VSUAA-Woo Woo Chapter
Endowment Giving FAQ
What is an endowment?
An endowment is a permanent investment in the future of Virginia State University. Endowed funds are invested for the long-term, rather than used as cash for immediate needs, and the income produced is used to help advance the teaching, research, and service goals of the University. Most endowments carry the name of the donor or someone the donor wishes to memorialize or honor. The gift to create the endowment can be made from cash, stock, life insurance, real estate, or other assets. The gift is invested and only the earnings from the gift are used each year for the purpose designated by the donor. Endowed gifts provide one of the most secure sources of future revenue for Virginia State University.
Why are endowments so important to Virginia State University?
Like all public universities, Virginia State builds its budget from three main income streams: tuition and fees, state funding, and private giving. With only about one-third of the University's operating budget coming directly from the Commonwealth of Virginia, private giving is critical for the University's future growth. Endowments allow the University to be competitive in attracting capable and gifted students and faculty, and to continually improve the University's academic quality. It's important to also know that a dollar-for-dollar match from the Department of Education, Title III Endowment Challenge Program is provided on any new dollars contributed to endowments. Endowments are vital to the growth of the University.
How is the Alumni Association meeting this challenge?
The Virginia State University Alumni Association has over 20 endowments at the University, many of which are established through our local active chapters. Together, these endowments total close to 1 million dollars that are vested into our beloved Alma Mater. The minimum amount required to establish an endowed fund at Virginia State is $10,000 and the minimum time frame to fulfill that obligation is two years. Awards cannot be made from the endowment until it has been fully established and has earnings, after having been invested for one year. The name of the fund and the restrictions therein are established with a Memorandum of Understanding (MOU), which must be approved by the Virginia State University Board of Visitors or the Virginia State University Foundation Board of Trustees once the minimum establishment amount has been received.
How can you help?
Whether a chapter is trying to get to the $10,000 starting point or raise additional funds to help grow their accounts, there are several ways that YOU can help to support the efforts of each chapter and/or the Alumni Association as a whole. Here's how you can help...
- Join a local Chapter and lend your time, talents, and expertise to help support and raise additional funds for a Chapter's endowment.
- Make a personal gift directly to a Chapter's endowment fund. Contact a Chapter President for more information. All contributions are tax-deductible, so you can take advantage of this ideal gift opportunity for tax purposes.
- Encourage other alumni and friends to contribute to the Chapter's endowment. There's nothing greater than the "Every Trojan, Reach a Trojan" approach.
For more direct information on endowments at Virginia State University, please contact the Office of Institutional Advancement at (804) 524-6986.
