An endowed gift is usually given to the College with the intent that it provides a permanent support to the College. The support is usually restricted to areas such as scholarship, prize, professorship, etc. but may be for the general use of the College. The principal (gift amount) is invested in an "Endowment Fund" and income earned from this investment will be spent for the purpose designated by the donor. The principal remains invested into perpetuity and spending should only be made from the income earned.
In order for a gift to qualify as an endowment named fund, it must have a pledge equal to or greater than $150,000.
A spendable gift is usually given to the College where its use is specified by the donor. Once all of the gift has been spent for the given purpose, it will no longer exist until another gift for that same purpose is given.
A grant is usually given by foundations or government agencies. The terms of the grant require a deliverable, financial reports and a time period for completion. It also has a budget and any unspent funds are returned to the grantor. Please see separate homepage for Sponsored Programs.
A planned giving gift to the College is a future gift where the donor typically receives some form of income stream during the course of their life. The College receives the market value of the gift when it matures.