Guidelines for Student Financial Assistance Endowments

Amount

The minimum amount to establish a student financial assistance endowment is $50,000. Funding is to be completed within seven years unless a deferred charitable gift or bequest documentation has been received by EMU. Funds with less than $50,000 after a period of time may revert to an established endowed student loan, grant or scholarship fund. Donors are encouraged to continue adding to the endowment yearly and/or by bequest, deferred charitable gifts or estate planning.

Acceptance

All student financial assistance endowments must meet institutional priorities and are subject to approval by the president, vice president for finance and vice president for advancement. Trustees will periodically take action to accept endowments that have been established for EMU.

Selection

When the contributed funds have reached $10,000, the Financial Assistance Office will select qualified students meeting eligibility criteria. Awards will be made in compliance with applicable federal and state regulations.

Management and Investment

EMU endowment funds are managed and invested under guidelines developed by the Mennonite Education Agency and the Board of Trustees of EMU. Income payout rates are set at levels intended to preserve the future purchasing power of the endowment principal and to protect against erosion by inflation.

Reports

An endowment activity and award report will be sent to the contact person upon request listed on Development Office records.

Review

Twenty years after the date of this agreement and at periodic intervals thereafter, the endowment agreement will be reviewed by the EMU administration and trustees. After giving due weight and deference to the stated interests of the donor, the endowment earnings and/or principal may be reallocated in light of the then current mission and purpose of EMU. The donor’s original intentions and purpose in funding the endowment will be seriously considered along with the priorities and needs of the institution at that time.

Policy

The trustees of Eastern Mennonite University reserve the right to modify these guidelines from time to time. Endowment agreements will be administered pursuant to these guidelines as periodically revised.

Approved by Board of Trustees 11/14/2015