Foundation chief: Flow of donations could slow to a trickle
Published 12:00 am Wednesday, December 2, 2009
By Susan Shinn
sshinn@salisburypost.com
Jim Hurley sits at the conference table at his Innes Street office and makes a pretty reasonable prediction for 2009 ó and beyond.
“I’d say it’s gonna be a long time before we have another large capital funds drive in this county, because the gift funds have dried up.”
Hurley is chairman of four local foundations: the Blanche and Julian Robertson Family Foundation, the J.F. Hurley Foundation, the Hurley-Trammell Foundation and Hurley Park.
He says of all local foundations, “They’re going to have a tough time having money to offer. A capital drive is extra. You have to dig deep for that. We hope to fulfill our pledges that we’ve made for capital campaigns, but the payments may stretch from 2009 to 2010.
“The Robertson Foundation generally makes yearly gifts, whereas our family has made some multiyear efforts. We hope to finish in 2009, but it may be 2010.
“The chances of making any big gifts are not likely for a long, long time.”
The Hurleys, former owners of the Salisbury Post, have made pledges to projects at Rowan Regional Medical Center, Rowan Vocational Opportunities and the new Fisher Street Family Theater.
In 2008, the J.F. Hurley Foundation gave $380,000. Its commitments for 2009 stand at $400,000.
“But they may have to be stretched out to 2010,” Hurley says. “We have no commitments past that.”
In 2008, the Hurley-Trammell Foundation ó the foundation founded by Jim and Gerry Hurley ó gave $300,000. It’s scheduled to give $200,000 in 2009 ó and nothing past that.
“That does not count what Gerry and I give personally,” Hurley notes.
Their foundation gives money for operating expenses for several local agencies.
“We try not to cut that,” Hurley says.
But looking back, Hurley says, “I’m glad we’ve had 20 good years.”
Since its formation in 1986, the J.F. Hurley Foundation has given away $20 million.
The foundation’s assets were worth $2 million when it was founded, rose to $10 million in 2001 and are now worth the starting value.
“We were giving away at least a half-million dollars every year,” Hurley says. “If the times had not been good, we couldn’t have given as much.
“We’ve made really big gifts to some things.”
Over the years, Catawba College and the YMCAs in Salisbury, South Rowan, East Rowan and Davie County have each received $5 million; Hurley Park, First Presbyterian Church and Rufty-Holmes Senior Center have each received more than $1 million; and Rowan Regional Medical Center and Dan Nicholas Park have each received about $750,000.
“So we’ve given $20 million ó all in Rowan County,” Hurley says.
That figure does not include the millions of dollars the Hurley family gave away in the 1980s before the foundation began.
He thinks local agencies who depend on foundation support will make it.
“We’ll try to support operations but no capital projects,” he says.
Substantial gifts, he explains, must come out of capital gains.
“Gordon and I haven’t been paid since 1996,” he says of himself and his younger brother. “We haven’t made a nickel in salary. Almost all our gifts have been from stock market profits.”
But next year, Hurley will lose $100,000 in income from his dividends of 40,000 shares of Wachovia stock. This stock alone was down $2 million in value.
“The stock was worth less at times this year than what I got in dividends last year,” Hurley says.
Still, he says, it’s been a good run.
“I’ve enjoyed making money,” Hurley says. “I’m not gonna starve. But my gift money has dried up.”
At one time, Hurley had 12 stocks that were each valued at more than $1 million.
“Now I don’t have a single one,” he says. “I hope it comes back.”
He notes that even Warren Buffet has suffered losses of 40 percent this year.
“I’m not going to do as well as he did.”
But, Hurley says, “I think we can be proud of what this community has done.”
Much of the giving in the community, he says, has been based on the success of Food Lion stock.
An investment of $1,000 in 1957 eventually grew to $20 million.
Hurley has changed an old adage to suit his tastes: buy low, and give away high.
“If it doesn’t stay high,” he says, “there’s not anything to give away.
“We’ve just got to try to take care of what we’ve done, and honor our current commitments.”
He adds, “We have not done anything by ourselves. It’s been fun to be a part of the community that’s built the Y, the hospital, theaters and colleges.”