Foundation Policy
Named, yet non-endowed, restricted 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. A minimum annual contribution of $1,000 for five years (meaning a minimum commitment of $5,000) is required to name a fund. This minimum funding requirement allows the Foundation to effectively and efficiently manage restricted 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 a restricted 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.
- Restricted funds may be spent down until the balance is zero in accordance with donor guidelines.
- Donors may continue to annually contribute to the named fund, after the initial minimum funding amount is met, in an amount of at least $1,000.
