The Board of Trustees of the Endowment Fund of UNC Pembroke was established through G.S. 116-36 as amended by Chapter 506, 1977 Session Law. The Board has responsibility for the prudent investment of the funds received on behalf of the University. The Trustees of the Board are responsible for the receiving and administration of gifts, devises, bequests and property of any kind donated to the endowment fund for the benefit of the University.
The policies and procedures that follow outline the types of gifts accepted and the manner in which their acceptance will be approved.
In order to establish an endowment fund for the purpose of the support of a scholarship the donor will provide a minimum of $10,000 within a five (5) year period. Income generated from the endowed fund will not be used to provide the scholarship until the minimum amount is met. Interest may not be used toward the minimum endowment amount.
Donors or programs that experience a change of circumstance, or scholarship endowment funds which do not reach the required minimum amount, will be transferred to The University of North Carolina at Pembroke General Scholarship Endowed Fund. The income of this Endowment is used to provide general scholarship support to students at the direction of the Office of Financial Aid of the University. and the chair of the Foundation Board.
The terms of all endowed gifts, restricted gifts of $10,000 or more, and all unrestricted gifts of $10,000 or more will be specified in a written gift agreement which outlines the program to be supported and the schedule of contribution. The gift agreement will be signed by at least the following individuals: the donor, the Chancellor and the Vice Chancellor for Advancement.
Clauses in proposals, gift agreements or solicitations that discriminate in favor of or against any race, creed, nationality, or sex are discouraged, except where such restrictive clauses are consistent with University Affirmative Action policies.
Preferences for relatives or descendants in the award of scholarships or in the use of donated funds must be avoided.
Gifts from an individual, association or corporation for a fellowship or scholarship made on the condition or with the understanding that the award will be made to a student of the donor's choice will not be accepted. Money received subject to such restrictions may be credited to a depository account within the University Office of Financial Aid, but will not be recorded as a gift to the University.
The terms of any gift should be as flexible as possible to permit the University's use of the funds as nearly as possible to be in line with the original intent of the donor's wishes and/or with the priorities of the University.
Gifts that restrict or impede the work or scholarly activity of a faculty member, fellowship holder, or student will not be accepted.
No fellowship or scholarship gift will be accepted if the terms of the gift in any way include a commitment for the future employment of the student recipient.
No gifts will be accepted that in any way include a commitment for the employment, promotion, advantage or disadvantage of any employee, student or volunteer.
The donor(s) of a gift may not serve on any selection or advisory committees involved in the selection of students or faculty members who would benefit from the gift in anything other than an observer capacity.
All gifts or funds, whether for current use or endowment, solicited in the name of and treated as a gift to any part of the University through the Endowment Fund, shall be received by the Office of Advancement and expended through the University Office of Controller.
The use of donated funds for a purpose other than the donor's intent is prohibited. If other use is deemed necessary, consent for using the funds in a different manner may be sought from the donor by the Office of Advancement.
Updated: Tuesday, November 16, 2010
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