Original Query from Wichian Rojanawon, LETS Program, UMASS Boston
We would like to know what LLIs have an Endowment Fund? How is this fund set up? For what purpose are the funds used?

From Noreen Frye, Institute for Retired Professionals, University of Miami, FL
We have a "Building Fund" account that we've had for a while in hopes of some day having a permanent home. The funds come from memorials, birthday honors, from general solicitations and from monies willed to our institute.

From Diana Marsilje, Hope Academy of Senior Professionals (HASP), Holland, MI.
We do not have an endowment fund as such. We did, however, hold a three-year Capital Campaign to which members were invited to contribute. This fund is held and invested by the College. The goal of the campaign was to provide for future space needs. Currently, income from the fund helps to pay the rental fee for our facilities on campus. Although there are no immediate plans for a “HASP building,” the funds are ours if and when we decide to make such a bold step. The three year term of the campaign has ended; but the fund continues to grow through gifts from members and the interest from Hope’s prudent investment strategy.

From Stephen Appel, ILR, University of Cincinnati. OH
We have an endowment fund called “Friends of the ILR.” It is administered by the University of Cincinnati Foundation and thus is part of the University’s overall endowment. However, use of the Friends Fund is restricted to our use only. The fund is used for scholarships and non-operating expenses. The latter include lectures and performances, nonrecurring capital items (e.g. equipment) startup costs for experimental programs (e.g. special marketing) reimbursement for moderators’ parking fees on main campus, luncheons and award dinners, etc.

From Kali Lightfoot, OLLI, University of S. Maine, Portland
Our endowment is set up within the University of Southern Maine Foundation. We use the proceeds for a variety of things including contribution to salaries (not benefits), Distinguished Lecture Series (honorarium and expenses for 2 speakers per year), conference costs for statewide and regional conferences, scholarships for OLLI members.

From Kenne Turner, Academy for Lifelong Learning, Montgomery College, TX
The Academy for Lifelong Learning@Montgomery College is in the process of establishing a scholarship endowment in our college district foundation. We began this project last January with a goal of creating a $15,000 start-up endowment for which we have raised over $11,000. Our goal is to have the endowment established by this coming January. The endowment will be in the name of a founding ALL member and community leader who passed away two years ago.

From Theresa Durham, ILR, Kellogg Community College, MI
The Institute for Learning in Retirement at Kellogg Community College has a fund set up at our college’s foundation office. We use this fund primarily for scholarships to older adults who are seeking a college degree. If your institution has a foundation, ILR members can contribute to the Fund and receive the tax benefits. If your institution does not have a foundation, check with your local or regional community foundation about establishing an endowment fund.

From LeAnne Stuver, Rose Institute for Life Long Learning, Beachwood, OH
Our program is funded by an endowment (Eda and Louis Rosenkowitz Fund). I believe the original endowment ($500,000) was invested and our program is run off of the interest. This fund supports our approximate $10,000 instructor cost/supply budget each year. The salaries for our part-time director and program assistant come out of the activity personnel budget at our facility. This allows us to charge a nominal fee ($1-$5) to our students for each class.

From Leonie Gordon, Harvard ILR, Harvard University, MA
The fund was created between 1986 and 1996 and is divided into three different funds, with different terms governing their use. There is a Library Fund; a Public Lecture fund; and a general endowment fund. The Library fund is used only for materials used by the Library: books (both reference and course-related), periodicals, furniture, computer, software, reference materials on CD-Rom, etc. The Public Lecture fund covers rental of large auditorium and dining hall; costs of public address system and taping of speech, and honorarium for speaker for the opening convocation in September where some 350 members and their guests attend the lecture and lunch. The general endowment fund covers special events (such as 25th anniversary celebrations), special publications (such as The Age Explosion book published in early 2004), and special needs not budgeted under operating costs (e.g., new computers for class-room use; member participation in
regional conferences).

From Michael Markowitz, Institute for Retired Professionals, NY
The New School's Institute for Retired Professionals, now in its 42nd year, has two endowed funds. One, named after Ruth and Mortimer Weinberg, generates $6,000 per year in scholarship funds. The other, only two years old, will eventually provide funds for printing our literary journal, IRP Voices. It is named after Henry Lippman, former Director of the IRP and a student in the program for 10 years: Lipman was also a founding Board Member of EIN.

From Ronald Hailparn, PEIR, NY
Your request for information regarding endowments sponsored by LLI's has been forwarded to me. I am scholarship chairman for PEIR ( professionals and executives in retirement) at Hofstra University in Hempstead, NY. We have established a very close working relationship with the Department of Gerontology, and since 2002 we have awarded a tuition scholarship to the person judged by the chairman, to be the outstanding student in the department. We felt that gerontology would be a particularly appropriate field for us to become involved in. Our awardees have been leaders in senior citizen programs on Long Island who are graduate or undergraduate students in gerontology. Our funds are raised from our membership, and we have one annual drive at the end of each year. Members also contribute to the fund during the year as memorial gifts, and to commemorate other personal occasions. The fund is invested with the university endowment and the amount of the award varies annually. If I can provide any further information, I'll be happy to do so.

From Raymond Spigarelli, ASPEC, Eckerd College, FL
The Academy of Senior Professionals at Eckerd College (ASPEC) is located on the campus of Eckerd College in St. Petersburg, Florida. The Academy has an Endowment Fund. The Fund is managed for ASPEC by the Eckerd College Advancement (Financial) Office. In the past, the revenue has been used to augment the ASPEC yearly budget. Currently, plans are underway to reinvest the revenue generated by the Endowment account in order to further increase the principle.

From Mary Jane Johnson, Center for Lifelong Learning, University of West Florida
We have a named endowment with the University of West Florida Foundation, Inc. The fund is managed by the UWF Foundation. The income earned by the endowment provides scholarships to incoming students who matriculate at the Fort Walton Beach UWF campus.

From Mary Quinn Burkhart, Auburn University Academy for Lifelong Learners (AUALL), Alabama
AUALL has an account with the Auburn University Foundation, set up by one of our members about 12 years ago. Members and others may make memorial gifts or just contributions. Although university regulations allow us to use this money in any way we chose (within all the usual university guidelines) the AUALL board has chosen keep this money for emergencies and scholarships. So far, no emergencies have arisen, and we've only been able to grant a couple of scholarship (for AUALL dues). The account has about $30,000 in it.

Just today the Review and Planning Committee discussed a proposal from our art museum to help them with fund raising in order to build an education wing---they think we might want to commit some of our funds toward this when it starts.