Carthage’s Intercollegiate Athletic Program is one of few Division III programs with Endowment Funds for every sport, and for general Athletic Program Initiatives. Indeed, Carthage’s Athletic Program is a national leader in the establishment of Athletic Endowments with Carthage’s total Athletic Endowment now approaching $3 million.
What is an Endowment?
An endowment is a gift that is held in perpetuity and invested. The return on the investment provides a constant source of income for the activities designated by the donor. Within the Athletic Department the donors are choosing to assist a specific sport or programs for the general Athletic Program.
How is money from an Athletic Endowment Fund used?
Athletic Endowment Funds provide financial support for teams above and beyond Carthage’s operational budgets, as determined by the head coaches in each sport and the Director of Athletics. Use of the funds may provide new uniforms, equipment, or travel for a seasonal tour.
How are Carthage Endowment Funds managed?
Carthage invests the funds and spends about 4.5 percent of the annual total. Carthage, thereby, is able to provide supplemental operational support to sports teams annually across successive decades.
Contributions to an endowed fund are, for investment purposes, merged with the general investment assets of the College and are managed in accordance with its investment policies. For spending purposes, the fund maintains an accounting identity separate from other named funds within the College’s endowment. The College’s investment objective is to preserve and grow the value of the endowed fund over time. Any growth in the fund beyond what is awarded is added to the principal of the fund.
How may I establish or contribute to an Athletic Endowment Fund?
Contributing to an Endowed Fund
Gifts to established Endowed Funds may be given at any time and for any amount of money. Gifts may come in the form of cash, stock, real estate or planned gifts such as charitable trusts, charitable gift annuities, life insurance or bequests.
Naming an Endowed Fund
To establish a Named Endowment, a donor must contribute a minimum of $25,000. Gifts may come in the form of cash, stock, real estate or planned gifts such as charitable trusts, charitable gift annuities, life insurance or bequests. A donor also may make pledge payments over three to five years to reach the $25,000 minimum donation.
Those who name an Endowment Fund also will be honored with an annual award given to an outstanding student-athlete within the designated sport. A display, located in the N. E. Tarble Athletic and Recreation Center Office suite, highlights the student award recipients and the donor.
Naming an Award
To have a named award within an established endowment, a minimum donation of $15,000 is required. For example, David Wiers, a former men’s basketball player, made a donation of $15,000 to the Larry Hamilton Men’s Basketball Endowment. Each year Carthage will select an outstanding member of the men’s team to receive the “David Wiers Captains Award.” A donor may make additions to their own or any other endowed fund at any time. Such additional shall be made subject to the provisions of the endowment fund agreement. If, at some time, the purposes of an endowed fund cease to exist, the fund then may be redirected at the discretion of the Trustees of the College. In such a case, special consideration is given to the original intent expressed in this agreement.
How do our donors benefit from giving to an endowment?
An endowment is a permanent and personal way to make a difference in the lives of Carthage athletes by contributing to an endowment the donor ensures that his or her values and legacy become a permanent part of the College athletic program’s success.
The College’s endowment program provides the assurance that contributions from friends of Carthage will be professionally managed with the intention of aiding Carthage’s athletic program forever.
Student-athletes annually write to the donors, expressing thanks, and in many cases, establishing a continuing relationship. These students, during their college years, come to understand the importance of giving back to their college and helping the next generation.
Compared to most nonprofits, a gift to Carthage means that 100 percent of your gift goes to its intended purpose, assisting the Carthage student-athletes. A gift to the endowment is a gift that gives forever!