HATTIESBURG, Miss. - This is a press release from the Greater Pinebelt Community Foundation.
The Greater PineBelt Community Foundation recently gave the Family Y of Southeast Mississippi a donation of $35,736.62 through the Alex Katrishin Endowment Fund. This contribution will help the Family Y continue their mission of meeting the fitness and spiritual needs of the community.
The donation is part of an annual disbursement from an endowment fund established by Alex Katrishin in 2000. Katrishin, a late Hattiesburg resident, left the bulk of his estate to the Family Y of Southeast Mississippi in an endowed account with the Greater PineBelt Community Foundation. Since the endowment’s inception, the Greater PineBelt Community Foundation has disbursed over $680,000 to the Family Y.
“An endowment can act as an ‘income stabilizer’ and increase financial stability for the future of any nonprofit organization,” said Theresa Erickson, executive director of the PineBelt Community Foundation. “This fund was set up and designated for The Family Y. It will give a gift to the Family Y forever; therefore, it is a stable and predictable source of income for generations to come.”
Anyone who believes in the mission of the Family Y can give to this endowment and help it grow. That way their gift will be a gift that supports the organization they are passionate about forever. The PineBelt Community Foundation gives four percent of the Fund balance each year to the Family Y.
“Disabled in World War II, a still young Katrishin found a home at a YMCA in California. The Family Y became his passion while he made a living by working various jobs and building his savings which he later used to purchase Exxon stock,” said Paul Laughlin, retired Trust Officer. “Katrishin capitalized on those stock holdings, growing a small fortune. Later in life he married his college sweetheart and moved to Hattiesburg where he continued to enjoy the offerings of the Family Y in Hattiesburg on a routine basis.”
“During his estate planning he decided to use the PineBelt Community Foundation because he liked the idea of knowing that his gift will be a gift that would give forever and that eventually his gift would surpass the original amount given,” added Laughlin.
“All communities need more giving individuals like Alex Katrishin.” said Dan Henley, the executive director of the Hattiesburg Family Y, “Financial gifts to nonprofits ensure that organizations like the Family Y will be an integral part of the community, serving the needs of many children and adults now and for many generations to come.”