JAMES MADISON UNIVERSITY FOUNDATION
POLICIES AND PROCEDURES
ESTABLISHING AND ADMINISTERING
POLICY # D 101
APPROVED: January 27, 1999; Revised October 14, 2005
THE JAMES MADISON UNIVERSITY FOUNDATION
HAS BEEN ESTABLISHED TO ADMINISTER, IN THE MANNER DESIGNATED BY THE
DONOR(S), GIFTS, GRANTS, AND BEQUESTS; TO THAT END THE JAMES
MADISON UNIVERSITY FOUNDATION ACCEPTS GIFTS WHOSE CORPUS IS
DESIGNATED TO GENERATE EARNINGS FOR SPECIFIC PURPOSES
- The minimum amount required to establish a
named endowed fund is $25,000. However, larger amounts may be
required to fully accomplish the donor's objectives for the
- A minimum initial gift of $2,500 is required
to establish an endowment, along with the stated intention by the
donor to contribute a total of at least $25,000 (including the
initial gift of $2,500) within a five-year period. Funding periods
for endowments greater than $25,000 may be extended at the
discretion of the foundation.
- Until an endowment account reaches $25,000,
no earnings will be realized by the fund.
- The named-endowed fund will not be activated
(listed in publications, accessed for grants, etc.) until the
$25,000 level is achieved. Once the $25,000 gift level is reached
the fund may be named as designated by the donor(s).
- If 18 months elapse between pledge payments
or if $25,000 is not received within a five-year period, all gifts
deposited to the non-funded endowment account will be added to the
General Scholarship Endowment, unless the donor(s) specifies an existing endowment in the agreement document.
- No endowment fund will be established which
specifies race, religion, or gender of recipients.
- Gifts-In-Kind may not be utilized to fund