Foundation Gifts

Endowment funds are gifts from donors in which the principal cannot be expended and must be invested for income-producing purposes. Income from endowments can be either restricted or unrestricted, based on donor direction. A portion of the income is available to be expended for the agreed upon purpose and a portion may be reinvested to maintain purchasing power. Funds designated by the board to function as endowments may be totally expended at any time at the discretion of the board.