The Greater PineBelt Community Foundation recently gave the Family Y of Southeast Mississippi $34,591, thanks to the generosity of Alex Katrishin.
Seventeen years ago Mr. Katrishin wanted to thank the YMCA for many kindnesses it extended to him over the years. He wanted a gift that would support the Y for many years. So he established an endowed fund at the Greater PineBelt Community Foundation—the Alex Katrishin Endowment Fund. The Fund is invested and produces income annually—a total of $714,000 has been given to the Y over the past 17 years.
Endowed funds have a tremendous positive impact on non-profits in our area, said Theresa Erickson, Executive Director of the PineBelt Community Foundation. “The Katrishin Fund produces income for the Family Y. It will give a gift to the Family Y forever, and enhances the Y’s ability to accomplish its mission now and in the future.” The PineBelt Community Foundation gives four percent of the Fund balance each year to the Family Y.
“Disabled in World War II, young Katrishin found a home at a YMCA in California. The Family Y became his passion while he made a living by working various jobs and building his savings which he used to purchase Exxon stock,” said Paul Laughlin, retired Trust Officer. “Katrishin capitalized on those stock holdings, growing a small fortune. Later in life he married his college sweetheart and moved to Hattiesburg where he continued to enjoy the offerings of the Family Y in Hattiesburg on a routine basis.”
“During his estate planning he decided to use the PineBelt Community Foundation because he liked the idea of knowing that his gift will be a gift that would give forever and that eventually his gift would surpass the original amount given,” added Laughlin.
“All communities need more giving individuals like Alex Katrishin.” said Dan Henley, Executive Director of the Hattiesburg Family Y, “Financial gifts to nonprofits ensure that organizations like the Family Y will be an integral part of the community, serving the needs of many children and adults now and for many generations to come.”