Peter Giannatos, speaking on behalf of the Charlotte Chess Center, laid out the reasoning behind an ambitious fundraising goal for a memorial fund tied to initiatives in Daniel Naroditsky’s name.
The plan centers on two long-term projects. One is an annual blitz and rapid memorial event. The other is a fellowship for junior players. Both, Giannatos said, are intended not as one-off efforts, but as lasting programs. That intended longevity explains the headline number. “We set the goal at $4 million,” he told interviewer Eric Rosen. “It’s an idealistic goal, of course. We hope that we can achieve it, but uh we’re not sure about it.”
The explanation that follows is practical. The Charlotte Chess Center seeded the fund and is positioning the money as an endowment. The primary argument Giannatos offered is that a large principal sum, invested conservatively, can produce annual returns that sustain programs indefinitely. “The lofty goal of $4 million which might seem jarring to people is because of its endowment nature,” he said. “So basically something that is supposed to last for a very long time versus uh something that may only last two to five years or something like that.”
The math behind the target
Giannatos presented a simple calculation to justify the target. He and the organizers consulted advisers on typical nonprofit standards for endowment returns. “A safe return on an endowment is a nonprofit standard is typically between 3 and a half and 5%. if you’re being very if you’re if you’re being conservative,” he said. “And so we were using the 5% number as the fair number uh for the return on the investment. So at 4 million, we’re talking about $200,000 a year going to the initiatives.”
Giannatos proposed dividing that hypothetical annual yield evenly between the two named initiatives. “And for the sake of this discussion, let’s just divide that 50 50 between each initiative. So $100,000 goes into the Blitz and Rapid Memorial and $100,000 goes into the fellowship,” he said.
He framed the $100,000-per-year figure as meaningful in practical terms. “$100,000 a year, let’s say, toward the fellowship could give 10 top American juniors $10,000 a year to pursue their goals. Or five top American juniors $20,000 a year to pay for training, to pay for travel, to be able to to be able to play elite level events across the world to enhance their abilities.”
For the memorial tournament, Giannatos said the dollars would cover the sort of expenses that make a professional-level event viable. “For the memorial event that would go into of course accommodating players to show up to the event and for his legacy. We want the best players in the world playing in this event,” he said. The investment would be used for venue quality, accommodations and prize funds. Those elements, he argued, are necessary to put the event “on the tournament schedule of the world of chess.”
Why an endowment. Why not spend the money now.
Giannatos acknowledged a sensible alternative. “You could spend $500,000 for eight years and put on this great stuff. We could do that, but after eight years it would be gone,” he said. The endowment model is designed to avoid that outcome. “We’ve seen really amazing tournaments come and go because they lose uh really amazing initiatives I should say come and go because they lose their backing or they lose their support,” he said.
The fund’s purpose, he said, is to avoid that boom-and-bust cycle and to make Naroditsky’s name a durable presence in the chess calendar. “Because of our desire for DA’s legacy to live on forever and to be able to conduct events that we believe represent his contributions to the chess community,” he said.
Giannatos also emphasized that $4 million is an aspirational target, not an all-or-nothing demand. “If we don’t make it there, we will still put on these initiatives, but they will just have a slightly less impact than they could have,” he said. “So whatever we ultimately raise even if we fall short uh falling short you know the the 4 million number is not a number where we have to reach it in order to conduct these initiatives. It is an ideal number that if we reached could change a part of the chess landscape indefinitely.”
Who benefits. Who participates.
Giannatos was explicit that the intention is to balance elite competition and broad access. “We see the event as a very open event,” he said. “It wouldn’t prevent amateurs from being able to play in the amateur section and that wouldn’t prevent non-elite players like 25 and 2600 rated GMs from participating in the event. We see the event as a very open event. It’s just that we want the world, we want this to be on the tournament schedule of the world of chess.”
He said the organizers hope the event will be attractive to top players for reasons of respect and quality, but that the structure should be inclusive. “There may be many players who would offer their time to to come and participate in the event out of respect for DA and out of and out of honor and integrity. But again we have to look past the first year, past the second year. What is that going to look like 5 years from now? What is that going to look like 10 years from now?”
Those concerns, he said, are part of the motivation to seek a steady annual revenue stream rather than relying on goodwill alone.
On the fellowship side, Giannatos described a concrete use case for the money. “$100,000 a year toward the fellowship could give 10 top American juniors $10,000 a year to pursue their goals. Or five top American juniors $20,000 a year to pay for training, to pay for travel, to be able to to be able to play elite level events across the world to enhance their abilities.”
Why the deadline and how people can still give
Giannatos addressed questions about the fundraising timeline. The campaign was structured with an initial window of time to secure founding donors, people who help “seed” the project and make an early commitment. “The reason that we have a deadline date is because in order for us to kickstart these initiatives the original founding donors… that’s what we’re raising for now,” he said.
He said the deadline is practical, tied to event planning needs. “We would love to get a Naroditsky Memorial Blitz and Rapid on the calendar for the year 2026. And we just can’t keep that window open forever if we want to get a memorial event on the calendar for next year. Quite frankly, we’re already caught cutting it close. Typically, we would plan these things out more than a year in advance.”
At the same time, he made clear that the fundraising does not shut after the initial period. “Those who wish to contribute at a later stage, we would welcome their contributions and we would absolutely use them to further enhance the initiatives little by little as those come in at a later date,” he said.
Volunteers and organizational structure
Giannatos listed practical ways that the community could support the fund beyond direct donations. “The thing that people can help with the most beyond contributing themselves is helping spread the word,” he said. Small contributions matter, he added. “Asking for even a small contribution like a cup of coffee style contribution like $5, $10 is fine.”
