Establishing an Endowment or a Designated Account
An endowment fund may be established in the name of an individual or family or as a memorial to a loved one with a gift of $10,000 or more. The principal of the endowment will be invested in a stock equity and bond portfolio by the foundation's professional investment counsel, in perpetuity. The principal will never be used. Fifty percent of the appreciation, dividends, and capital gains, if there are any, will be made available at the discretion of the Board of Directors to fund the program to which the gift is made. In the event that the principal depreciates below the level of the original gift, the difference will be made up from the "available" portion of the endowment (unspent dividends and gains from previous years). An endowment is an excellent way to perpetuate the memory of a loved one or a family name while at the same time providing support to a favorite program, project, or department at Citrus College.
To establish the endowment, simply write a check for at least $10,000 made payable to the Citrus College Foundation and note on the check the name of the endowment. Send the check with a letter of transmittal to the Citrus College Foundation to the attention of the Executive Director. The letter of transmittal should include your name, address, home and work telephone numbers, fax number, and e-mail address; the name of the endowment fund; and the program, project or department that you wish the fund to benefit. The letter should also state who the contact person on the account should be. If this person is someone other than you, address and telephone numbers should be included for this person, as well.
A gift receipt thank you letter that may be used for tax purposes will be promptly mailed to the donor. The Citrus College Foundation is a 501(c)(3) nonprofit corporation, and all gifts are fully tax-deductible to the extent allowed by current tax law.
A donor who is not interested in establishing his or her own endowment fund may make a gift to any established endowment account. The individual or family that established the endowment will be notified that a gift was made to the endowment and by whom it was made on a special gift card unless the donor specifies that he or she wishes to remain anonymous.
Making a Designated Gift
A designated gift may be made to any program, department, or project at the college that has an established account with the foundation. Simply write the check made payable to the Citrus College Foundation, and specify on the check or in a letter of transmittal the name of the program, department or project that you want to receive the gift. If the department or program does not have an established account with the foundation, it will take a minimum gift of $500 to establish a new account. Gifts of lesser amounts will be transferred directly into the department or program's current year operating budget with the college. Departments that currently have accounts with the foundation include the following:
- Athletics - General
- Athletics - Baseball
- Athletics - Football
- Adaptive Physical Education
- Child Care Center Enhancement
- Diesel Technology Department
- Fine Arts
- Language Arts
- Learning Center
- Liberal Arts
- Little Theatre
- Music - Instrumental
- Music - Vocal
- Performing Arts - General
- Scholarship Program Administration
- Sciences - General
- T-Ten Auto Technology - General
- Vocational Education
- Instructional Development