Capital Equipment.
Any amount of money can be donated to the OEF to be used as an endowment.
Generally, an initial donation of $1,000 is needed before an endowment
is established. The annual interest from $1,000 can make a
significant difference to a curricular area or specific program.
A donation of at least $5,000 is needed to provide funding for a
scholarship as OEF strives for all scholarships to be $500.
More than $5000 is always greatly appreciated.
The
endowment for a scholarship can be established with less than $5,000 and
then additional donation made until $5,000 is achieved. The OEF
will work with donors to raise funds for endowments, if necessary.
Donors of endowed funds should work with their attorneys and
accountants in order to take advantage of tax benefits available to
them.
When an endowment is established, a memorandum of
understanding is drawn up to be signed by the chair of the OEF and the
donor so that the donor's expectations and desires can be fully
implemented by the OEF throughout future years. Once they
have specified criteria for the use of their endowed funds, donors
generally do not retain decision-making authority over these
funds. Instead, they rely on the OEF board to adhere to the
criteria and make decisions on the use of the funds. The OEF, in
turn, reports to the donor regularly on the use of the funds.
