Foundation Policy
Named endowed funds may be established by donors to support student scholarships and awards or academic program and/or faculty chairs and lectureships in support of the College and/or specific programs. The minimum contribution to establish a permanent endowed fund is $20,000. This minimum funding requirement allows the Foundation to effectively and efficiently manage endowed gifts while also giving donors an opportunity to name specific funds.
Procedures
- Donors are required to provide a written notice of their intent to establish an endowed fund. To meet this requirement, donors will be asked to sign documentation outlining their intent as well as the guidelines for use of the fund.
- The endowed fund lasts in perpetuity, and income from the endowed fund is distributed on an annual basis as per the Foundation鈥檚 spending policy.
- Donors may stage their giving to reach the minimum endowment amount over a five-year pledge period. Until the fund reaches the endowment minimum, it is established as a non-endowed fund. Disbursements are not made from the fund until it reaches the minimum, and income from the fund will accrue until the minimum is met and disbursements are made.
- If the fund does not reach the minimum by the end of the five-year period, the principal may be devoted to a purpose deemed most consistent with the wishes of the donor, and the fund may be spent down to a balance of zero.
- After the initial minimum funding amount is met, donors may continue to contribute to the endowed fund in any amount as often as they like.
