What are the types of Foundation funds/assets and what is its total asset amount?

Endowment Funds result from donor contributions which are made for a particular purpose, such as a specific scholarship, and are established as a permanently restricted fund by the donor.

Board Designated Funds are funds that the donor does not designate as permanently restricted, but because of their nature and purpose, are designated as such by the Foundation Board of Directors.

Unless expressly instructed or authorized by the donor, for both endowed and board designated funds, the original gift remains intact and only the investment income generated may be used for the payment of administration fees, investment management fees and for the donor’s or the Foundation’s stated purpose. The earnings from the endowment funds are used to fund the criteria established for each fund. The principal (or charitable contribution amount) is not distributed and the fund lives into perpetuity. A Foundation spending policy is used to calculate annual distributions from each fund – currently 4% of the trailing 3-year average June 30 market values of each fund – as long as that amount is less than the accumulated earnings of the fund. The minimum amount to establish an endowment fund is $10,000.

The Foundation’s investment and financial management firm manages the endowment funds.

Temporary Restricted Funds consist of contributions restricted to a specific use but are expected to be completely used within a short period of time. (E.g. a building fund) Earnings from temporary restricted funds are credited to the unrestricted fund.

Unrestricted Funds are funds from donor contributions without a specific designation. Fees and interest earned from temporary funds and certain other funds are credited to the unrestricted fund. Unrestricted funds are used to fund the administration of the Foundation in compliance with its annual budget. Funds are also used for university institutional support and undergraduate research.

As of June 30, 2017, total assets grew to over $16 million.

Search