Food bank sets up endowment after getting $67K gift

The Brazos Valley Food Bank recently established an endowment fund after it received a gift of $67,000.

The fund, created through the Community Foundation of Brazos Valley, will help pay for operating expenses for the food bank so long as it exists.

Derek Dictson, president of Community Foundation -- a charity organization that works with groups and individuals to maintain endowment funds -- said 14 local nonprofit groups have accounts set up through the foundation.

Some agencies that have created endowments include the Boys and Girls Club, Scotty's House and the Theatre Company.

"Hunger is always going to be there -- it's something that never goes away," Dictson said. "An endowment fund is a way to fund the food bank's operations forever. It's really a natural thing for an organization like the food bank."

Dictson said he was not aware who donated the $67,000 to the food bank for the fund.

Theresa Mangapora, the food bank director who is responsible for financial donations, was not immediately available for comment Thursday.

"I think for a lot of nonprofits, if they had questions about the benefits of endowment funds before, it really became clear as the economy went down," Dictson said. "It allows them to have a consistent flow of funds each year."

Each year, recipients of the funds receive 4 percent of the account balance.

If the endowment fund does not grow, the food bank will receive $2,680 annually.

However, Dictson said, it's likely that more contributions will come in over time.