Sail Newport has a number of funding areas, some of which are evergreen, and others are project specific.
Annual Fund ($250,000 for FY22)
Sail Newport’s Annual Fund provides essential unrestricted operational support for the organization. The distribution of these funds may vary from year to year, though typically include financial aid, program development and delivery, building and technology updates and boat procurement and maintenance.
Campaign for Blue Space ($10M by December 31, 2022)
Sail Newport is working to conclude the $10M Campaign for Blue Space by December 31, 2022. Announced in 2016, this three-part fundraising initiative was designed to establish the financial foundation for the organization’s programmatic ambitions and better serve the community by:
- Building and maintaining the Mid-Park Marine Education and Recreation Center
- Expanding public access to sailing programs
- Broadening marine education programming
Key accomplishments to date include:
- The completion of our beautiful new facility at 72 Fort Adams Drive
- The establishment of the Pell Elementary 4th Grade Science and Sailing Program, a 16-week curricular experiential program for every public school fourth grader in Newport
- The development of new programs such as the Challenger Lecture Series named in honor of Dr. Charlie Shoemaker
Sail Newport’s Admiral’s Pier and Youth Sailing Center Dock Replacement Project ($575,000 by April 30, 2022).
This project, announced in August 2021, is an essential need for the organization, our members and sailors. Specifically, the project entails replacing the Admiral’s Pier Docks adjacent to the boat hoists (north side) and the Youth Sailing Center Docks adjacent to the Dr. Robin Wallace Youth Sailing Center Building and Dinghy Ramp. Both dock areas have served the organization well since the 1990s, but have developed safety and deterioration issues beyond repair. Once pulled, every effort will be made to salvage and recycle any usable segments of the docks and associated hardware.
The total cost of this project is anticipated to be approximately $575,000. This capital project is included within the Campaign for Blue Space ($10M) and will will be funded through the generous support of individual donors and foundations.
Endowment ($100,000 minimum annually)
Sail Newport’s Endowment Fund provides long-term financial stability and support for the organization and allows for an annual unrestricted draw of 4.25%. Having achieved significant growth since established in 2012, Sail Newport’s endowment now exceeds $1M. In addition to the general endowment, Sail Newport currently has three “restricted” endowment funds.
J/22 Endowment Fund
The J/22 Endowment Fund was established in September 2012 to ensure that when the current J/22 fleet of 14 boats needs replacement, the organization has dedicated resources to draw from to replace the same or similar type and number of boats. Of note, Sail Newport’s standard annual endowment draw of 4.25% for this particular fund has been deferred and reinvested for the benefit of that purchase.
Charles Thomas Schifino Memorial Fund
The Charles Thomas Schifino Memorial Fund was established in May 2022 in memory of Charlie by his wife Camille and daughter Cristen. Charlie was a great friend to Sail Newport, and longtime volunteer supporting our Regatta Programs. Charlie had a particular passion for racing and encouraged many to give racing a try, often by having them crew on board his various racing boats over the years. Charlie loved to share his love of the sport with everyone he met and he valued Sail Newport’s mission to provide access to sailing for all. The goal of this endowed fund is to provide, at minimum, one full financial aid award per year for a child participating in Sail Newport’s Summer Youth Sailing Program.
Michael W. Spicer and Stewart J. Abramson Memorial Fund
The Michael W. Spicer and Stewart J. Abramson Memorial Fund was established in July 2021 in memory of Mike and Stew, who were great friends to one another and to Sail Newport. The goal of this endowed fund is to provide, at minimum, one full financial aid award per year for a child participating in Sail Newport’s Summer Youth Sailing Program.
Timothy J. Mills’ Financial Aid Fund
The Timothy J. Mills’ Financial Aid Fund was established in 2021 in memory of Newport’s former harbormaster, Tim Mills, who passed away in 2020. The goal of this endowed fund is to provide, at minimum, one full financial aid award per year for a child participating in Sail Newport’s Summer Youth Sailing Program.
“Tim loved sailing in and around Narragansett Bay and loved encouraging new sailors, young and old. This Fund seems to be a perfect way to pay tribute to him in a way that he would have supported, sharing his love of the water and providing an opportunity for young sailors to experience sailing,” says Kathleen Dunn, Timʻs sister.