An endowed gift is one that permanently restricts a specific amount of money for a specific period of time. Endowments typically bear the name of the donor, reflect the donor’s interests, and serve as an enduring testament to the donor’s generosity. The permanently restricted fund is invested to generate interest. The earned income is used for the purpose specified by the donor.
The campus foundations offer the following two types of endowments:
- Term endowment: a minimum endowment of $10,000. It is renegotiated after five years.
- True endowment: a minimum endowment of $50,000. It exists for perpetuity or until the status of the Foundation or College changes to the degree that the agreement must be renegotiated.
When you do not restrict the use of your gift, the Foundation gains flexibility not otherwise available. Unrestricted gifts can be used at the discretion of the Foundation Board to meet changing or urgent needs such as new educational initiatives, state-of-the-art technology and equipment, or capital improvements. Capital improvement gifts can also be made directly to the College in support of a capital project. Call Institutional Advancement at 763-433-1130.