Endowment Funds. The Clinic has a donor-restricted endowment fund for operations which is maintained in accordance with explicit donor stipulations. The Board of Directors of the Clinic has interpreted the Texas Uniform Prudent Management of Institutional Funds Act (TUPMIFA) as requiring the preservation of the fair value of the original gift as of the gift date of the donor-restricted endowment funds absent explicit donor stipulations to the contrary. As a result of this interpretation, the Clinic classifies as permanently restricted net assets (a) the original value of gifts donated to the permanent endowment, and (b) the original value of subsequent gifts to the permanent endowment. The remaining portion of the donor- restricted endowment fund that is not classified in permanently restricted net assets is classified as temporarily restricted net assets until those amounts are appropriated for expenditure by the Clinic in a manner consistent with the standard of prudence prescribed by TUPMIFA. SAN XXXX CLINIC NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020 AND 2019 Note 16 - Endowment Funds (Continued) In accordance with TUPMIFA, the Clinic considers the following factors in making a determination to appropriate or accumulate donor-restricted endowment funds: • The duration and preservation of the fund • The purpose of the Clinic and the donor-restricted endowment fund • General economic conditions • The possible effect of inflation and deflation • The expected total return from income and the appreciation of investments • Other resources of the Clinic • The investment policies of the Clinic Endowment funds are maintained in an investment account which is managed by an independent financial firm that follows guidance provided in an investment policy approved by the Board of Directors. The Clinic has adopted investment policies for endowment assets that attempt to provide a predictable stream of funding to programs supported by its endowment while seeking to maintain the purchasing power of the endowment assets. The endowment funds have not been spent since inception; no spending policy is currently in place. The Clinic is working on implementing a spending policy in 2021. From time to time, the fair value of assets associated with individual donor-restricted endowment funds may fall below the level that the donor or TUPMIFA requires the Clinic to retain as a fund of perpetual duration. Endowment net assets consist of the following at December 31: 2020 2019 Original donor...
Endowment Funds. Endowment Funds may only be used for a purpose other than that originally specified in very strictly defined circumstances and after Trustees have taken legal advice and obtained approval from the Charity Commission. Donors are requested to consult carefully with Trustees before designating a gift as “Endowment”, given the restrictions placed on such a gift.
Endowment Funds. The cumulative balance of Federal awards for endowment funds which are federally restricted are considered awards expended in each year in which the funds are still restricted.
Endowment Funds. 6.4.1 Donations to establish or contribute to Endowment Funds at the Foundation are held as capital and invested according to the powers set out in its investment policy as reviewed by the Board from time to time. The capital sum is invested to maintain and, if possible, enhance the value whilst generating income for grant-making. Funds are pooled and allocated units within the overall portfolio and credited with their income. It is the Foundation’s policy not to spend capital unless instructed by the donor under the Donation Agreement.
Endowment Funds. Subject to the System Board’s Reserved Powers under Sections 3.4.1 (with respect to HH and MCH) and 3.4.2 (with respect to CMC and the CMCHS Subsidiaries) with respect to proposed expenditures, each System Member will retain ownership
Endowment Funds. The Authority shall manage and apply any monies in the Endowment Funds in accordance with the donor's intent and restrictions(if any);provided,however,to the extent not prohibited thereunder, the Authority agrees to apply all available interest and other revenues generated through the investment of such Endowment Funds (and principal, if permitted thereby)and all other funds received by the Authority from public bodies or others to assist Lessee in the provision of the services described in Section 5.4 hereof ARTICLE 7
Endowment Funds. The Ohev Tzedek Endowment Funds shall be incorporated into the Endowment funds held by Congregation Xxxxx Xxxxxx, both of which shall become the endowment of the combined entity.
Endowment Funds. The Foundation, maintaining exclusive legal control of all contributed assets, has adopted a total return approach to investment management under the Uniform Management of Institutional Funds Law for Permanent Endowment Funds. This allows the Foundation to capture more of the historically higher appreciation in the equity markets. "Total return" is a term used to describe the total change in fund value over a given time period that results from both income (interest and dividends) and capital appreciation (realized and unrealized gains). Under this approach, a fund's income for grant making and/or distributions will be calculated by using a "spending rule" – a fixed annual rate established by the Foundation's Board of Trustees and defined as a percentage of the market value of the assets in the fund. For example, a spending rule for a given year might be 5% of the four-year average of a component fund's asset value. The amount available for grant making determined by this spending rule can include interest and dividend income, as well as realized and unrealized gains. Currently the spending rule is 4.5% of the average market value over the past 20 quarters. No distributions are allowed for one year from the time the endowment fund is established. Grants from Field of Interest Permanent Endowment Funds will be made at the June Trustees’ meeting. It is important to note that depending on market conditions, in some years the spending rule may require the distribution of a portion of the principal balance in a fund.
Endowment Funds. If a grantee uses part of its grant funds to establish or increase an endowment fund, it must comply with the provisions of §§ 628.3, 628.6, 628.10, and 628.41 through 628.47 of this chapter with regard to the use of those funds, except—
Endowment Funds. Endowment Funds will permit the spending of only the amount in accordance with the Foundation’s spending policy, as described further in Section 6. The intention of an Endowment Fund is to spend only the income earned on the Fund, so that no amount of the principal of the initial or subsequent contributions to the Fund will be encroached. As they are invested in various equities, fixed income, mutual funds, and other products, Endowment Funds are subject to market fluctuation. An Endowment Fund may be converted, at any time, to a Restricted Fund. I/We wish to establish the Fund as: ❑ Restricted Fund (Flow-through) ❑ Endowment Fund (Preservation of capital)
