Celebrating 10 years of giving from the Wayne Simmons Memorial Endowment Fund
Wayne Simmons
Wayne Simmons, a hardworking electrician, outdoorsman, veteran, and weekend Chef at Fred's Lounge in Big Lake, LA, lived modestly, which allowed him to amass more than people probably imagined. After being diagnosed with terminal cancer, Simmons knew his time was limited. Eleven years ago, he went to his financial adviser Reed Mendelson to discuss leaving money to several good causes before he passed.
"So, I suggested to him, because of my involvement in the Community Foundation, that instead of giving a one-time gift of hundreds of thousands of dollars, that he could create a fund of money that would give to these charities forever," said Mendelson.
The type of fund Mendelson suggested is called an endowment fund. An endowment fund at a community foundation is a permanent fund where donations are pooled together and invested. The goal is to grow the fund over time, with only the earnings (like interest or investment returns) used to support charitable causes while the principal remains intact. This allows the fund to support the community or specific programs forever.
Simmons’ was sold on the idea and created an endowment fund to support local nonprofit organizations by using his life savings, valued at a little over $1 million, to take effect after his death in March of 2014.
This year marks the tenth year the fund donated to Wayne’s charities of choice. The local Salvation Army, where Wayne’s parents often donated, the American Cancer Society, and the Louisiana Baptist Children’s Home, which held a special place in his heart.
Foundation President Sara Judson and Wayne’s Financial Advisor Reed Mendelson spent the morning at KPLC 7 News Sunrise to celebrate and explain how to create an endowment fund at the Community Foundation. Click the image below to watch the segment!
Financial Advisor Reed Mendelson and Foundation President Sara Judson on KPLC Wednesday, December 11, 2024.
Following the KPLC segment, we presented The Salvation Army, American Cancer Society, and LA Baptist Children’s Home “Publishers Clearing House style” with balloons and this year’s check for $19,336.78. This also happens to be the most each charity has received from the Wayne Simmons Memorial Endowment Fund.
Image taken at the local Salvation Army office on Legion Street in Lake Charles, LA.
The Salvation Army relies on Wayne's fund to support their efforts during the summer months, when donations tend to decrease.
Image taken outside of the CHRISTUS Ochsner St. Patrick Regional Cancer Center.
The American Cancer Society often uses the money from Wayne’s fund to purchase gas cards for cancer patients to help them pay to get to and from treatment.
Image taken at Trinity Baptist Church.
The LA Baptist Children’s Home uses their funds for any and all needs of the children who live in the home.
We then toasted Wayne the only way we know how–with a beer at Fred’s Lounge while wearing our Budweiser hats graciously given to us by the executor of Wayne’s estate, Andrea Prejean (pictured above in black).
Wayne’s endowment fund doesn’t just give money—he created a legacy that will continue to support the causes he cared about long after we are all gone. This fund provides a steady, perpetual source of support, ensuring that the values and passions of Wayne live on in meaningful ways.
To learn more about opening a fund and the types of funds at the Foundation, click here or contact Sara at sjudson@foundationswla.org