Cuba Chamber of Commerce Establishes Cuba Legacy Fund and Toys for Kids Fund
The Cuba Chamber of Commerce is proud to announce the establishment the Cuba Legacy Fund for $50,000.00 at the Allegany County Area Foundation.
This fund would not have been possible without the vision of Gus Hillstrom over fifty years ago. Mr. Hillstrom, one of the principals of Acme Electric Corporation located in Cuba, NY bequeathed one hundred shares of International Telephone & Telegraph (ITT) stock to the Cuba Chamber of Commerce. At that time the stock was valued at $800. It was intended initially for the Cuba Chamber of Commerce to use the funds as seed money to start a youth center. Since then, the directors of the chamber have never deemed it feasible to go forward with a youth recreation center. Instead, the interest from the shares has been used on youth activities. The stock has also been used as collateral on loans for the Sesquicentennial celebration and for the bleachers at Firemen’s Park. In 1999, $10,000 of the stock was donated to the Cuba Circulating Library’s renovation and addition project. Last year, a portion was used to purchase the building at 5-7 West Main Street which will soon be the home of the Cuba Chamber of Commerce.
Since the 1940’s the continuous support of the Cuba Chamber of Commerce by civic-minded and generous members of the community have made the Cuba Legacy Fund possible. The formation of the Cuba Legacy Fund is a prudent and effective way to assure that the Cuba Chamber can assist the needs of our community for many years to come. The endowed fund is pooled with the other $6.9 million assets of the ACAF. These funds are held for perpetuity. The interest earned is available for ongoing projects of the Cuba Chamber of Commerce. The Cuba Legacy Fund will be used for graduation awards to Cuba-Rushford students, youth activities, community projects, and other general projects.
In addition, the Chamber has established the Cuba Toys for Kids Fund. The annual Toys for Kids campaign will generate additional income to maintain this successful community initiative. As an endowed fund it will also generate income for the future.
Donations to both the Cuba Legacy Fund and the Cuba Toys for Kids fund may be made directly to the foundation. Donations may be made online through PayPal, or credit card and by check directly to the Foundation. The ACAF will provide tax receipts specific to these designated funds. Donors may choose to donate to whichever fund that they wish. Please contact us at www.alleganycountyareafoundation.org. The Cuba Chamber of Commerce thanks everyone whose generosity and faithful support have made it possible to establish the funds and who will continue to support the effort.