Membership
Membership is the most basic way to support The Great Lakes Historical Society. Our nearly 2,200 members represent over 40 states and 4 countries, and share
a committment to Great Lakes history.
Membership to The Great Lakes Historical Society provides an outstanding benefits package. To learn more about membership, or to join, please visit the
membership section of our webpage.
Annual Fund
Annual Fund vs. Membership
Many members of the Society ask the question "why does the Society need to ask for charitable contributions
above and beyond my regular membership dues?" The answer is simple: if the Society relied on membership dues alone to publish Inland Seas®, to
operate the Inland Seas Maritime Museum and the Clarence S. Metcalf Great Lakes Maritime Research Library, and to offer educational programs to the
general public, it would cost the average member $250 per year! The Annual Fund campaign is one way the Society raises charitable contributions to meet
the operating expenses of its world-class operation.
Periodically, Inland Seas® issues contain an Annual Fund return envelope. Also, each fall members receive information in the mail about the Annual Fund.
However, the Society welcomes Annual Fund contributions any time of the year!
Annual Fund contributions are tax deductible; contact your tax advisor for specifics regarding charitable donations.
If you would like more information, or if you would like to speak with Executive Director Christopher Gillcrist, you can contact him at (800) 893-1485.
Estate Planning
The Great Lakes Historical Society is pleased to accept estate planning contributions by way of simple bequests, gift annuities, charitable remainder trusts,
irrevocable remainder trusts, and as a beneficiary to a life insurance policy. Estate planning gifts can be unrestricted (the Society is granted permssion by
the donor to use the gift as determined by its Board of Directors) or restricted (the donor limits use of the gift to a specific project or where only interest, rather
than the principle, is available to the Society.
Examples of Some Recent Estate Planning Gifts:
- Capt. Ralph and Florence Peachman: $651,000 restricted as an endowed gift to support Inland Seas®, as well as the Peachman Lake Erie Shipwreck
Research Center.
- Mrs. Dorothy Larsen: $74,000 unrestricted gift that was restricted in part by the Board of Directors to help fund the Inland Seas® Endowment Fund.
Approximately $5,000 was used to acquire the Brown Photograph Collection in 2005.
The Great Lakes Historical Society can send you an Estate Planning Guide that provides detailed information. To receive a guide, send us an
email or call Executive Christopher Gillcrist at (800) 893-1485.
Endowment
An endowment is a restricted fund in which the Society can use only the interest, dividends, and investment appreciation for activities related to the Society's
mission. The principle of the gift is never used, which ensures a perpetual source of revenue for the Society. For a museum to be financially stable, most consultants
recommend an endowment that provides 30% of the operating revenue of the organization.
Endowment Funds at The Great Lakes Historical Society
- General Operating Fund: Supports the general operating expenses of the organization, such as basic maintenance, utilities, insurance, salaries, and benefits.
- Inland Seas® Endowment Fund: Supports costs associated with publishing Inland Seas®.
- Shipwreck Research Fund: Supports costs associated with operating the Peachman Lake Erie Shipwreck Research Center.
- Collection Fund: Supports preservation and acquisition projects for the museum and library.
- Education Fund: Supports costs associated with the Annual Lecture Series, off-site school programs, and other educational activities.
Management of the Endowment
The Board of Directors, at the recommendation of the Finance Committee, hires a qualified investment counselor who recommends appropriate qualified money managers to insure
a solid return with minimal risk of principal. In general, the Society's conservative investment policy reflects a 50/50 split between equities and fixed income investments.
Additionally, the Society has an endowment fund at the Community Foundation of Greater Lorain County which is managed at the foundation for the benefit of the Society.
For more information on contributing to the Society's endowment, send us an
email or call Executive Christopher Gillcrist at (800) 893-1485.
Tax Deductibility of Contributions
Contributions to The Great Lakes Historical Society's Annual Fund Campaign and Endowment, as well as gifts made through estate planning, are tax deductible to the maximum
extent allowed by law. The Great Lakes Historical Society encourages contributors to consult with their tax advisor regarding the specifics of tax deductibility.
The Great Lakes Historical Society also welcomes matching gifts from contributors' employees or other organizations! If your employer requires forms to be completed by the
recipient, enclose them with your contribution.
