BBBS-SWLA launches ‘future-proof’ endowment fund
Published 9:06 am Sunday, October 22, 2023
Earlier this week, Big Brothers Big Sisters of Southwest Louisiana launched the Big Defender Fund, an endowment fund that will “future-proof” the organization to ensure its vital youth services are evergreen.
The fund was jump started with an “extremely generous and unprecedented” $1.1 million donation from Mackenzie Scott, American novelist, philanthropist and billionaire.
The donation was bestowed upon on a random day in April 2022, Erin Davison, chief executive officer, BBBS-SWLA recalled.
Davison considers the donation a blessing following the “apocalypse” – her name for the compounded aftermath of the pandemic, hurricanes Laura and Delta, the freeze, and the 100-year flood of 2021. The trials were difficult, but reaffirmed both BBBS-SWLA’s ability to survive and the need for a forever fund to protect the organization from any “future, unknown risks and challenges.”
“We learned that we are very strong as an organization … but we also understood that in one moment, with a disaster or a global pandemic, our resources could be depleted significantly if we didn’t plan for future challenges. … The best thing about a healthy organization is anticipating some of those challenges and then putting strategies and resources in place to help offset.””
The difficulties began when the March 2020 Bowling for Kids Sake – the largest staple fundraiser that provides over $100,000 in funding a year – was canceled.
To survive during the height of the pandemic, Davison had to “completely lean down the budget,” restrict non-essential spending and prioritize keeping all of her employees employed. In addition to working around a tight budget, she and her team had to find innovative ways to continue providing services for Southwest Louisiana youth in a changing, quarantined world.
“At that moment, from March to August, was just pivoting. Figure out as we go. Get the resources, get the technology. … We just really did everything we could to stay a float. I couldn’t control the pandemic. I couldn’t control the financial situations with the economy. I couldn’t control the funding.”
She said she could control two things: learning how to thrive in BBBS-SWLA’s vision and mission during unprecedented times and continuing to provide programming and resources. By ensuring this took place, Davison knew that funding would continue to flow.
“If you continue to move forward and are very transparent with your funders and your donors, then they’re going to continue to support you.”
Through BBBS-SWLA’s efforts, funding was “secured, if not increased” during the pandemic. Then Hurricane Laura made landfall. After a year and a half of building repairs and litigation with their insurance company, their reserve funds were depleted.
But within two weeks in April 2022, the organization’s financial situation made a 180.
“We went from having zero funds for an organization responsible for six parishes to an insurance settlement and the donation from Ms. Scott.”
They had three priorities with the funding, Davison said: pay any outstanding bills, replenish the reserve fund and secure the organization’s future via a forever fund.
BBBS-SWLA – operating since 1979 – is the largest donor and volunteer supported one-to-one mentoring network in Southwest Louisiana, providing extra support, resources and mentoring to youth ages six to 18 in Allen, Beauregard, Calcasieu, Cameron, Jeff Davis and Vernon parishes.
Once the Big Defender Fund grows, it will be financially feasible for BBBS-SWLA to not only bolster these programs, but also give them the opportunity to sit down with a “big dry erase board” and brainstorm a whole new slate of possibilities, innovations and dreams.
“There are so many things that we are doing across the nation, in very innovative ways, to meet youth and young adults in a way that hasn’t really been met historically.”
Some ideas that have already been considered are expansion in Rapides Parish and career-driven programming for young adults aged 18 to 23.
“This fund is going to completely open doors for all youth in our region. For youth who identify differently, youth who are marginalized by their skin color, youth who are first generation English speakers. The world can say what they want to say, our vision is all youth.”
The fund also provides both community members and global donors the chance to contribute to BBBS-SWLA in a new, long-lasting way.
“You could give to our Big Defender Fund, and that will live on. … this endowment, as we build it and it grows with donors and generosity from all over the world.”
The Big Defender Fund is housed at the Community Foundation of Southwest Louisiana, which will “provide oversight and expertise to help grow the Big Defender Fund over time through sound investment strategies,” according to a recent release.
Davison has set a goal to funnel $1 million dollars into the Big Defender fund during the first year of its existence.
Donations of any size can be made monthly, annually, in a lump sum or as estate contributions.
To contribute to the Big Defender Fund, visit foundationswla.org/big-brothers-big-sisters-swla-big-defender-fund.