Fund Definitions
Endowment
Endowments are monies which are donor-restricted for a specific use and donor designated as an endowment, to be held in perpetuity. These monies are invested with a long-term perspective; spending is from Board-authorized distributions. An endowment may be established with the presentation of a gift or pledge document representing the minimum required, currently $100,000. Distributions will be made available quarterly, beginning on September 30 each year.
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Donor-initiated endowments require and Endowment Gift Agreement, which specifies the name, purpose and administration of the fund. Draft documents are to be submitted to the Foundation through the LaserFiche Gift Agreement Request system.
Expendable Funds
Expendable funds are non-endowed, immediately spendable monies which are restricted for a specific use and are intended to have a limited funding and expense timeframe. An expendable fund may be established with the presentation of a gift or pledge document representing the minimum required, currently $10,000.
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Donor-initiated expendable funds require the generation of an Expendable Gift Agreement, which specifies the name, purpose and administration of the fund. Draft documents are to be submitted to the Foundation through the LaserFiche Gift Agreement system.
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Expendable funds may be established at the request of the department with a Gift Agreement: Department Initiated form for (i) general department spending or (ii) department-initiated fundraising. A department must have a gift(s), not a pledge, to meet the $10,000 minimum. Draft documents are to be submitted to the Foundation through the LaserFiche Gift Agreement Request system.
Capital Funds
Capital funds are expendable funds used for building or reconstruction projects. These funds are initiated by departments or programs. Capital funds require the Gift Agreement: Department Initiated form. When initiating a capital account, departments should contact the Foundation to discuss the timelines of expected funding and use of those funds to promote the highest return on investment of those funds before submitting a draft document through the LaserFiche Gift Agreement Request system.