Crescent Cove established financial stability by opening an endowment fund.
Tucked away in Brooklyn Center sits one of the most serene places in the city, Crescent Cove.
Since opening its doors in May of 2018, Crescent Cove has made it their mission to help children and their families through one of the toughest moments in their lives. Crescent Cove is one of three children’s respite and hospice homes in the US, and the first in the Midwest.
It was the power of giving that made Crescent Cove home go from a vision to fruition. Thanks in part to the Harmon Killebrew Hospice Home for Kids Fund, Crescent Cove has served nearly 125 families in a space designed to give the joys and pleasures of being at home.
“When you rely solely on philanthropy,” said Crescent Cove Director of Engagement Tara Anderson, “having a fund that provides a steady source of income every year is really important for long-term funding strategies.”
To ensure the legacy of their work was secure for generations to come, Crescent Cove found that it was important to come up with a revenue plan they could maintain. This is one of the main reasons the organization set up a nonprofit endowment fund with the Saint Paul & Minnesota Foundation in 2017.
“We can't always bank on the same amount of funding coming in from year to year,” Tara said. She felt it was vital that Crescent Cove make the most of the funds it received from the Killebrew Advisory Committee and the Home Plate Gala, their annual fundraising event. The organization used those funds to establish a stable future for their organization with an endowment.
“ We’re focused on helping these families live while their child is with them and to be able to really live in each moment that they can.”
Crescent Cove Director of Engagement Tara Anderson
Looking Ahead with a Philanthropic Giving Plan
When it comes to fundraising, Crescent Cove is already looking ahead. As part of their philanthropic giving plan, they also offer the option to give to their endowment.
“We set up the endowment because some donors want to give to funds that help with sustainability of organizations,” said Tara. “That's how we got it started. We're hoping that as people want to give to Crescent Cove, they decide that endowment funding is something important to them.”
This steady stream of funding has been especially important in light of their goal to more than double the number of families they serve from nearly 125 to 250.
“We're on track to meet that number by the end of 2019, and our fundraising goes hand-in-hand with that,” Tara said. ”The more funding we have, the more families we can serve. Ultimately our goal as an organization is to serve as many kids and families in Minnesota and the Midwest as we can to provide that respite care as a break, and then also a space for end-of-life care for families.”
Tara said much of this wouldn’t have been possible without the support of the Saint Paul & Minnesota Foundation staff.
“Having the Foundation as a resource on top of having our endowment fund is extremely helpful,” Tara said.
Because of this financial security, Crescent Cove staff have been able to focus more on what they do and who they are here for.
“We are providing expert care and support to these families who undoubtedly will lose a child earlier than anyone should,” said Tara. “We’re focused on helping these families live while their child is with them and to be able to really live in each moment that they can. So knowing that we have donors and community that support our mission has been extremely important to us being able to provide that to our families.”
Learn these DAF facts to better guide your work with donors.Learn More
Learn how to steward donor advised fundholders to sustain your organization.Learn More
Learn how donors can support your nonprofit through their donor advised funds in part one of this three-part series.Learn More
Learn how the Management Improvement Fund helps small and midsize nonprofit organizations build and grow their capacity.Learn More
Nonprofit Strategies Manager Beth McCray shares her tips for recruiting and engaging nonprofit board members.Learn More