The KJMD Endowment Fund will support a new, paid internship program at the CHMM. The first scholarships will be awarded no later than spring 2026 when a minimum of two recipients will be announced.
The internship is focused on 1) Grades 8 through College, 2) students interested in maritime history, collections research and related exhibition preparation; 3) on-site; students residing in the greater Newburyport area, including Georgetown, Rowley, Newbury, West Newbury, Amesbury & Salisbury. The internships can take place at any time period throughout the course of a fiscal year and at times that best align with the CHMM's needs.
A generous donor has offered a matching challenge of $25,000 to launch this campaign. The CHMM has until Labor Day (approximately 6 months) to meet this challenge which will then total no less than $50,000. The CHMM expects to continue raising funds to grow the principal over the next 4 years with a goal of $100,000 by 2029.
Contributed funds will be invested in a segregated, actively managed fund at Merrill Lynch. Annually the CHMM Finance Committee determines the appropriate draw on these funds. The CHMM drew down 4% from its Board endowment in 2025. The first drawdown of funds will not be until summer '26, thus allowing the principal to grow.
The Uniform Prudent Management of Institutional Funds Act (UPMIFA) protects donor-restricted endowments and provides direction to endowment committees regarding investment and spending from these funds.
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