors who wish to give to the Lake View Cemetery Foundation through bequests, charitable gift annuities, life insurance, charitable remainder trusts, and charitable lead trusts.
“We are extremely pleased that Lake View Cemetery has chosen The Cleveland Foundation to manage its endowment funds,” said Caprice H. Bragg, vice president of gift planning and donor relations for the Foundation. “Endowment gifts serve as a permanent source of revenue, and Lake View’s donors have a wide variety of options to strengthen the fund. Their gifts today will help future generations of Clevelanders enjoy the rich history and beauty of Lake View Cemetery.”
Founded in 1869, Lake View Cemetery is known as Cleveland’s outdoor museum and arboretum. Its 285 acres offer lessons in architecture, geology, sculpture, animal life and horticulture. The Cemetery serves as the final resting place for many of those who made great contributions to Cleveland’s and the nation’s industrial, civic, social, and cultural development. Examples include John D. Rockefeller, Garrett A. Morgan, Adella Prentiss Hughes, Jane Edna Hunter, Carl B. Stokes, and President James A. Garfield. Lake View also offers a diverse year-round schedule of educational and cultural events, in addition to a speaker’s bureau covering 10 informative topics. With a wide selection of interment space available for the next 100 years, Lake View is committed to maintaining the natural beauty and dignity of this historic, non-sectarian cemetery. For more information on Lake View Cemetery, log on to www.LakeViewCemetery.com.
The Lake View Cemetery Foundation, a 501(c)(3) organization founded in 1984, was established for educational purposes and to maintain, preserve and enhance for the general public the historically and architecturally significant buildings, monuments, horticulture and landscape of Lake View Cemetery.
Established in 1914, The Cleveland Foundation is the world’s first community foundation and the nation’s third-largest today, with assets of $1.7 billion and annual grants surpassing $80 million. The Foundation improves the lives of Greater Clevelanders in perpetuity by building community endowments, addressing needs through grantmaking, and providing leadership on vital issues. Currently the Foundation proactively directs two-thirds of its flexible grant dollars to the community’s greatest needs: economic transformation, public school improvement, early childhood and youth development, neighborhoods and housing, and arts advancement.
For more information on The Cleveland Foundation, visit ClevelandFoundation.org.