AAWGT: Over 10 years of making a difference in our community!
AAWGT’s Lifetime Membership Option
Are you interested in becoming an AAWGT member forever? Then Lifetime Membership, a feature announced in 2016 in honor of our 10th anniversary, may be for you!
Here’s how it works: a Lifetime Member contribution is $12,000. Payments may be made over a 3-year period and will be governed by a signed pledge agreement between the donor and the Community Foundation of Anne Arundel County (CFAAC).
During 2016, Lifetime Membership funds were collected in a specifically-designated ‘10th Anniversary Endowment Fund’ at CFAAC. As of 2017, each member’s $12,000 will be held in a specially-designated, individual endowed Fund at CFAAC. In December each year, CFAAC will “pay” the grant portion of a lifetime member’s annual membership by transferring $500 from her $12,000 contribution into AAWGT’s Grant Fund. (Lifetime members will continue to pay the administrative expense portion of their membership, currently $75/year, on their annual membership renewal date each year.)
Because the Lifetime Membership Fund will be invested by CFAAC, the intent is that over time the annual $500 membership contribution will be generated by investment returns, leaving the bulk of the larger contribution intact. When a lifetime member becomes “inactive” (at the end of her life or by her request), the balance of funds remaining in her Lifetime Member contribution will be transferred into AAWGT’s Endowment Fund. This is where it will continue to generate all-important Grant Fund revenue via the annual Endowment Fund distribution – and that’s the “forever” part!
Lifetime Membership is not a special class of membership. All AAWGT members are equal in every respect. Lifetime Membership is simply a different payment option, created to offer a way for a member’s contribution to keep on giving through endowed funds. This approach might also appeal to working women who want to donate more now and reduce their expenditures after retirement.
AAWGT’s endowed funds in Lifetime Member accounts now total over $80,000. These funds complement AAWGT’s separate Endowment Fund, with a current balance of over $110,000, that contributes revenue into our Grant Fund each year.