Common use of Endowment Clause in Contracts

Endowment. The gift specified above shall be used for the purpose of creating with the Foundation an endowment fund to be known as the [name] Fund (the “Fund”). The amount needed to fully fund such an endowed fund shall be that amount required by the Foundation on the date the first gift is received into the Fund. If, after the specified pledge period is ended, the value of the Fund is less than the minimum required by the Foundation as of the date of this Agreement for the establishment and continuing support of the named fund, the Fund may be transferred to and merged with an existing endowment or other fund at the Foundation approved by the Foundation Board whose purpose will most nearly accomplish the Donor’s intention evidenced by the purpose described above. Although the endowment’s designation is intended to exist in perpetuity, the Donor agrees that unforeseen circumstances may alter or remove the subject area from the campus plan. In such an event, the Foundation Board is authorized to redesignate the purpose of this endowment, after taking into consideration the designated purpose described in this Gift Agreement. If at the time of the Donor’s death, any amounts remain outstanding on the pledge, it is the Donor’s intention that the outstanding amount becomes a debt of his/her estate and that his/her personal representatives pay such debt to the institution out of estate assets. The donor will include a provision in his/her will reflecting this commitment. This gift and subsequent gifts to this fund shall be recognized in a manner consistent with the Foundation’s and University’s recognition program. The gift recognition will be coordinated by the development program of Western Kentucky University and the Foundation and will be announced in appropriate media outlets, subject to the approval of the Donor. [insert any additional language related to required reporting on the endowed fund requested by the Donor]

Endowment. The gift specified above shall be used for the purpose of creating with the Foundation University [or Foundation] an endowment fund to be known as the [name] Fund (the “Fund”). The assets of the Fund may be merged or pooled for investment and investment management purposes with the general endowment or other assets of the University [or Foundation] and managed and invested in accordance with University [or Foundation] policy and procedure, but shall be entered on the books and records of the University [or Foundation] as the “[name] Fund.” Distributions in support of the above gift purpose and reasonable fees associated with securing, raising, investing, and administering such funds shall be charged to the said Fund administered in accordance with the policies and procedures of the University of Virginia [or Foundation] then in effect. Inadequate Funding. The amount needed to fully fund such an endowed fund shall be that amount required by the Foundation University of Virginia on the date the first gift is received into the Fund. If, after the specified pledge period is ended, the value of the Fund is less than the minimum required by the Foundation University [or Foundation] as of the date of this Agreement for the establishment and continuing support of the named fund, the Fund may be transferred to and merged with an existing endowment or other fund at the Foundation University [or Foundation] approved by the Foundation Board University [or Foundation] whose purpose will most nearly accomplish the Donor’s intention evidenced by the purpose described above. Although the endowment’s designation is intended Naming/Approvals: The proposed naming of any academic program, professorship, center, institute, department, physical structure, or part thereof must be mutually acceptable to exist in perpetuity, the Donor agrees that unforeseen circumstances may alter and the University [or remove the subject area from the campus plan. In such an event, the Foundation Board is authorized to redesignate the purpose of this endowment, after taking into consideration the designated purpose described in this Gift Agreement. If at the time ▇▇▇▇▇▇ and Visitors of the Donor’s death, any amounts remain outstanding on University of Virginia (the pledge, it “University”) if the agreement is with a related Foundation] and must be approved in writing by both the Donor’s intention that Donor and an authorized officer of the outstanding amount becomes a debt of his/her estate University. Any naming is and that his/her personal representatives pay such debt to the institution out of estate assets. The donor will include a provision in his/her will reflecting this commitment. This gift and subsequent gifts to this fund shall be recognized in a manner consistent with the Foundation’s and University’s recognition program. The gift recognition will be coordinated by the development program of Western Kentucky University and the Foundation and will be announced in appropriate media outlets, subject to the approval Naming Policies and Procedures of the DonorUniversity as in effect from time to time administered by the President’s Committee on Names (▇▇▇▇▇://▇▇▇▇▇▇.▇▇▇.▇▇▇▇▇▇▇▇.▇▇▇/policy/policydisplay?id=EXT-004 ). It is also understood that the undertaking of any facility construction or development must be approved by the University’s Board of Visitors, and the Commonwealth of Virginia if required by state law. Nothing herein shall be interpreted as requiring the University to undertake construction or commence any capital project without all required approvals. Related Expenses. [insert any additional language related the following or similar language.] The University [or Foundation] may, at its discretion, assess a reasonable percentage from the gift to required reporting on the endowed fund requested by unrestricted general operating funds of the Donor]University [or Foundation] in order to defray its operation expenses, provided the amount assessed shall not exceed ­­­___% of each gift installment the Donor makes and shall be assessed within ____ days of the University’s [or Foundation’s] receipt of each gift installment made in fulfillment of this Agreement.