Creating an Endowment Fund
Once you decide to create an endowment fund, the first step is to identify the purpose for your named endowment – such as a scholarship, program or general fund. Next, you will sign the Endowment Fund Agreement, prepared by the Minnesota FFA Foundation. A minimal initial gift of $25,000 is necessary to establish an endowment fund. This initial gift can be made all at once or over a period of five years. You, your family and others can make additional gifts to the endowment fund at any time. You can also make deferred gifts (such as bequests, charitable remainder trust and life insurance) to the endowment fund.
Fund Maintenance and Usage
The gift to the endowment fund is invested by the Minnesota FFA Foundation. The Foundation’s Board of Trustees is responsible for the legal and administrative duties associated with managing the endowment fund. And at the end of each fiscal year, the Foundation creates and sends an annual statement to the endowment’s contacts, recapping the current status of the endowment fund along with notification of any scholarship recipients.
Interested in setting up an endowment fund? Contact the FFA Foundation at 507-534-0188 or email@example.com.