Dear Friends of MBEF and the MBEF Endowment,
The Manhattan Beach Education Foundation Endowment provides critical financial support for MBEF’s mission to enrich teaching and promote innovation and academic excellence in the public schools of Manhattan Beach. Our Endowment provides a stable and consistent source of funding that avoids fluctuations in the economy and the unpredictability of state funding for education. This helps to ensure our schools are filled with enrichment opportunities today and for years to come.
As we near the end of a year filled with challenges, I am proud to share that the MBEF Endowment has hit our ambitious goal to raise $20 Million by 2020. Generous gifts from our supporters, and strong long-term investment returns, have fueled the MBEF Endowment balance to over $21M. We are grateful to those individuals who had the foresight to establish the MBEF Endowment with just $10,000 in 1986, and to all of the dedicated Endowment Donors who have helped us reach this exciting milestone since then.
Under our Endowment Disbursement Policy, which follows the prudent standards outlined in the Uniform Prudent Management of Institutional Funds Act of 2006 (“UPMIFA”), this balance will allow the Endowment to distribute approximately $1M annually in perpetuity. Since reaching $10M and making our first disbursement in 2014, the Endowment has disbursed nearly $3.7M in annual grants to MBEF. In 2020 alone, the Endowment provided $923,000 to MBEF as part of our record $7.5M grant to MBUSD.
By supporting the MBEF Endowment, you strengthen our schools now and for generations to come. You create community, support innovation, and help send our students into the world with the skills they need to become the next generation of leaders.
Thank you for joining us in this important effort to sustain quality public schools in Manhattan Beach.
MBEF Endowment President