He said the organizers expect to call for volunteers when the event planning reaches the right stage. “I am sure we will be asking for volunteers at such a large scale event. Um because uh of course we will need some technical staff that actually have very specific technical skills like maybe arbiter staff or DGT staff or broadcast staff.”
For the fellowship, he described a board and a financial committee that will oversee selection and investment decisions. “The fellowship will not like likely need a lot of volunteers because we will have we will have a board that will manage the fellowship. And we will have a financial committee of uh within the within the nonprofit that will oversee how the money is being invested, how how we’re utilizing the funds.”
Local resources and cost savings
Giannatos explained how the Charlotte Chess Center intends to reduce operating costs by providing staff and equipment.
“One of the reasons why our involvement as a as the Charlotte Chess Center, let’s say the company side, the for-profit side is useful is we as a for-profit company, we can assist the nonprofit,” he said. “We’re a staff of 55 employees at the Charlotte Chess Center, many of whom are full-time salaried employees. We will treat this event as a CCC event in a sense that our salaried employees will work the event at no cost to the to the nonprofit. As you know, we have the DGT boards and the chess clocks and equipment that we would use for the event that will all be given to the memorial event at no cost.”
Those in-kind contributions, he said, allow the endowment returns to be directed primarily to prizes, player accommodations and the fellowship rather than to overhead. “We would rather the funds go toward those things in in the memorial event,” he said.
A community project, organizers said
Giannatos repeatedly framed the initiative as communal, not proprietary. “I see this as the chess community’s project. I so happen to be driving it and we’ve already discussed the reasons for that,” he said. He emphasized his personal connection but also the broader purpose.
“My connection to DA as a personal friend… It’s I don’t want to make this about me. You know, I haven’t had a chance to breathe and even, you know, take this all in myself. And I’ve been kind of on the front lines the whole time from just the time prior to his death, the time of his death, you know, of the discovery of his death and after that.”
He articulated why the memorial fund’s tone matters. “I do not have a keen interest in the path of vengeance. As much as I know that some of the listeners wish I did or wish more of the chess community maybe did, um, I just don’t see how that impacts the chess community long term in a positive way. And I believe that it is my position and the position of the family that we want DA’s name to be seen in a positive light, not one that was smeared um by, you know, unfounded accusations and the robbing of his honor and his integrity. We don’t want him to be remembered that way. We want him to be remembered by the joy he gave the chess community.”
Conclusion
Peter Giannatos presented the $4 million goal as both an aspiration and a practical calculation. “It is an ideal number that if we reached could change a part of the chess landscape indefinitely,” he said. The endowment model is designed to convert a lump-sum donation into a steady stream of support. The money would be used to fund an annual high-level blitz and rapid event and a junior fellowship.
The organizers say they will accept donations beyond the initial campaign window. They also say they will lean on the Charlotte Chess Center’s staff and equipment to reduce operating costs, so that the fund’s returns can be channeled into the programs themselves. As Giannatos put it, “So whatever we ultimately raise even if we fall short… it will be determined by our efforts here in the short run. But we will we are committed to these initiatives and we will not back down from them.”
FAQ: Key Questions About the Daniel Naroditsky Memorial Fund
What is the Daniel Naroditsky Memorial Fund?
The memorial fund is a long-term charitable initiative created in memory of Daniel Naroditsky, who passed away on October 19, 2025, at the age of 29. The fund aims to support young chess players and contribute to the long-term growth of the game in the United States.
Why did the fund aim to raise four million dollars?
According to Peter Giannatos, the goal was set based on Daniel’s “massive influence” and the desire to build a fund that could support ambitious programs over many years. He explained that the organizers wanted the fund to have a structure similar to an endowment, allowing it to “live forever” through careful financial management.
How will the money be used?
Giannatos outlined two major planned initiatives:
- A fellowship program for promising junior players.
- An annual blitz tournament honoring Daniel’s legacy.
These initiatives were discussed in the interview with Eric Rosen, and Giannatos emphasized that the fund’s purpose is to strengthen the chess community while reflecting Daniel’s passion for supporting young talent.
Will the fund invest its capital?
Yes. Giannatos explained that the fund is designed to function like a long-term endowment. Rather than spending the principal, the fund will rely on investment returns to sustain programs “for generations.” He described this as a way to ensure the fund “stays alive” and remains impactful.
Who decides how the money will be managed?
A board of directors is being formed to oversee all major decisions. Giannatos noted that the board will include “people who were close to Daniel” and individuals familiar with nonprofit governance. This board will decide how the fund is invested and how grants or fellowships are awarded.
What will the selection process for the fellowship look like?
Giannatos said the process will be competitive and transparent. Applicants will submit materials for review, and the board will evaluate candidates based on merit. He emphasized that the fellowship aims to identify “dedicated young players” who show both potential and commitment.
When will the annual blitz tournament begin?
Giannatos mentioned that the tournament is planned to begin once the fund’s structure is fully finalized and stable. The goal is to make it an annual event that reflects Daniel’s love for fast chess and his connection to the community.
Will the fund continue accepting donations?
Yes. The organizers expect ongoing contributions. Giannatos explained that long-term support will strengthen the fund’s stability and allow it to expand its programs.
Is there any controversy surrounding the fund?
Based on the interview and available information, there were no controversies mentioned. The discussion focused on honoring Daniel’s memory, building sustainable programs, and explaining the fund’s long-term mission.
Why is the fund’s approach described as “ambitious”?
Because it combines a large financial target with multi-year programs that require stable funding. Giannatos stressed that this structure mirrors Daniel’s wide impact and the community’s desire to create something meaningful and lasting in his name.
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