The Detroit Youth Choir performs on “America’s Got Talent.” (Sept. 18, 2019)(Photo courtesy of Associated Press)
By Bruce Haring, Deadline | The Detroit Youth Choir may have finished second on this year’s edition of America’s Got Talent, but it will still get $1 million, matching the grand prize won by singer Kodi Lee.
The show wrapped its 14th season [on Wednesday, Sept. 18th] on NBC, with Lee edging out the choir. But several Detroit businesses have decided to endow the hometown favorites anyway.
“I was watching you guys and you and Kodi Lee are on that stage, and my heart’s in my throat,” said Mayor Mike Duggan, who welcomed the group home.. “When they announced it was Kodi Lee, I was a little disappointed for a second. But I was like, ‘He deserves a million dollars; he was great.’ The only thing I thought was unfair was there should’ve been two first prizes.”
Duggan said he worked with Wendy Lewis Jackson, the Detroit Program managing director for the Kresge Foundation, and Tonya Allen, president & CEO of the Skillman Foundation, to create the endowment.
“We are incredibly proud of what the Detroit Youth Choir achieved during their time on ‘America’s Got Talent’ and we look forward to what’s next for them,” said Allen. “This fund is a way for Detroiters to celebrate and grow the genius of our children.”
Those contributing to the Detroit Youth Choir endowment include:
● Skillman Foundation
● The Kresge Foundation
● W. K. Kellogg Foundation
● Ballmer Group
● Community Foundation for Southeast Michigan
● DTE Energy Foundation
● Max M. & Marjorie S. Fisher Foundation
● Bank of America
● Huntington Bank
● Dakkota Integrated Systems
Kodi Lee, who is blind and autistic, beat out the choir, comedian Ryan Niemiller, and acrobatic dance group V Unbeatable. He wins the $1 million and gets to headline an “AGT” show in Las Vegas.
What is an endowment?
An endowment is a donation of money or property to a non-profit organization, which uses the resulting investment income for a specific purpose. An endowment can also refer to the total of a non-profit institution’s investable assets, also known as principal or corpus, which is meant to be used for operations or programs that are consistent with the wishes of the donor. Most endowments are designed to keep the principal amount intact while using the investment income for charitable efforts.
Key Takeaways:
● Most endowments are designed to keep the principal amount intact while using the investment income for charitable efforts.
● Endowments tend to be organized as a trust, a private foundation or a public charity.
● Educational institutions, cultural institutions, and service-oriented organizations typically administer endowments.
Understanding Endowment
Endowments are typically organized as a trust, a private foundation, or a public charity. Many endowments are administered by educational institutions, such as colleges and universities. Others are overseen by cultural institutions, such as art museums or libraries, religious organizations, and service-oriented organizations, such as retirement homes or hospitals.
In some cases, a certain percentage of an endowment’s assets are allowed to be used each year so the amount withdrawn from the endowment could be a combination of interest income and principal. The ratio of principal to income would change year to year based on prevailing market rates.
Read more on endowments at:
https://www.investopedia.com/terms/e/endowment.asp
“Giving away money is not an easy job. Money alone cannot build character or transform evil into good; it cannot restore the influence and vitality of the home; neither can it maintain the valleys and plains of peace. Spent alone, it might as well stay in the vaults… it calls for full partnership with leaders of good character and good will.” ~ Sebastian Spering Kresge (late founder of the Kresge 5 & 10 stores, later the K-Mart Corporation)