Last year, Placitas Artists Series (”PAS”), a 36-year-old organization dedicated to fostering public appreciation of the performing and visual arts in Central New Mexico, moved its endowment assets to Albuquerque Community Foundation.
Board member and endowment committee chair Ron Richman, although an experienced senior executive, could not himself offer PAS sufficient expertise in endowment management.
After rigorous examination of organizations that manage and grow endowment funds, Richman recommended that PAS entrust its endowment to the Foundation. The Foundation not only has been in existence for a substantial length of time, it has also supported other arts groups. It seemed like the most appropriate and professional organization for their needs.
Reasonable financial policies, a track record with other nonprofits, and lots of help from Foundation staff helped seal the deal for PAS, which will be using proceeds from its endowment to enhance its ability to draw local, national, and international musicians and artists to its lineup of concerts, art exhibitions, and children’s outreach. That, in turn, will help it appeal to diverse audiences and make the organization an attractive place for potential board members to serve.
“There are some good capabilities in the Albuquerque area, but for us it came down to where and how the funds were administered,” Richman adds. “And when we needed help creating an endowment policy on how and what funds to accept, the Foundation was very helpful. They are a source of great information and support.”