Update: Information on Legacy Endowment Investments

Greetings friends, supporters and donors,

After reading an article in the U-T San Diego mentioning St. Madeleine Sophie’s Center, I felt compelled to contact you to inform you of additional information that may have been misinterpreted in the article.

Today, U-T San Diego posted an article about local non-profit organizations that reported losses due to theft. St. Madeleine Sophie’s Center was unfortunately mentioned as an organization that lost money “due to investments.”

The investment referenced here is a $3 million donation that was left to St. Madeleine Sophie’s Center by a private donor and managed by the Legacy Endowment Fund of North County. Due to the terms of the trust and Internal Revenue requirements, St. Madeleine Sophie’s Center reported the  unrealized loss of investment in 2008.

2008 was a year in which the stock market, overall, faced severe declines. These issues unfortunately impacted many investment funds for non- and for-profit companies.

St. Madeleine Sophie’s Center has had no losses due to theft.

Since 2008, the fund has recovered most of the decline in investment value. St. Madeleine Sophie’s Center receives about $100,000 annually from this fund to support the operation of our programs.

All of St. Madeleine Sophie’s Center’s donations and investments are reported in our profit and loss statements, which can be made available to you at any time. We are confident in our investment decisions and are grateful for your continued donations and support.

If anyone has questions or would like additional information, please contact the center at 619.442.5129 or dturner@stmsc.org.

Thank you,

-Debra Turner-Emerson, Chief Executive Officer, St. Madeleine Sophie’s Center

UT: Charity Explains Unrealized Loss