Bill and Peg Sebnick Fund for Lake City Boys and Girls Club (2014)
In December 2014, civic leaders in Lake City sought a way to honor late City Council leader Bill Sebnick.
Knowing of Bill’s passion for Lake City youth, they created a permanent endowment for the Lake City Boys and Girls Club by establishing the Bill and Peg Sebnick Fund for the Lake City Boys and Girls Club at Eastern Carolina Community Foundation.
Lee Flowers and Company made the lead gift of $30,000 in 2014 which combined with donations from other citizens and organizations. After three years, the endowed fund has grown to $50,000 and made its first distribution back to the Lake City Boys and Girls Club on Tuesday, December 6, 2016.
Permanent endowments are excellent ways to ensure future financial stability for nonprofit organizations. As a public charity, Eastern Carolina Community Foundation’s endowment management program is designed to grow charitable capital over the long-term while delivering an annual payout calculated on the total fund value. New gifts may be added at any time and are tax-deductible to the donor.
The good news for Lake City Boys and Girls Club is that as the fund grows both through new donations, and from investment earnings, it will receive an annual gift that will grow in size as the fund grows.