The Marshfield Area Community Foundation marked a milestone of reaching $1 million in assets with a reception Sunday at the Webster County Historical Museum, which pushed the MACF over the mark with a bequest from longtime supporter Jack Hubbell.
Hubbell, who died in November 2013, left a planned gift to the Webster County Historical Society, which established the Jack Hubbell Administrative Fund with the MACF as an endowed fund to help support a full-time museum curator position.
Hubbell was raised in Flint Hollar, a community near Seymour that had a one-room schoolhouse. The Webster County Historical Society is naming its classroom-styled exhibit about one-room schoolhouses in honor of Jack Hubbell.
“Pure and simple, he loved Webster County as a whole and spent time there and was a lifetime member of the Webster County Historical Society,” MACF President Rob Foster said. “It was such a nice coincidence that we reached our historic milestone of $1 million with a fund established by the Historical Society.”
The MACF and Historical Society celebrated in June with a reception at the History Museum for about 50 to 60 MACF donors, nonprofit partners and board members for both the Foundation and the Museum. Foster said many of the people instrumental in reaching the $1 million mark attended the reception.
Founded in June 2005, the MACF now holds $1,066,475 in assets as of June 30, 2014. Those assets are held in 43 funds established with the MACF. Since its inception, the MACF has made grants and distributions back to the community totaling $524,163.
Hubbell’s gift is an excellent example of the impact planned giving can have on a community, Foster said. The MACF, with the Community Foundation of the Ozarks, is promoting a recent statewide study that details the historic intergenerational transfer of wealth occurring in the United States over the next 50 years. The study looks at the impact for communities if residents would consider leaving 5 percent in their estate plan to benefit their charitable interests.
In Webster County, about $520 million is expected to transfer from the Greatest Generation and Baby Boomers to their heirs over the next 10 years. The 5 percent solution would capture $26 million for charitable interests.
“This type of planned gift like Jack Hubbell’s is really significant in terms of the transfer of wealth and the 5 percent solution,” Foster said. “His heirs are so happy and pleased and proud that he did that.”
For more information about the MACF, visit: cfozarks.org/Marshfield.