Terms of Agreement
A document that specifies the gift type and form, criteria for its award or use, and the suggested name. Once finalized and signed, the Terms are presented to the UMW Board of Visitors for approval and acceptance.
Charitable Tax Deductions
The UMW Foundation is classified by the IRS as a 501(c)(3) organization, so gifts to the UMW Foundation are eligible for charitable donation tax deductions.
The UMW Foundation follows the same accounting cycle as set forth by the Commonwealth of Virginia: July 1 through June 30.
All donated funds are accounted for and reported in accordance with Financial Accounting Standards Board (FASB) standards. The Foundation is audited by an external audit firm every year.
Endowments and major restricted accounts are pooled into a Foundation investment portfolio. This portfolio is invested in a widely diversified selection of funds actively managed by Artemis Wealth Advisors of New York, N.Y., with oversight by the UMW Foundation Board of Directors Investment Committee. These accounts are subject to a one percent annual management and investment fee and may be impacted by market fluctuations.
Endowment Spending Policy
An endowment produces its first award after the account is fully funded and has earned interest for one complete fiscal year (July 1 – June 30). The award allotment is based on a percentage of the end-of-fiscal-year endowment value as averaged over five years. The chart below indicates sample award amounts based on a four percent spending policy.
|Funded Endowment||Annual Award/Payout|
|$ 50,000||$ 2,000|
|$ 25,000||$ 1,000|
(Note: The annual spending rate is subject to review and revision based on recommendations by the UMW Foundation Board.)
For more information, call the UMW Office of Advancement at 540-654-1024.