Endowed Fund Management

The endowment agreement is a legally binding contract between the donors and the college. The agreement includes information about the donors and their intent, the originating gift, restrictions and obligations for the college, and rights the college retains for naming, management, and accounting.

Endowed funds may be unrestricted (supporting either our operations or financial aid) or restricted (meaning the donor has set a particular purpose for their use). Any changes require new agreements. These must be signed by the original donors or confirmed in court if donors are deceased.

Earnings are available for spending once gifts of at least either $100,000 (unrestricted) or $200,000 (restricted) are received from the donor. Once the fund spends, earnings are available as revenue in budgets. The amount available for spending is deterimined by 12/31 for the following school/fiscal year. These earnings should be spent down every year; they become available again the next.

Earnings

• Budget Manager Guide
• Ole Information Reporting

Annually, the college provides donors with a report on the fund’s financial performance and use. Donor Relations surveys fund managers just before or after the school year to collect this information. This is shared with donors along with overviews from the President, CFO, program area heads, and students. Reporting on the use of funds is a requirement of our agreement with donors. It is a great tool to showcase the impact you make possible for Oles with the gifts they provided!