How does the Morris Challenge work?
Professor Emory Morris has pledged $100,000 over three years to match individual gifts. He will match all donations dollar-for-dollar over a three-year period up to a total of $100,000. If your employer will match your gift, please initiate the process and direct the gift to the fund of your choice. However, Professor Morris will only match employer contributions applied to either the Undergraduate Chemistry Research Endowment Fund or the use-restricted Fellowships for Undergraduate Chemistry Research Fund. Professor Morris’s matches will be added to the Morris Endowment and your gift will be added to the fund of your choice as noted above.
Whose gift is eligible for the match?
We are inviting all chemistry alumni (1968-present), faculty, staff and faculty emeritus, as well as former chemistry faculty to participate. Also eligible are gifts from alumni, faculty and staff College wide, as well as friends of the department.
What endowment funds currently support summer chemistry research at Brockport?
Note: In the past, income from each fund has been combined to support as many fellowships as possible at $400/week for eight weeks. We hope to increase the amount of the award or to extend the length of fellowships to 10 weeks.
What restricted funds currently support stipends for summer chemistry research at Brockport?
There are no such funds at this time. When Professor John Bixler retired in 1999, he challenged his former research students to contribute to a restricted fund with a match from him. The fund yielded stipends for several summers. The fund closed several years ago when the balance was expended.
What happens if I make a gift to the Undergraduate Research in Chemistry Endowment?
When a gift is made to an existing endowment fund, the donated asset(s) are credited to the principle of that fund, increasing the fund’s principle and the amount available for summer chemistry research fellowships. The income depends upon the preceding year’s investment success, but the goal is to distribute five percent of the value of the donor’s gift.
What exactly is an endowment fund?
Endowment funds help organizations pay for recurring programs and other major expenses. Rules governing endowment funds specify that the principal in the fund remains untouched. Each fund’s income and appreciation is appropriated by the Foundation Board for expenditures on institutional priorities, except in the case of use-restricted funds where they support specific goals. The recommended amount for creating an endowment fund at The College at Brockport is $20,000.
How does an endowment fund work?
The Foundation administers many endowment funds. The principle of each individual endowment is pooled, and the Foundation, through its investment advisor, invests in a diversified portfolio whose goals include the preservation of capital, moderate capital appreciation and income. The income is distributed annually to each endowment fund in proportion to its representation of the total investment pool. The goal is to provide an investment income of five percent of the market value for annual support of the fund’s purpose(s).
What is a use-restricted endowment fund?
Donors may restrict a gift for a designated use. In this case, income from the endowment may only be applied to that use. Restricted gifts should always contain language authorizing the fund’s management to adjust the use-restricted purpose to something more suitable should that be found necessary. The recommended amount for creating a use-restricted endowment fund also is $20,000.
What is a use-restricted gift?
Donors may specify purposes for which their donation may be used — scholarships, a specific academic major or program, facilities, etc. A use-restricted gift, not using the word “endowment” allows for the immediate spending of the gift’s principal for the stated purpose with management’s approval. Use-restricted gifts should be accepted only in a manner that clearly sets out the expectations of the parties, either by addition to an existing fund with well established rules, or by a Fund Agreement drafted for the new gift. Since the Brockport Foundation manages more than 300 funds, there is often an existing fund that meets a donor’s desires. The minimum amount for creating a new use-restricted fund is $1,000.
Can I bypass the endowment process and designate a gift for immediate support of summer research fellowships?
Yes. We are creating a restricted fund to support summer research fellowships in chemistry. This money also will be invested, but it will not be managed to continue in perpetuity. Instead, the income (after deduction for management expenses) will be available for annual awards. The Department of Chemistry faculty will make awards from both the income and the principle, and when the last of the principle has been expended the fund will close.
What are the tax considerations for my gift?
All gifts to the Brockport College Foundation are tax deductible to the extent provided by law. Donors are encouraged to consult with their own professional financial advisors before making a gift.Brockport Foundation
350 New Campus Drive
The College at Brockport
Brockport, NY 14420
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