Larry and Brenda Potterfield, founders and owners of MidwayUSA Corp., started from small beginnings and developed a hugely successful business dealing with all things related to the shooting sports. They made their company successful with an attitude of concern for the customer and help where ever they could. They wanted to do something that would impact the future of these sports.
Their desire to help the future of shooting sports targeted junior shooting programs (those programs for high school and college shooters) across the US. The biggest problem with these programs was money to maintain and grow these programs. The Potterfields made the decision to act, and act they did, to build junior shooting sports to become financially secure across the nation.
Most junior shooting organizations function from fundraiser to fundraiser with no opportunity to secure long term financial stability. A secure investment structure had to be set up for these clubs and a means of securing funding for them. The Potterfields formed the MidwayUSA Foundation from their personal income, and developed an individual club endowment fund concept to give clubs a long term cash flow that would assure growth and stability.
The Foundation formed the Trust. This Trust is the combined Endowments of all of the individual clubs that are a part of this Trust. Club donations are put into their endowment accounts and these funds are pooled for investment purposes and the income from these investments are shared with the endowment accounts.
Annually organizations can draw out 5% of the accrued funds in their individual accounts. The value of each endowment account grows additions by the club, matching funds from the Foundation and the investment success of the Foundation.
The greatest impact on club finances is the fund matching program of the Foundation. All funds donated by or for the club's endowment account are matched dollar for dollar by funds from the Foundation. Your money is doubled when it goes into your endowment account.
The impact of these matching dollars has just seen a major change with the extra dollars available from the State Partner. Each state has a Partnering organization that has funds available to match club fund raising efforts BEFORE they are sent to the Foundation, and are matched there. So any fundraising effort by a club could be 4X the money in your endowment. A $500 fundraiser could be $2000 in your endowment.
The Foundation also supports the fundraising efforts of clubs. Finding and funding items to raffle, or silent auction for individual clubs can be expensive and prohibitive. The Foundation has arranged for a variety of items FREE OF CHARGE for participating endowment accounts to use as fundraiser items. The State Partner can match these fundraising efforts and there are guidelines for amount to be raised with these items to earn a double matching from the Foundation funds. Using these items club fundraising could increase your contribution by 4X the amount raised. With this support and the involvement of shooters and parents, fundraising can have a huge impact on the finances of a club.
The impact of pooling all of the money in all of the endowments into one “pool of funds” is becoming a major factor in the financial success of the Trust. As of this writing, the Trust has $120,000,000.00 invested. This size of a fund allows the money to be invested in opportunities that the average person doesn't see. Returns are greater than the CD rate at a clubs local bank. All of these earnings are returned to each individual endowment account quarterly. Your 5% draw is constantly growing from quarter to quarter.
Organizations can draw 5% of their account, once a year. Your endowment gains value every quarter, as you add funds and as investment earnings are equalized across all accounts. Then an Average Daily Value is recorded for every account.
When an organization's cycle for drawing funds is scheduled, usually at the end of a quarter, that account's Average Daily Value is used to calculate 5% of funds available.
The form for requesting is on the MidwayUSA Foundation web page, and can be printed and completed, then sent into the Foundation. This takes about 10 minutes (so no excuses about paper work). Requested funds will be sent to you or can be direct deposited into the clubs checking account.
THIS ONE IS IMPORTANT Clubs should ALWAYS request a draw of your 5% and receive those funds. Yes, your might not have a lot, or you might not have a use for all of the money, BUT you can donate those funds back to your endowment account, and those funds will be matched before they are added to your endowments. If you go thru the State Partner they can match these funds also, before the Foundation matches.
Some individuals may be concerned about the ethical questions of donating back funds that you have just been given. Don't be concerned about it, the staff of the Foundation wants us do it.
We all must realize, and it is sometimes difficult to grasp the idea, that the MidwayUSA Foundation wants to get as much money as possible out to club endowments. They are focused on clubs getting all of the funds needed to grow junior shooting programs.
There is no organization out there like the MidwayUSA Foundation for junior shooting programs. They want you to get as much matching dollars as you can, to grow your Average Daily Value, and get more on the next draw. To keep the cycle going to perpetuity always growing to meet the needs of junior shooting.