An endowment is a fund created by gifts totaling at least $10,000. US dollars that are permanently set aside by the University of the Southern Caribbean or individuals or groups to provide benefits to students, faculty or programs year after year, generation after generation.
For endowment funds, the principal (endowment corpus must be invested and only a portion of the income may be expended to carry out the donors purpose. To guard against inflation the remaining portion of the investment return is then added to the earnings reserve. The goal is to ensure that the fund maintain its purchasing power over time to support future generation and future development of the University’s program.
Importance of endowments to our University
An endowment will create financial stability, allowing University of the Southern Caribbean to be less dependant on unpredictable sources of revenue such as gifts and donation from the corporate or non-denomination sector. Endowment allow for a rich variety of activities such as scholarship, fellowships, research and support for specific academic program, support for distinguish and dedicated faculty members and development activities of the University.
Who can participate
The department of planned giving of the University of the Southern Caribbean supports and encourages the University’s academic program by engaging alumni, friends, and the local and business community to participate in the Fund. The department staff in collaboration with the Alumni Association help connect these constituents with the university through one-on-one contact, news information and special programming, there by securing the University legality and financial resources necessary to create the best possible learning environment for students and to best serve the Seventh-day Adventist community in the Caribbean region and beyond.
One of the easiest and more common ways for you to make a gift to the University of the Southern Caribbean is through a bequest in your will. Bequest work particularly well for those who are unable to make immediate outright gift, but would like to aid us in the future. All alumni and friends who make provision for the University in their wills or estate plans are considered members of the University inner circle.
There are four basic categories of bequests:
- Specific bequests takes the from of an outright gift of securities, a specific fund of money, or other property in your will, you describe an item of property as you give that particular item to an individual or perhaps to the University. Specific bequests are honored after debts and expenses of your estate are paid and before other bequests are distributed.
- General bequests do not provide for the source of payment of the bequest. For instance, you may wish to transfer $25,000 to your son. With a special bequest you might designate $25.000 from your money market account at XYZ National bank. With a general bequest, you would simply state. “I give the sum of $25,000 to my son.” Your executor may honor the bequest from any available source in your estate.
- Residuary bequests give away what remains of your estate after all expenses, debts and t axes have been paid and all specific and general bequests have been satisfied.
- Proportional bequests give away a set percentage of your total or residual estate to the University of the Southern Caribbean.