The Newton YMCA in Netwon, Iowa, received a capital endowment gift of $5 million, the Y announced on Monday.
The gift from Brad and Mary Manatt will be used for present and future capital needs projects of the Newton YMCA. The gift will be made over three years, with $3 million coming in the first year and $1 million each for the following two years, according to a WHO-TV report.
"We have been blessed by this wonderful gift from Brad and Mary and will be forever grateful to them for their years of volunteerism and financial support," Newton YMCA CEO Frank Buckley said in a statement. "A gift of this size helps ensure Y experiences are enjoyed by future generations to come. A strong Capital Endowment is critical in providing a facility which can support the programs and services needed in our community."
In the coming months, a team of YMCA advocates and Y professional staff will develop long-term plans for how the endowment may be used. The Y said the endowment will be used to ensure the future of the Newton YMCA, and endow programs and services that further the YMCA's mission to develop youth, promote healthy living and foster a sense of social responsibility. The gift is expected to help with maintenance of the 40-year-old building and issues related to the HVAC and roof, according to WHO-TV.
Brad Manatt is the former president of Manatts Inc., a family-owned construction company based in nearby Brooklyn.
"We're pleased to be able to give this level of support to one of Newton's great assets," Brad Manatt said in a statement. "The Newton YMCA has served as a cornerstone for years, and we want for youth in future generations to have a Y experience. It's played a significant role in both Mary and my life along with programs that meet the needs of our kids."