LGC Foundation FAQs
Why do we need a foundation?
The Club is a 112 year old historic structure. Whether you see it from a boat on Lake George or drive down the driveway, its majesty is striking and open to members only. The maintenance for a structure of this age is ongoing and increasingly expensive. Current estimates are that we need $100K annually to preserve this architectural wonder, and these costs will only increase. Due to the LGC Board acting as good stewards of funds collected, numerous capital projects have been deferred. It is time we address those needs.
Over the next 5 years, we are expecting to spend in excess of $1MM to address these deferred capital needs. We are endeavoring to raise a $2M endowment for the purpose of funding historic maintenance and renovation from 2026 onward. This endowment will last longer than any of our lifetimes for the purpose of historic preservation of the Lake George Club Clubhouse. We all know the power of compounding. If we allow our tax deductible donations today to work for us over years we will be certain that this structure is maintained to its original splendor. The legacy we will leave for our children and grandchildren will allow them to celebrate their life events within the same building that we have enjoyed during our lifetimes. Please consider making a tax deductible donation to the Lake George Historic Preservation Foundation – and be a part of the future!
What is the relationship between the Lake George Club Historic Foundation and the Lake George Club?
The LGC Historic Preservation Foundation is a separate non-profit 501(c)(3) organization. The Foundation is the only organization for members to make a charitable donation. The Foundation exists for the benefit of the LG Club Board. Our objective is to raise a $2MM endowment which will provide a stream of funds beginning in 2026 to provide funding for restoration and repair of historic structures for the Lake George Club. Our goal is to work together with the LG Club Board, LGC Long Term Planning Committee and LGC Architectural Planning committee to provide funds. We are in the process of identifying 1-2 Lake George Club members to serve on the Foundation board as well.
Where Will The Funds Go?
Annual earnings of the Foundation’s endowment will provide funds to make structural and non-structural repairs to the building, including to the foundation, walls, roof, interior/exterior painting and any other repairs to its historic features.
Once we reach our goal of raising $2MM endowment we will begin disbursing funds according to our Disbursement Policy, which essentially provides 4.5% disbursement of an average balance of the past 16 quarters.
Click Here for Disbursement Policy
How are the funds invested?
Our investment account is held at Wells Fargo, and is invested in accordance to our investment policy.
Click Here for Investment Policy
What capital expenses can the Lake George Club Historic Preservation Foundation cover?
-Examples of capital expenses the Foundation can cover include ongoing maintenance, restoration and preservation of the Clubhouse such as:
- Replacing the cedar shake roof every 15 years
- Exterior painting every 8-10 years
- Masonry work (i.e. repairing/replacing concrete terrace floors, steps & stone work)
- Refinishing and replacing the clubhouse wood floor
- Interior painting and upgrades
-Examples of expenses that the Foundation is not legally able to cover would be:
- Re-paving the driveway
- Repair or replacement of docks
- Renovation of the Strand Cottage
- Maintenance and repair of the Doula House
- Tennis/Pickleball courts and pavilion capital expenses. (These expenses are covered by Club dues and assessments)
Why is only the Clubhouse included and not the other buildings on the campus?
The Foundation was formed primarily for the purpose of restoring, maintaining and preserving the historically and architecturally significant building located at 4000 Lake Shore Drive, Diamond Point, NY; which by definition is the Clubhouse only. We have looked for documentation to expand the Foundation to include the Strand Cottage, but have come up empty-handed. The mission of the Foundation is “to preserve, in partnership with its members and citizens of the region, the historic integrity, sense of place and aesthetic appearance of the Lake George Club.” We would all agree that the Lake George Club Clubhouse is the centerpiece of our club’s community, and without a place to congregate, we don’t have a Club!
