Endowments
Supporting Higher Education, Not Higher Education Debt.
Why Create an Endowed Fund?
Creating an endowed fund is one of the best ways to create a lasting legacy for you, your family or a loved one and help sustain the future for generations as well as maintain a strong workforce for our communities. Endowment funds are held in perpetuity and invested for long-term growth while providing an income for the purpose designated by the donor(s). Only the interest earned on this investment is used to fund scholarships.
Students fund their education through a combination of student debt, State and Federal aid, and private scholarships. As debt burdens grow and public support weakens, the most critical source for keeping college affordable is private financial aid. The Mansfield Foundation is committed to increasing financial aid to students to facilitate their graduation success.
Scholarship endowments may be designated as restricted or unrestricted. For example, restricted funds can be used for student scholarships for specific majors like business, education or nursing, or to support access to programs that are of interest to the donor. Unrestricted funds in turn give Mansfield Foundation a larger amount of flexibility to designate the use of funds toward areas of unmet need and new challenges to address changing times.
How do I create an endowed fund?
Funds are established with a minimum $10,000 investment, which can be an immediate gift or made in installments over five years, and can be named after a variety of options, such as your family name, parents, loved one, a valued educator or community leader, or it can even be named after your business. A contract agreement is created and includes specific criteria (if any) to the endowment.
Once funded, the endowment is invested for a period of one full investment year, allowing time to earn initial interest. Each year thereafter, a percentage of the interest earned is used to fund your designated program. The remaining interest earned is then reinvested to increase the overall amount of your endowment. The Foundation’s Board of Directors sets the reinvestment percentage and spending rate annually.
How do I receive information about how my endowed fund is used?
An Endowment Report is mailed to fund holders annually. It outlines how your funds were used, or in the case of scholarships, how much was awarded, the recipients of the awards and the total market value of your endowed fund.
Can I add to my endowment once it is established?
You can add any amount you want to your endowment fund, as many times as you would like and at any time. Additionally, through your will or estate plan you may designate that a certain amount or percentage of your estate be directed to your fund.
What are some ways in which I can fund an endowment?
Endowments may be funded by an outright gift of cash, securities, a charitable trust, gift annuity, retirement accounts, paid-up insurance policies or a bequest, many of which can maximize tax benefits of your gift.
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READY TO SET UP YOUR FUND?
Our team is experienced, knowledgeable, and focused on the goals of your giving while honoring donor intent. We share a passion to help your generosity do the most good because that’s what truly matters.