BEAM meets, discusses year-end actions
The board of directors for BEAM (Building Equity Advancing Marshall) met Nov. 14 to iron out end-of-the-year duties as the philanthropic CREATE Foundation affiliate works to grow its foundation fund and manage other funds.
Steve Gresham, President/CEO of the Bank of Holly Springs, welcomed the board.
Board member Pat Woods said the meeting was held to discuss the needs of the community work that gets done and “everything we do to help the community prosper.”
P.K. Thomas, director of development, with CREATE explained the three funds BEAM has – an administrative fund that pays the executive director’s salary and material costs, a special project fund for disbursements of grants and a permanent endowment fund that generates interest. In January, a spendable balance taken from the interest can be used for administrative or special project needs.
Thomas said he thinks between $6,000 to $7,000 could be moved from the endowment interest to the special projects fund for community grants.
“Hopefully, it will grow over time,” he said. “Three gifts were received in October.” Mississippi Tax Credit contributions must go into the endowment fund.
The board of directors agreed to give $250 each to generate $2,000 for the fund this year which qualifies BEAM to get matching dollars from the foundation to use as operating money.
“Endowment today builds for tomorrow,” said board member Anita Cowan. “Trees planted now are available for future growth as are for the forrest.”
Affiliate members can get on a contact list and Thomas said from 20 percent to 30 percent of emails sent out to members are opened.
“We would like to pull the ship as much as we can,” Thomas said. “We can send it out. It’s our job to help y’all as much as we can.”
Cowan said she liked the idea, and said information needs to be sent out to individuals such as attorneys and accountants for people who want to plan for estate giving. When people have no children to leave their wealth to, left over retirement accounts and life insurance policies can be left to the foundation and to the affiliates, she said. Gresham said several individuals have said they are going to make donations.
At the recent community event, 55 individuals sent in RSVPs and nine people made reservations but did not attend, Gresham said. People said they would make donations.
Executive director Sarah Sawyer said people were also asking about how to get grants.
Woods said a window will be set for receiving grant applications.
The Bank of Holly Springs donated $100,000 in 2023 to get the affiliate established and $50,000 in 2024.
BEAM has a nine member board of directors – Gresham, Woods, Cowan, Leslie King, Bill Scott, Fred Carlisle, Gemma Beckley, Larry Hall, and Carrie Skelton.