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General Faculty Memorial Funds

  • 1.  General Faculty Memorial Funds

    Posted 20 days ago
    Hello, AASP brain trust! Our VP has an idea to create a general unrestricted faculty support endowment for memorial gifts for faculty/retired faculty who pass away. The thought here is that with one general fund, payout will be much larger and grow quicker than having many one-off memorial funds that will never reach the endowment minimums.

    Has anyone out there tried this approach? Has it been successful or any advice for us? Have you done something else for honorary/memorial funds?

    Any words of wisdom is greatly appreciated!

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    Mandy Smith
    Director of Gifts and Records Management
    Virginia Commonwealth University
    mlsmith4@vcu.edu
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  • 2.  RE: General Faculty Memorial Funds

    Posted 20 days ago

    When we receive honorary/memorial funds and we know there will not be enough to create and endowment we normally put the funds in the general scholarship accounts for the area the person was connected to.

     

    We do have a new program where a named annual scholarship can be created. These types of scholarships allow the family of the deceased to get information on the student that received the scholarship and the minimum for these types of scholarship accounts are much lower than an endowment.

     

     

    Cindy Hornbeck

    Gift Processing Specialist

    University Advancement

    940-898-3894

    CHornbeck1@twu.edu

     

     

     

     

     






  • 3.  RE: General Faculty Memorial Funds

    Posted 20 days ago
    Mandy, the idea is sound as long as you can convince family members to go along with the plan.  Often, these relatives have overly optimistic ideas of how much might be contributed.  And so, they often insist on planning for a named endowment.

    I do think you can ultimately get to where you want to go.  But you might need to begin collecting funds per a family's desires, but include language in the endowment agreement that states if the required funding is not reached in X years, the donations will be moved to the general fund.

    John

    John H. Taylor
    Principal
    John H. Taylor Consulting, LLC
    2604 Sevier St.
    Durham, NC   27705
    919.816.5903 (cell/text)

    Serving the Advancement Community Since 1987