The following are the types of gifts that donors may use to provide philanthropic support to IC.
- Unrestricted Current Support – Annual Fund
Unrestricted current support may be spent by IC as part of its operating budget. If the school does not use up all the funds collected during a certain year, it can carry them over to the next year.
- Restricted Current Support – Annual Fund
Restricted current support, which is restricted as to the purpose for which it may be used, will be applied to school programs or projects as designated by the donor. These are especially valuable when they relieve the operating budget of comparable expenses (e.g., student financial aid, library acquisitions, equipment needs, etc.)
Endowment Funds are designated by the donor for maintenance with the school’s endowment in perpetuity. Under New York law, and subject to a donor’s gift agreement, only so much of the endowment principal and income may be appropriated for expenditure as the Board determines is prudent. In the case of endowments established for specific purposes, such as endowed scholarships, endowed faculty development, endowed academic programs or endowed student awards, any expenditure must be for the specific purposes of the gift. The Board of Trustees of IC has established minimum gift amounts to establish a named endowment fund.
Gift Levels for Endowment:
Endowed Scholarship Fund that covers the full cost of tuition for one student: $200,000
Endowed Scholarship Fund that covers the partial cost of tuition: $50,000 and above
Endowed Faculty Development Fund: $100,000
Endowed Academic Program Fund: $250,000 and above
Endowed Student Award Fund: $40,000 and above
Capital funds cover facility and equipment needs such as new buildings, renovation of existing facilities, purchase of major equipment, etc. The Board of Trustees of IC has established a policy and guidelines for the naming of buildings, facilities and major spaces. See Appendix II.
- Planned Gifts (also known as Bequests)
Planned gifts are made during a donor’s lifetime for the school’s use and benefit after the death of the donor or another named individual. The most familiar planned gift is a testamentary bequest. Other planned giving vehicles include various types of trusts and charitable gift annuities.
Many companies offer matching gift programs to encourage employees and their families to give to charitable organizations. Most of these programs match individual or combined-spousal contributions dollar for dollar, and some will even double or triple the amount of your gift. The Human Resources Office at each company should be consulted about matching gift programs.