“Private Foundation created to Improve Life for Year-Round Adirondack Residents”
Glenn and Carol Pearsall of Johnsburg, NY have announced the creation of a private foundation to “improve and maintain the cultural, historic, educational and environmental quality of life for year round residents of the Adirondack Park.”
The private foundation, to be called the Glenn and Carol Pearsall Adirondack Foundation, will be funded with gifts of appreciated securities from the Pearsalls over the next 5 years.
The Pearsalls noted that in addition to limited good employment opportunities for year round residents of the Park, the funding for cultural activties and historic restoration offered year round residents is also extremely limited. There are no major employers headquartered within the park to fund these activities. Given the sparce population, the political influence to encourage governmental support is also very limited. With this foundation, the Pearsalls hope to fill this cultural shortfall and thereby improve the quality of life for year round residents of the Park.
Mr. Pearsall, Branch Manager of PaineWebber’s Glens Falls, NY office, indicated that he and Mrs. Pearsall have been investing 15% to 20% of their incomes in the stock market every year since 1976. “I had just gotten out of the service the year before and made only $8600 that year. Despite the birth of our first child and Carol staying at home with our son Adam, we somehow managed to invest $2,000 of that $8,600 in an IRA. We have been properly investing 15% to 20% of our taxable income every year since”, he said. “I’ve personally just followed the same advise that I have given my clients.That, with the tremendous returns in the stock market these past 25 years, we are now enable to give back to the Adirondack Region where we live”, he added.
Glenn and Carol Pearsall have been active in civic affairs for years. Their board participation’s include Warren County Co-Operative Extension, Cooperative Extension’s New York State Advisory Board, Lake George Opera, Girl Scouts USA, Town of Johnsburg Public Library, the Town of Johnsburg Library Foundation. Mr. Pearsall presently serves as President of the Adirondack Ensemble, a not-for-profit classical chamber group headquartered in the Adirondacks, and was President of the Adirondack Civil War Round Table when that organization restored the Soldier’s Monument in downtown Glens Falls.
The Foundation assets will be professionally managed with at least 5% of the year-end values being distributed annually to charities that meet the foundation’s guidelines.
Gifting is limited to registered Not-for-Profit Organizations. Not-for-Profit 501 ( c ) 3 organizations that would like additional information including a grant application and a schedule of award dates may contact the foundation by writing to: Glenn and Carol Pearsall Adirondack Foundation, P.O. Box 105, Johnsburg, NY 12843 or by visiting the foundation website at www.PearsallFoundation.org.