PART 1-Definitions

A Legacy: Something received from an ancestor or predecessor or from the past.

Endow: To furnish with an income.

Endowment: The part of an institution's funds derived from donations and declared the principal.

Investments: Attempts to make the principal grow.

Interest or profit: Surplus generated from investments of the principal.

Native Sons and Daughters: Individuals born in a particular area such as a region or State.

Famous people from: Individuals who have achieved fame through personal and financial success.

Giving Back: A philosophy of giving back to society once success has been achieved.

Crowdfunding: A recent phenomena whereby crowds are solicited to contribute to worthy causes.

 Public Education: Free education conducted by States for all their youth to become useful citizens.

 Need: A condition requiring supply or relief.

Desire: A condition seeking enjoyment or satisfaction.

Domains of Human Interaction:

  • Formal-Activities conducted by protocol, rules and regulations
  • Technical-Activities related to systems in science and math
  • Informal-Activities conducted in casualness or lacking ceremony. The most used domain.

Forms of human organizations:

  • For Profit such as Corporations and business partnerships
  • Non-Profit and service oriented such as churches, 501c3 service oriented corporations
  • Government
  • Social groups

Goal: The end toward which effort is directed

Plan: A method for achieving a goal.

Talent: Creative or artistic aptitude

Team: A number of persons involved in a particular endeavor

Growth Mindset: A belief in improvement.

Events: Gatherings of people for a specific purpose.

PART 2-Putting it all together.

There is a need or possibly a desire to generate additional funds to support public education in South Carolina.

This proposal suggests an effort be made to create an endowment called the Palmetto State Legacy Fund.

Although it can involve individuals connected to the State government, this proposal recommends it be a separate organization, a 501c3 corporation created for educational purposes, and all of it's activities be conducted by private individuals. It is not to be an agency of the State or governed by the State.

South Carolina has many natives who have become very successful personally and financially at the national level, primarily in the entertainment and professional sports fields. Many of them know each other. There are also successful natives in other fields of endeavor.

On an informal level these individuals can be contacted to form a network of native sons and daughters who can use their success to give back to their State and communities by supporting an effort to improve public education. These individuals can be not only founders of the original corporation, but active missionaries for the cause.

With a growth mindset, a very substantial goal of financial resources should be created and a plan developed to reach that goal over a specific period of time through several ways.

One way of generating contributions is through several comprehensive events held throughout the year at prominent locations.

Another way is to conduct a crowdfunding campaign for a an extended period. Both ways can be coordinated.

The Legacy Fund will be an endowment with the purpose of conserving the principal, investing it in a portfolio managed by professionals, and a portion of the returns on the investments be used to benefit public education activities in the State.

A marketing plan should be developed to meet the goal of the Fund. Through the network of successful natives a team can be created which has access to creative talent who can produce not only the plan, but any and all marketing tools.

Principals of the Legacy Fund can create a disbursement plan that addresses the needs of the school districts. The plan can be developed in partnership with knowledgeable professional educators.

Since the purpose is to provide a legacy, the endowment should be grown annually through campaign drives so it becomes, in fact, a permanent growing source of revenue to support the basic needs provided by the State.

Some institutions in the country have successful fund raising campaigns with goals in the billions of dollars. With a growth mindset, a desire, a plan and a goal, South Carolina has access to  the talent who can make the Palmetto State Legacy Fund an instrument for growing the quality of public education in the State well into the future.

Palmetto State Legacy Fund