Ellen Martha Goos Lock— The Lock Family Endowment Fund

First published August 13, 2017, in The American Press

The Community Foundation of Southwest Louisiana has more than 80 charitable funds that benefit a variety of causes. And some of those funds have become a reality, thanks to the help of local financial planners.

Sara Judson, the foundation’s president, and CEO said they partner with financial advisers, attorneys, and certified public accountants to “maximize the good” that potential donors want to share with others. “Professional advisers are the sweet spot of connecting their clients who have an interest in doing good things with the foundation, where we can be good stewards of their resources,” she said. Judson said local CPA Mike Terranova was “a key player” in steering the Lock family into creating an endowment fund that preserves Ellen Martha Goos Lock’s mission to protect Lock Park.

Lock purchased the Ryan Street property 100 years ago and later donated it to the city. One hundred years ago, Ellen Martha Lock, donated property on Ryan Street to the city for a park. She set aside money so her family could continue to support it.  Along with buying the property, Lock set aside money so her family could continue to support the park and related causes. The family has supported her legacy for seven generations, Judson said. But the money became more difficult to manage as the family aged and some moved away.

In 2015, George and Evelyn Paret and their family decided to seek out another way to preserve Lock’s vision. But they were unsure of the best option. With help from Terranova, the Lock family endowment fund was established within a matter of months. “Now they continue to direct the fund and support Lock Park and other children’s causes, but they don’t have the responsibility to manage all the details of the fund,” Judson said. “Because (the fund) is within the Community Foundation, it will continue forever.”

Terranova said he was satisfied with relieving the family of the responsibility of managing the money and entrusting it with the foundation. “I think the Foundation is an excellent member of our community, and they provide an excellent service,” he said.

Since the fund was established, Judson said, the group has worked with the city to install equipment for toddlers at the park. The Lock family provided a grant to pay for the equipment. The youngest descendant of the Lock family, 4-year-old Eloise, helped cut the ribbon for the toddler playground.