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Original Query from Wichian Rojanawon, LETS Program, UMASS
Boston
We would like to know what LLIs have an Endowment Fund? How is this fund
set up? For what purpose are the funds used?
From Noreen Frye, Institute for Retired Professionals, University
of Miami, FL
We have a "Building Fund" account that we've had for a while
in hopes of some day having a permanent home. The funds come from memorials,
birthday honors, from general solicitations and from monies willed to
our institute.
From Diana Marsilje, Hope Academy of Senior Professionals
(HASP), Holland, MI.
We do not have an endowment fund as such. We did, however, hold a three-year
Capital Campaign to which members were invited to contribute. This fund
is held and invested by the College. The goal of the campaign was to provide
for future space needs. Currently, income from the fund helps to pay the
rental fee for our facilities on campus. Although there are no immediate
plans for a “HASP building,” the funds are ours if and when
we decide to make such a bold step. The three year term of the campaign
has ended; but the fund continues to grow through gifts from members and
the interest from Hope’s prudent investment strategy.
From Stephen Appel, ILR, University of Cincinnati. OH
We have an endowment fund called “Friends of the ILR.” It
is administered by the University of Cincinnati Foundation and thus is
part of the University’s overall endowment. However, use of the
Friends Fund is restricted to our use only. The fund is used for scholarships
and non-operating expenses. The latter include lectures and performances,
nonrecurring capital items (e.g. equipment) startup costs for experimental
programs (e.g. special marketing) reimbursement for moderators’
parking fees on main campus, luncheons and award dinners, etc.
From Kali Lightfoot, OLLI, University of S. Maine, Portland
Our endowment is set up within the University of Southern Maine Foundation.
We use the proceeds for a variety of things including contribution to
salaries (not benefits), Distinguished Lecture Series (honorarium and
expenses for 2 speakers per year), conference costs for statewide and
regional conferences, scholarships for OLLI members.
From Kenne Turner, Academy for Lifelong Learning, Montgomery
College, TX
The Academy for Lifelong Learning@Montgomery College is in the process
of establishing a scholarship endowment in our college district foundation.
We began this project last January with a goal of creating a $15,000 start-up
endowment for which we have raised over $11,000. Our goal is to have the
endowment established by this coming January. The endowment will be in
the name of a founding ALL member and community leader who passed away
two years ago.
From Theresa Durham, ILR, Kellogg Community College, MI
The Institute for Learning in Retirement at Kellogg Community College
has a fund set up at our college’s foundation office. We use this
fund primarily for scholarships to older adults who are seeking a college
degree. If your institution has a foundation, ILR members can contribute
to the Fund and receive the tax benefits. If your institution does not
have a foundation, check with your local or regional community foundation
about establishing an endowment fund.
From LeAnne Stuver, Rose Institute for Life Long Learning,
Beachwood, OH
Our program is funded by an endowment (Eda and Louis Rosenkowitz Fund).
I believe the original endowment ($500,000) was invested and our program
is run off of the interest. This fund supports our approximate $10,000
instructor cost/supply budget each year. The salaries for our part-time
director and program assistant come out of the activity personnel budget
at our facility. This allows us to charge a nominal fee ($1-$5) to our
students for each class.
From Leonie Gordon, Harvard ILR, Harvard University, MA
The fund was created between 1986 and 1996 and is divided into three different
funds, with different terms governing their use. There is a Library Fund;
a Public Lecture fund; and a general endowment fund. The Library fund
is used only for materials used by the Library: books (both reference
and course-related), periodicals, furniture, computer, software, reference
materials on CD-Rom, etc. The Public Lecture fund covers rental of large
auditorium and dining hall; costs of public address system and taping
of speech, and honorarium for speaker for the opening convocation in September
where some 350 members and their guests attend the lecture and lunch.
The general endowment fund covers special events (such as 25th anniversary
celebrations), special publications (such as The Age Explosion book published
in early 2004), and special needs not budgeted under operating costs (e.g.,
new computers for class-room use; member participation in
regional conferences).
From Michael Markowitz, Institute for Retired Professionals,
NY
The New School's Institute for Retired Professionals, now in its 42nd
year, has two endowed funds. One, named after Ruth and Mortimer Weinberg,
generates $6,000 per year in scholarship funds. The other, only two years
old, will eventually provide funds for printing our literary journal,
IRP Voices. It is named after Henry Lippman, former Director of the IRP
and a student in the program for 10 years: Lipman was also a founding
Board Member of EIN.
From Ronald Hailparn, PEIR, NY
Your request for information regarding endowments sponsored by LLI's has
been forwarded to me. I am scholarship chairman for PEIR ( professionals
and executives in retirement) at Hofstra University in Hempstead, NY.
We have established a very close working relationship with the Department
of Gerontology, and since 2002 we have awarded a tuition scholarship to
the person judged by the chairman, to be the outstanding student in the
department. We felt that gerontology would be a particularly appropriate
field for us to become involved in. Our awardees have been leaders in
senior citizen programs on Long Island who are graduate or undergraduate
students in gerontology. Our funds are raised from our membership, and
we have one annual drive at the end of each year. Members also contribute
to the fund during the year as memorial gifts, and to commemorate other
personal occasions. The fund is invested with the university endowment
and the amount of the award varies annually. If I can provide any further
information, I'll be happy to do so.
From Raymond Spigarelli, ASPEC, Eckerd College, FL
The Academy of Senior Professionals at Eckerd College (ASPEC) is located
on the campus of Eckerd College in St. Petersburg, Florida. The Academy
has an Endowment Fund. The Fund is managed for ASPEC by the Eckerd College
Advancement (Financial) Office. In the past, the revenue has been used
to augment the ASPEC yearly budget. Currently, plans are underway to reinvest
the revenue generated by the Endowment account in order to further increase
the principle.
From Mary Jane Johnson, Center for Lifelong Learning, University
of West Florida
We have a named endowment with the University of West Florida Foundation,
Inc. The fund is managed by the UWF Foundation. The income earned by the
endowment provides scholarships to incoming students who matriculate at
the Fort Walton Beach UWF campus.
From Mary Quinn Burkhart, Auburn University Academy for Lifelong
Learners (AUALL), Alabama
AUALL has an account with the Auburn University Foundation, set up by
one of our members about 12 years ago. Members and others may make memorial
gifts or just contributions. Although university regulations allow us
to use this money in any way we chose (within all the usual university
guidelines) the AUALL board has chosen keep this money for emergencies
and scholarships. So far, no emergencies have arisen, and we've only been
able to grant a couple of scholarship (for AUALL dues). The account has
about $30,000 in it.
Just today the Review and Planning Committee discussed a proposal from
our art museum to help them with fund raising in order to build an education
wing---they think we might want to commit some of our funds toward this
when it starts.
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May 12, 2008
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