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| What is an endowed fund? |
An endowed fund provides a permanent source of funding for a specific program or scholarship. The basic plan underlying an endowed fund is simple. The principal of your donation is never spent. Instead, it is invested in accordance with the investment policies of the Hastings College Foundation and only a portion of the earnings generated from the fund are used to fulfill the purposes for which the fund was created - thus ensuring the fund will continue to provide ongoing financial aid to Hastings College and its students for many years to come.
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| How do I establish an endowed fund? |
| Usually, the first step is to decide for whom you would like to name the fund and then work with the Foundation staff to establish an endowed fund agreement. Typically, the agreement outlines the name of the endowed fund, specific details of the fund (for example with an endowed scholarship, the type of student you would like to receive the scholarship - geographic area, academic profile, major field, financial need, etc.), and renewal requirements. |
| What is needed to fully-fund an endowed scholarship? |
| Currently, when an endowed scholarship fund balance reaches $20,000, it is considered fully-funded. Each year, five percent of the growth of the fund is budgeted to be awarded in the form of a scholarship. Any realized gain above five percent is returned to the fund so the corpus remains untouched and continues to grow. |
| Can others add to the fund? |
| Yes, many times donors, friends, family members and alumni combine their efforts and pool their gifts in order to honor an individual by establishing an endowed fund. |
| What if I do not have $20,000 right now to establish an endowed scholarship fund? |
| Many of our stakeholders begin an endowed scholarship fund with the intention that the endowment will be funded over a period of years or through their estate plans. As long as individuals are contributing to the fund at a meaningful level, the fund will be considered active. For example, a donor can establish a fund and add $5,000 to the fund for four years. |
| Will Hastings College keep me updated on my endowed fund? |
| Once your fund has become operational, we will provide you with a yearly endowed fund report that provides detailed information, such as: -Financial status of your fund -Endowed fund recipient biographies -Hastings College updates and information |
| Besides a gift of cash, are there other options to contribute or establish an endowed fund? |
Securities, Real Estate and Personal Property
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| Can I establish an endowed fund through my estate? |
| In some cases, donors elect to establish and fund an endowed fund through their estate plans. Endowed funds may be established through a variety of planned gifts such as: -Bequest through a will -Insurance policy -Retirement plan -Charitable gift annuity |
| Can I contribute more than $20,000 to an Endowed Scholarships Fund |
| Yes, many times our stakeholders will continue to add to an endowed fund so the scholarship awarded can increase or so the scholarship can be awarded to more than one student. |
| Can I support an existing scholarship fund? |
| Yes, even though Hastings College manages approximately 200 endowed scholarship funds, there are a few that are not fully-funded. If you wish to support any of these, please note which fund you would like to designate your gift. To see a complete list of existing funds, click here. |
| Are all gifts tax-deductible? |
| Gifts to the Hastings College Foundation are tax-deductible to the extent allowed by law. It is recommended that you also consult with a tax attorney or financial advisor. |
