This Endowment Fund shall be managed and invested according to the policies and procedures adopted by the Board of Directors for the management and investment of Wittenberg endowment funds, as such policies and procedures may be amended from time to time. The management and investment of the Endowment Fund shall include the annual determination of a Designated Annual Return to support the Wittenberg Men’s Basketball Program as provided in this Memorandum. In accordance with Ohio law and University policies and procedures, the Designated Annual Return may include all, a portion, or none of the realized or unrealized appreciation in the Endowment Fund, as the Board of Directors, or its designee, may determine in its sole discretion.
Long-Range Goals for The Wittenberg Men’s Basketball Endowed Fund:
The goal for the initial phase of accumulating principal for The Endowed Fund is to build a fund of the amount of $750,000 by the year 2018. Reaching this fund goal will enable the annual return to also guarantee the sustainability of the full-time assistant coaching position within the program.
Donor Recognition Program:
Either through one-time gifts, annual gift amounts, or deferred gifts donors will be recognized within the following gift categories:
1) The All-American Club – Gifts of $10,000 and more
2) The All-Conference Club – Gifts between $5,000-$10,000
3) The Letterwinner Club – Gifts between $2,500-$5,000
Names of persons that reach the top three giving levels will be recognized on The Endowed Fund Recognition Plaque to be displayed in the lobby of the Health, Physical Education and Recreation Center and on the Men’s Basketball Endowment Fund on-line template.
Tax-Exempt Charitable Gift:
Using Internal Revenue Service guidelines, all gifts made to The Endowed Fund are recognized as charitable gifts and are tax deductible.