The LMSS general fund is used to pay for depreciation on our equipment and other assets. We rely on your contributions to sustain ongoing equipment purchases such as, but not limited to, sailboats, coach boats, and sails.
Woody Jewett Scholarship Fund
The Woody Jewett Scholarship Fund was established in 2019 in memory of Woody, his love for sailing, and enthusiastic efforts to introduce so many people to the sport of sailing. The resounding purpose of this fund is to make it possible for more youth to pursue competitive sailing by offsetting the cost of instruction as sailors progress from novice to more advanced racing. The fund is professionally managed by the Board of Directors of the Lake Minnetonka Sailing School along with outside investment advisors. Donations to this fund will support programming and students in several ways. Donations will help to engage new sailors by offsetting cost as barrier to entry for new sailors, and/or the advancement of a current sailor to a new level such as Recreational to Race Team. Donations will advance community outreach to provide access to youth sailing among a wider population. Finally, donations will contribute to the overall scholarship endowment to support existing needs for LMSS scholarships
Jim Leslie Competition Fund
The purpose of this fund will be to help defray the cost to LMSS team members and LMSS coaches to attend National Championship regattas and National training clinics. The Lake Minnetonka Sailing School is the guardian of the fund. Contributions from private donations will be accepted to support LMSS team members and LMSS coaches. The board of directors will review each applicant’s request and determine the level of support given with direction given from the LMSS Director of Operations. In general, the committee will be limited to approving support in the amount of the entry fee for the regatta or clinic, or airfare in the case of no such entry fee, not to exceed $250. Exceptions will be permitted in the case of a specific donation given to the fund to support a particular LMSS team member or LMSS coach or in the case of financial need. A sailor/coach is eligible to receive funding once per calendar year.
LMSS maintains over 100 pieces of equipment. To keep up with the depreciation of our assets, LMSS relies on annual fundraising and a portion of our growing endowment. Our need averages $60,000 per year of necessary purchases to stay on track with depreciation. In 2019, the LMSS Board of Directors approved an annual draw of no more than 4% from our professionally managed endowment fund. Our intention is to continue to grow the account while benefiting annually from the interest earnings. This endowment ensures that LMSS can keep our entry costs low by assisting with ongoing capital improvements.