The National Mining Hall of Fame and Museum has reached its first fundraising goal and now has an endowment that totals more than $1 million to support operations. This preliminary goal is part of an ambitious campaign to raise $6 million to ensure the organization’s sustainability. The NMHFM has partnered with the Avenir Foundation and the Denver Foundation to assure the success of the campaign and to guarantee prudent stewardship and careful oversight of the endowment.
To date, 51 individuals and organizations have contributed $531,545 to create the endowment. They have pledged an additional $136,500 in donations to be paid over the next 18 months. Most of the donations were recently deposited in The National Mining Hall of Fame and Museum Working Capital Endowment Fund at The Denver Foundation.
The Avenir Foundation then matched the donations with an additional $500,000 deposit. The Avenir Foundation has pledged to match up to$3 million in donations to the endowment during the campaign. Avenir support will come in $500,000 increments until the $6 million endowment goal is reached.
The National Mining Hall of Fame and Museum Working Capital Endowment Fund is pooled with more than $800 million in assets that the Denver Foundation currently stewards, providing a cushion against market fluctuations and good growth potential. The interest earned by the fund, but not its principal, will be drawn annually to support the NMHFM.
The NMHFM has been engaging the public in Leadville since 1987. It is the only federally-chartered mining museum in the U.S., but receives no regular federal, state, or local government funding. Extreme weather and seasonal fluctuations in tourism tend to result in annual decreases in revenues at the same time that utility bills for its home, the large, 120-year-old former Leadville High School building, increase exponentially.
A $6 million endowment will provide $200,000-$250,000 of income each year, reducing the impact of seasonal financial fluctuations and ensuring the organization’s sustainability. The endowment will enable the board and staff to focus their energy on preserving the historic record of mining and developing cutting-edge exhibits and programs to educate the public about the importance of mining to their daily lives.
Donations to the endowment campaign are tax-deductible to the extent allowable by law. As an added incentive, donations up to $100,000 annually may qualify for a 25% Colorado State Income Tax credit. Contact Stephen Whittington at (719) 486-1229 or firstname.lastname@example.org with questions or for more information.