Borrego Valley Endowment Fund Celebrates largest charitable donation in Borrego History
Borrego Springs, Feb. 2, 2024 – Anne and Jim Wermers were center stage and under the spotlights at a champagne reception hosted by the Borrego Valley Endowment Fund (BVEF) for the largest single charitable donation in Borrego Springs’ history. More than 100 members of the Borrego Springs community were in attendance at the Borrego Springs Performing Art Center to celebrate the generosity of the Wermers and to learn more about the couple’s hopes for Borrego’s future.
BVEF Board President, David Garmon, began the presentation with an overview of the Wermers’ gift to BVEF of “The Center,” one of the community’s major retail commercial spaces, valued between $2.5 and $9 million dollars. The Center consists of 32,000 square feet of commercial real estate with 16 rentable suites, 10 unique tenants, on 4.67 acres of land along Palm Canyon Drive in the heart of Borrego Springs. Garmon said the unique aspect of this gift was the Wermers’ vision that the property be owned and operated in perpetuity by the Endowment Fund for the benefit of the Borrego Springs community.
Garmon noted the gift was two years in the making and that the Wermers had spent considerable time and money improving the property after its purchase in 2016. The extensive improvements included new sewer lines, removing underground gasoline storage tanks, bringing the property up to ADA standards, renovating the Performing Arts Center, and installing a new roof and a commercial grade solar system that generates half the electricity used at The Center.
“What made this gift possible is the alignment of Anne and Jim’s vision with the expanded mission of the Endowment Fund as a community foundation,” Garmon said. “This gift fulfills Anne and Jim’s vision of local ownership supporting local businesses, of keeping dollars in the local economy, and of providing the means to perpetually reinvest in our local economy. And from the perspective of the Endowment Fund, this gift furthers its mission as a community foundation to address a broad range of community needs … from economic development to food security … from education to environmental stewardship.”
Following this introduction, Anne and Jim Wermers were welcomed to the stage to a standing ovation. Garmon interviewed Anne and Jim about their history with The Center, their thoughts about the importance of a community having a performing arts center, and their hopes for the future of their charitable endeavors. Jim Wermers described his years of participation with groups interested in improving Borrego’s downtown business district, beginning with an ad hoc committee of the Chamber of Commerce called the Think Tank. “During those early conversations we realized the majority of downtown real estate was owned by people who lived outside of the Borrego Springs community. When Borrego Valley Foods (today’s BAI) on Christmas Circle, The Mall, and The Center became available, we saw purchasing these properties as opportunities to change and improve the appearance of downtown and to change the course of Borrego’s future.”
Jim recalled when he and Anne purchased The Center, they had not yet come to the idea of one day donating it to the community. “No one is going to live forever,” he observed, “But we would like to see this property provide financial support for the community in perpetuity. This is what I have been referring to as the grand experiment—Can nonprofit ownership of the property be a perpetual source of support for the community?”
In describing her hopes for the future of Borrego, Anne noted its unique setting in the middle of a state park surrounded by gorgeous mountains. “We are surrounded by natural beauty here. I hope future generations will continue to enjoy it and that we all will continue to preserve and improve what we all love about Borrego Springs.” Anne continued, “I really like how the Center is evolving, with wonderful small businesses, a lively restaurant, and our beautiful theatre adding excitement to the town.”
In addition to the donation of The Center, the Wermers maintain a Donor Advised Fund with the BVEF. Donor Advised Funds provide an immediate tax benefit to the donor while at the same time provide opportunities to direct contributions to projects that align with the BVEF’s mission.
Founded in 1994, the Borrego Valley Endowment Funds seeks to harness the power of philanthropy for the benefit of the Borrego Springs community. For more information on how your tax-deductible gift can help secure a sound future for Borrego Springs please go to https://www.bvefund.org.