ROBERT GROVES, JR. ENDOWMENT FUND TO BENEFIT GRANDFATHER MOUNTAIN HIGHLAND GAMES, INC.
Ross M. Morrison, Jr., President of the Grandfather Mountain Highland Games, shares these thoughts: "When the Clans gather at the Grandfather Mountain Highland Games in July, 2003, we will remember a friend and one of the guiding forces, Robert W. (Bobbie) Groves, Jr."
Bobbie passed away on September 1, 2000, following a lengthy illness. A volunteer at the Games from the very first, there was nothing to which he had no turned his hand. Over the years Bobbie had faithfully served as Field Marshal, Director and President of the Games, and most recently was Chairman Emeritus. In 1983 he and his wife Cornelia were awarded the Agnes MacRae Morton Award for their outstanding contribution to promoting Scottish heritage at the Grandfather Mountain Highland Games, and in 1996 he was our Guest of Honor.
Bobbie's dedication to the Games grew out of his deep-rooted love of the Scottish heritage and a friendship that spanned more than three decades with Games' cofounder, Mrs. Agnes MacRae Morton.
"His hard work and wise counsel will be sorely missed. But instead of mourning our loss, we would like to celebrate Bobbie's life and acknowledge his years of dedication to the Games in a tangible memorial. Bobbie's friends from around the world have led the way with financial contributions to establish an endowment fund in his name.
"With your help, the Robert W. Groves, Jr. Endowment Fund will secure the future of the Grandfather Mountain Highland Games. Please join us in honoring one of the great men of the Scottish American world…one who has translated his enthusiasm for his heritage into years of hard work to benefit all who visit the Grandfather Mountain annually to enjoy the Highland Games and Gather of Scottish Clans.
We cordially invite you and your Clan or Society to be part of this vitally important work. I have appointed Royce Neil McNeil to chair the endowment fund committee. Your charitable gift is tax deductible because the Grandfather Mountain Highland Games is a nonprofit 501C(3) organization. Our federal employer I.D. number is 56-6093513.
Yours aye, Ross M. Morrison, Jr. President, Grandfather Mountain Highland Games.
Objective of the Fund: To provide long-rage support of the Grandfather Mountain Highland Games Inc. by enhancing the cultural and educational programs and properties made available to the clans, societies, and general public.
Funding Arrangements: Initial funding will be accomplished by June 30, 2001, through gifts by friends of Robert W. Groves, Jr. and the Grandfather Mountain Highland Games. All rights are reserved to continue adding to the fund beyond the initial solicitation. To ensure compliance with the IRS guidelines regarding charitable deductions associated with donations to this fund it is agreed that dominion and control of donated assets are conveyed to the Grandfather Mountain Highland Games/ Robert W. Groves, Jr. Endowment Fund. Giving appreciated stocks or bonds is a wonderful way to support the fund.
Endowment Payout: The endowment payout amount will only apply to the interest derived from the endowment principle and cannot begin until June 30, 2005. Payout of interest will vary in accordance with investment performance, accrued earnings, current conditions and policy of the Grandfather Mountain Highland Games Board of Directors.
Fund Investment and Management: Endowment principle will not be invaded for any reason. Use of funds, beginning June 30, 2005, will be derived solely from endowment fund investment earnings. The investments of fund principle shall be subject to the objectives of prudent and reasonable business principles. Management shall be in accordance with applicable law, generally accepted accounting standards and practices and to resist the ravages of inflation. An annual accounting of the endowment's status will be made available by Grandfather Mountain Highland Games, Inc. as required by applicable law.
Dissolution: All assets of the Robert W. (Bobbie) Groves, Jr. Endowment Fund, in the unlikely event of the dissolution of Grandfather Mountain Highland Games, Inc. shall be given by way of gift to the Scottish Heritage Center of St. Andrews Presbyterian College at Laurinburg, N.C.