JAMES MADISON UNIVERSITY FOUNDATION

POLICIES AND PROCEDURES

ESTABLISHING AND ADMINISTERING ENDOWMENT

POLICY # D 101

APPROVED: January 27, 1999; Revised October 14, 2005

POLICY:

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

PROCEDURES:

1. 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 fund.
2. 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.
3. Until an endowment account reaches $25,000, no earnings will be realized by the fund.
4. 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).
5. 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.
6. No endowment fund will be established which specifies race, religion, or gender of recipients.
7. Gifts-In-Kind may not be utilized to fund endowments.