Establishing Named Funds (Memorial, Endowed, and Restricted) at New Mexico Tech
Establishing Named Funds (Memorial, Endowed, and Restricted) at
Tech New Mexico
Policy adopted Aug. 30, 2007. Queries should be directed to the Director for Advancement.
A fund may be established at NMT in honor or in memory of a family member, friend or colleague. Faculty, administrators and staff are often the first line of contact when a member of the community seeks information about memorial or honorary giving opportunities at NMT. University Advancement, should be contacted when an honorary or memorial fund is being requested.
In most cases, the dollar amount of a fund will not be known in advance of establishing the fund, so alternative options should be discussed with the donor.
B. Policy and Criteria for Establishing Funds
1. Endowed Funds
The donor should be informed of the campus options and minimums for endowments. Funds may be established for fellowships, scholarships, chairs, professorships, lectureships, student prizes, research, etc. Funds are established as non-endowed funds until the minimum dollar amount is reached. Endowments currently need a corpus of a minimum of $15,000.
If the fund does not reach the required minimum, the principal will be devoted to a purpose deemed the most consistent with the wishes of the donor. For example, if the donor wishes to endow a scholarship in Petroleum Engineering, but the funds raised do not reach the established minimum, the monies will be used to award an annual scholarship in Petroleum Engineering. University Advancement is responsible for administering scholarship funds.
2. Non-endowed Restricted Fund
The donor may establish a named fund for a restricted purpose. Following are examples of opportunities for named memorials:
a. Named Scholarship
An annual scholarship restricted to a particular discipline may be established in memory of an individual. The scholarship may be a full or partial scholarship, depending on the amount of funds raised.
b. Memorial Bench Program
The University feels it is important to have memorial gifts but at the same time, it is important that any memorial designations must fit appropriately into the overall physical environment of the campus and that they be placed in areas where future construction is not anticipated in the campus-wide Master Plan. Funds donated will cover the cost of a pre-approved small plaque and seating area, any current or future expenses associated with it, and additional money for the University’s Championship Golf Course expansion. Because of changing costs from year to year, the Office for Advancement, in consultation with the Office of Facilities Management, will provide an annual updated list that specifies the amount required to establish this memorial.
Every effort will be made to accommodate the donor's request. The Director for Advancement and Director of Auxiliary Services determines the style and design of the benches and plaques to be purchased. The text on the plaque will be limited to either "In memory of" or "In honor of" and the person's name. The benches will receive the same level of maintenance and care as other University assets. Memorial benches will remain on the grounds until they become damaged, unsafe, or unacceptable for an aesthetic standpoint. If a bench has to be removed, the donor will be informed. If the donor wishes to replace the memorial bench, the replacement bench can be provided at the donation level which is located on the most current memorial policy for. NMT.
The minimum contribution required to purchase a bench is $5,000.
Office for Advancement is responsible for initiating the facilities management requisition to purchase the bench and plaque after sufficient funds have been raised. If the amount raised does not meet the minimum to purchase a new bench, a plaque will be purchased and placed on an existing unnamed bench and the remaining raised monies will be deposited into a "pooled" fund. The pooled fund will be used to supplement the expense of maintaining existing benches and/or purchase new benches from time to time. Office for Advancement monitors the fund and makes recommendations as funds accumulate.
We do regret that we may be unable to accept all offers for benches, as the number and style of benches NMT selects is a major consideration on keeping the campus attractive, uncluttered, and in agreement with the campus-wide Master Plan.
To acknowledge our donor’s generosity, our staff at NMT will take all reasonable steps to honor and respect your bench you have chosen to sponsor. Donors are welcome to visit NMT at any time; to tour the campus; to visit with the Office for Advancement; or just to sit on your bench to enjoy the beautiful views of NMT’s campus and M Mountain.
c. Other Tangible Memorials
A department, school or unit may request another form of tangible memorial (other than a bench) by submitting a written request to the Advancement Office. The request will be reviewed by the Vice President of Student and University Relations, University Advancement and approved by both on a case-by-case basis.
d. Other Restricted Funds
The donor may establish a non-endowed fund to support a specific academic program, area of research, teaching activities, NMT Library, or other restricted purpose.