The Windgate Foundation has established a new multimillion dollar endowment – this time benefitting the Eureka Springs School of the Arts (ESSA).
ESSA has been awarded a $10 million endowment that is expected to generate $400,000 in per year in operating support. This endowment was created and funded by the Windgate Foundation in September 2020 to support the school.
There will be a one-year waiting period for the endowment. However, the Windgate Foundation is providing a $400,000 bridge grant for the first year.
“This is an exceptional and transformative investment in ESSA by a long-time and committed partner,” Kelly McDonough, executive director of the school, said in a statement “With this support we can expect ESSA to mature into national prominence on par with blue-chip schools such as the Penland School of Crafts, Arrowmont School of Arts and Crafts, and Haystack Mountain School of Crafts.”
The Windgate Foundation and ESSA have collaborated for approximately 15 years, according to a news release. This endowment is intended to replace annual grants that the Windgate Foundation has made in the past.
School officials are reportedly planning to focus on long-term planning and fundraising for scholarships and campus development as a result of the endowment. The endowment is also expected to fund the hiring and retention of permanent staff members and programming efforts.