The Bush/Carew Endowment

Purpose

To provide the rules and limitations governing the usage of the funds generated by The Bush/Carew Endowment as agreed to with the initial Donor per signed agreement. The intent of the endowment is to provide funds generated by investments for targeted facility improvements and to not utilize the Corpus except in extreme circumstances as detailed in this procedure.

Background

The Corpus of the endowment (hereby known as the Fund) was initially seeded by Danny Peters (hereby referred to as the Donor) in honor of Williamsburg Players contributors Claudine Carew, Carolee Silcox Bush, and Charles Bush. The contributions of Claudine Carew, Carolee Silcox Bush, and Charles Bush on and off stage with the Williamsburg Players are extensive and span three decades as detailed here.

Policies

The Corpus of the Fund (also known as “accumulated gifts”) shall be comprised of the aggregate of any gifts to the Fund by the Donor and together with contributions to the Fund by others. The Corpus at this time is $50,000. The Corpus amount of the Fund will be updated in this procedure if any additional contributions are made to the endowment by either the Donor or other contributors that wish to target their donations to the endowment Corpus.

Investment of the Corpus will be by the Williamsburg Players through its investment managers pursuant to its Investment Policy. Current investment of the Corpus is in low-risk CDs in order to provide a steady return with no risk to the Corpus. Any changes to this investment strategy shall be agreed upon by unanimous (100%) board vote and agreement by the Donor, if available.

Money will be available from the Fund in excess of the Corpus to be spent for the support of specific, targeted improvements or emergency needs of the theater facility, and only when agreed upon by unanimous (100%) board vote and only when expendable earnings are available.

Use of the Corpus shall only occur under extraordinary circumstances where all other Williamsburg Players' funds are depleted and use of the Corpus is necessary to fund basic expenses required for continued operation of the organization.

In the unlikely event that at some future time it becomes impossible or inadvisable for all or part of the earnings of the Fund to be used for the purposes described herein, then, after exercise of reasonable due diligence by the Board of Directors of the Williamsburg Players and following a unanimous (100%) board vote, it will consult with the Donor, if available. The Board of Directors shall then direct the earnings from the Fund to such purposes that are deemed appropriate and as near as available to the Fund’s original purpose.

In the event of the Dissolution of the Williamsburg Players, the Corpus of the Fund shall be distributed as student scholarships throughout the region and, if any funds remain, then in accordance with the Williamsburg Players By-Laws, Article IX – Dissolution.

Revision Notes

• 03/22/26 -- Initial inclusion in P&P Manual