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Endowment Policy
- All gifts given to Mitch School Box Club (MSBC) for the purpose of establishing an endowment or contributing to an existing endowment must first be completely reviewed and then formally accepted by the (MSBC) Board of Directors, Finance Committee.
- Establishment and management of endowment funds represent a significant legal and financial commitment on the part of MSBC Therefore, the minimum amount for an initial gift for individual named endowment purposes is $25,000.
- Recognizing that such sums must often be accumulated over a period of years, MSBC will allow a donor to spread the payments for a period of up to five years to meet the minimum endowment policy amount.
- An endowment fund is not activated until the minimum funding level has been reached.
- An endowment fund may be designated for a specific purpose, program, or department depending on the wishes of the donor and is subject to approval of the MSBC Board of Directors, Finance Committee.
In the case of a pure endowment–that is, one created when the donor specifies that a contribution is to be used for an endowment—the principal may not be expended under circumstances not expressly set out in gift documents.
In the case of a quasi-endowment–usually, one created by MSBC itself using funds that were not specifically designated for an endowment or one designated as quasi by the donor––the principal may be invaded only after review and approval of the Board of Directors at the recommendation of its Finance Committee.