Virginia State University encourages our Friends to direct their investment in VSU through the establishment of an endowment with VSU or the VSU Foundation. We are most appreciative of the abundant generosity, forethought, and affection for Virginia State that is clearly demonstrated through perpetual support. Endowments provide continuous support of Virginia State University, into perpetuity.
The minimum amount required to establish an endowed fund 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 VSU Board of Visitors or the VSU Foundation Board of Trustees once the minimum establishment amount has been received.
Building the University’s endowments is a top priority of University administration. Endowments at Virginia State University help us aim higher to achieve our educational mission more effectively. As well, VSU receives a dollar-for-dollar match from the Department of Education, Title III Endowment Challenge Program on any new dollars contributed to endowments.
The Board of Visitors passed a resolution at their January 16, 2004 meeting to authorize the application and collection of Administrative Fees on locally held University funds, as well as a one time set up fee applied to gifts to endowment effective January 1, 2003. The annual administrative fee consists of 1% of the total fund balance of locally held accounts, including endowments. The one time set up fee for gifts that establish or add to an endowment is 2.5% for such gifts received in fiscal year 2004, and 1% for such gifts received thereafter, and collected at the close of the first twelve months following receipt of the gift. All fees are collected prior to distribution of earnings.
For more information on Endowments at Virginia State University, please contact the Office of Institutional Advancement, at (804) 524-6986.
Click here for a sample Memorandum of Understanding (MOU).