In the mid 1970’s, Keith & Elinor Shaffer contributed a large sum of money to our club with the suggestion that the money be used to fund an endowment. A committee was formed and through their efforts the Santa Cruz Rotary Endowment Endowment was incorporated in 1979. For many years, our club provided scholarships but it was always based on available funds and there were little, if any, increases from year to year. The endowment was created as a means to increase the amount of scholarships awarded year to year. Blessed with astute management and the continued support of the club membership, and others, the endowment now provides approximately $4 0,000 annually for academic scholarships and $13,500 for vocational scholarships.