Policies & Procedures Manual

93

Policy No: 305.3

Policy Contact: President

Policy Title: ENDOWMENTS

The endowment of a scholarship to be awarded at ECCC requires a minimum investment of $10,000. An endowment may be established with a minimum initial investment of $1,000 with agreement to complete the total $10,000 investment in three years or less. After the initial three years, if investments to the endowment fund do not reach the $10,000 minimum and investments to the scholarship fund are no longer being received, the primary donor will be notified that the scholarship must be completed within one year. After the fourth year, if the scholarship is not fully endowed the scholarship endowment money will be transferred to the general scholarship endowment fund and scholarships will be awarded annually based on the interest earned on the endowment corpus, or may be given to the endowed scholarship of the donor’s choosing. If at any time the original donor wishes to fully endow the scholarship, the scholarship will be reinstated. Exceptions to this policy may be made in special situations.

(Revised 3/8/05; 12/13/11; Reviewed 8/9/16)