Endowments
ESTABLISHING AN ENDOWMENT
An endowment fund can be established in the name of an individual, family or as a memorial for a loved one with a contribution of $10,000 or more. The principal amount of the endowment will be invested in a diversified portfolio of stocks and bonds by the Foundation's professional investment counsel and will remain intact forever.
Each year, 50% of the appreciation, dividends and capital gains — if any — will be available at the discretion of the board of directors to support the designated program for which the gift was made. If the principal ever depreciates below the initial gift amount, the shortfall will be covered by the "available" portion of the endowment, which includes unspent dividends and gains from previous years.
Establishing an endowment is an excellent way to honor the memory of a loved one or uphold a family name while also providing ongoing support for a preferred program, project or department at Citrus College.
To establish the endowment, please write a check for a minimum amount of $10,000 made payable to the Citrus College Foundation. Be sure to note the name of the endowment on the check.
Send the check along with a letter of transmittal addressed to the attention of the executive director at the Citrus College Foundation. In your letter of transmittal, please include the following information:
- Your name
- Your address
- Your personal and work telephone numbers
- Your email address
- The name of the endowment fund
- The program, project or department that you would like the fund to benefit
Additionally, please specify who should be the contact person for the account. If the contact person is someone other than yourself, be sure to include their address and telephone numbers as well.
A thank you letter with a gift receipt which can be used for tax purposes will be promptly mailed to the donor. The Citrus College Foundation is a 501(c)(3) nonprofit organization and all contributions are fully tax-deductible to the extent allowed by current tax law.
If a donor does not wish to establish their own endowment fund, they can choose to make a gift to any existing endowment account. The individual or family who established the endowment will be informed of the contribution and the name of the donor on a special gift card unless the donor specifies their preference to remain anonymous.