IRVINE : $500,000 Senior Fund Safe From Fund Crisis
A half-million dollars in funds donated to the Irvine Senior Foundation is safe from the county’s fiscal problems, thanks to early skepticism about the investment pool, foundation officials said this week.
The foundation’s Finance Committee advised board members in August against investing $500,000 in donations collected for a senior services endowment fund in the county pool. The nonprofit Irvine Senior Foundation heeded the recommendation and put the money into certificates of deposit and treasury bills instead.
The foundation, established in 1974, raises money for projects and programs at the city’s two senior centers. Members of the foundation’s Finance Committee decided they would have more control over the funds by not investing in the county portfolio.
The foundation was instrumental in raising money to build the Lakeview Senior Center, the city’s second senior center, which opened in April. The foundation owes the city about $750,000 for Lakeview’s construction, but members said the foundation expects no problems in making its $100,000 quarterly payment next month.
The two senior centers are also partially funded by the city, the largest investor of all Orange County cities in the beleaguered county pool.
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