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What will the Endowment be used for?
What is the Spending Policy?
How will the funds be invested?
How much are you trying to raise?
Is my donation tax deductible?
What are the Founder's Circle levels and what benefits do I receive?
What if I give through my will/trust, will I be included in the Founder's Circle?
Who do I make the check out to?
Notes/Terminology
What will the Endowment be used for?
At least 85% of each year's Endowment Fund distribution must be used for the purpose of providing scholarships; up to 15% of each year's Endowment Fund distribution may be used for the general operating needs of FWASFSF.
What is the Spending Policy?
FWASFSF may spend 4% annually of the average net fair market value of the Endowment Fund's assets for the 12 calendar quarters ending Dec 31 of the previous year. The spending policy may be amended by the Board of Directors, but only in a manner consistent with the endowment's intention and the Uniform Prudent Management of Institutional Funds Act, as it may be amended from time to time (currently allows 7%). It is anticipated that the spending policy percent would be revised upwards in an inflationary economic environment.
How will the funds be invested?
The FWA (both c3 and c6) has an investment committee that sets guidelines for investments. The Endowment Fund also falls under the investment committee's purview. The current policy allows for investments in short-term securities with less than one year maturities (i.e. money markets, CD's, U.S. treasury bills etc). As the size of the endowment grows, we anticipate the policy will change to include a mix of longer term securities and/or equities, but still managed conservatively and prudently in light of the endowment's purpose to support the scholarship program in perpetuity.
How much are you trying to raise?
Our intermediate goal (over several years) is to raise $2 million. This amount would fund half of the current scholarship levels and allow us to diversify our fundraising sources. Note: we anticipate no change to our current fundraising through corporate sponsors or to our flagship FWOTY event. The endowment is a supplement to our existing fundraising. Our long term goal is $4 million, which would cover 100% of the scholarships at today's level and ensure the viability of the scholarship long-term. Again, we see no change to our current fundraising through corporate sponsors, but this gives us security and flexibility to grow and evolve over the long-term.
Is my donation tax deductible?
The FWASFSF is a 501c3. The endowment fund is not a separate entity, but simply restricts the funds within FWASFSF (to the purpose and policies outlined above). Therefore your tax donation should be tax deductible; however, you should check with your accountant on your specific situation.
What are the Founder's Circle levels and what benefits do I receive?
If your company matches your donation, you will qualify at the combined level. (A $250 donation with a 100% company match, will qualify as $500). A pledge made in installments will qualify at the combined level, as long as the first installment is paid by December 31, 2011. (Example: a pledge of $1,000 per year for five years, will qualify as $5,000). Additionally, a company match may be taken into account when a donor is making a pledge, not just a gift. Founder's Circle donations must be received (or the 1st payment installment of a pledge) by December 31, 2011. A Founder's Circle donor will be recognized in perpetuity on the FWA website. A Founder's Circle donor who gives in subsequent years will be marked with an asterisk (*) in any media where donors are listed for that year. (This does not apply to an installment made as part of the Founder's Circle initial pledge).
What if I give through my will/trust, will I be included in the Founder's Circle?
Since the payment (or first installment) must be received by December 31, 2011 to qualify for the Founder's Circle, a legacy donation will generally not qualify. However, we have a Legacy Society and a bequest is appreciated.
Who do I make the check out to?
The Financial Women's Association of San Francisco Scholarship Fund Inc. Write "Endowment Donation" in the memo section. (The Fund's tax I.D. number is 03-0475636).
--- Notes/Terminology ---
FWASFSF: Refers to the Scholarship Fund, a 501c3 organization. The Endowment Fund is the restricted funds within FWASFSF.
FWASF: Refers to the Membership Association, a 501c6 organization. It is a sister organization, but a separate legal entity from FWASFSF/the Endowment.
FWA: A generic term used to refer to both organizations. It's not a separate legal organization.
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