Citizens Make Permanent Commitment to Support Good Health in Jefferson County with $12.3 Million Endowment at East Tennessee Foundation

In January, the Jefferson Memorial Foundation board of directors and the Jefferson City and Jefferson County governments voted to establish the Jefferson Memorial Foundation Fund (JMFF) at East Tennessee Foundation (ETF). The purpose of the fund is to provide a permanent resource that supports the good health of Jefferson County citizens. With approval in June from the State Attorney General for the transfer of the funds, the $12.3 million field-of-interest fund has now been installed at ETF.

“The Jefferson Memorial Foundation board chose to establish a fund at East Tennessee Foundation because of ETF’s strong reputation in grantmaking, proven record of investment returns and financial management, transparency, and stewardship. We look forward to a long relationship with ETF.

Alan Palmieri, Jefferson County Mayor

“The partnership of Jefferson Memorial Foundation with East Tennessee Foundation is good news for the residents of Jefferson City and Jefferson County and will enable both entities to meet the needs of our communities beyond any aspect either could do individually. East Tennessee Foundation is one of the standard setters for investing community funds and distributing them for the benefit of East Tennesseans.”

Mark Potts, Jefferson City Mayor

“I am very pleased that we have finally completed the agreement and transfer of the funds to ETF for investment. I think it is equally important that ETF will be handling the reporting and record-keeping required by state and federal agencies to insure compliance with the laws governing not-for-profit organizations. I look forward to the development of guidelines in the near future to provide grants for the good of the citizens of Jefferson County.”

Dale Fain, JMF Advisory Board Chair

“We’re honored that the JMFF leadership and the Jefferson City and Jefferson County governments have placed their trust in ETF for management of this important community asset. We look forward to supporting grantmaking in Jefferson County for years to come.”

Michael T. McClamroch, ETF President & CEO

With this endowment, the amount of funding available for grants will depend on the investment income from $12.3 million during the coming year. A grantmaking process will be designed with the goal of the first awards being made in the fall of 2015.