Endowment Gift
You can leave a legacy to perpetually support the causes you love with an endowment gift. An endowment is a fund you can create now or in the future to achieve the impact you desire. The income earned on your endowment will provide lasting annual support to your charitable causes.
You enjoy several benefits with an endowment gift
- Establish an endowment during your lifetime and see the impact each year
- Benefit from an income tax deduction in the year you make your gift
- Avoid capital gains tax on an endowment gift of appreciated property
How an endowment gift works
- You make an initial gift to fund an endowment.
- The assets in your endowment are invested to earn income.
- The income is distributed annually to achieve your desired impact.
- You can make additions during your lifetime or supplement your endowment with your estate plan.
Endowment gift video
Income distributed from your endowment
At the time you create your endowment, you sign an endowment agreement that details the scope and desired impact of your endowment funds. Additional donations to the endowment fund may be made at any-time. All donations to the endowment fund are invested with the objective that the "spendable income", which is only a portion of the investment income (dividends or realized gains), is spent on the charitable purpose detailed in the endowment agreement.
Endowed funds held by the SUNY Maritime Foundation are pooled together for investment purposes by professional managers chosen by the Foundation Board of Trustees, with the earnings and balance of each fund being individually tracked and reported. Typically, colleges aim for their portfolio to produce an annual return of greater than 7% on average, and to spend 4% to 5% on the fund’s purpose. Any unspent earnings are reinvested in the principal to allow the fund to grow over time and keep pace with inflation.
The SUNY Maritime Foundation, Inc. is an independent, tax exempt, 501(c)(3) organization, serving as the fundraising arm of Maritime College to oversee the investment and expenditure of all charitable gifts. With a Board of Trustees comprised largely of alumni, the Foundation ensures that donors’ funds are invested carefully and spent appropriately. The Foundation board has established a spendable rate of 4% and currently relies on JP Morgan to serve as the investment manager. The SUNY Maritime Foundation currently holds about $12 million under management.
Contact Us
If you have any questions about endowment gifts, please contact us. We would be happy to assist you and answer any questions you might have.
