Endowment: A Living Legacy
An endowment is like an Eternal Flame. It is a way to do good beyond our years on
earth by providing perpetual support to a cause in which we deeply believe.
What is an endowment?
An endowment is a permanent fund. The principal is safely invested and only the earnings are used to advance the educational purposes of the College.
What size endowment does the College have?
The total value of all our endowed funds is approximately $20 million. In addition to this amount, the College is the beneficiary of approximately $2 million in life income funds (trusts and annuities) and more than $1.5 million in life insurance policies. Also, the College is the known beneficiary of a substantial amount in a number of estate plans. Although our current endowment is small in comparison with older and larger colleges and universities, it is already making a significant contribution to the financial strength and stability of the College.
How is the income used?
According to the preferences of the donor, the endowment income may be used to support the general work of the College or designated for specific purposes.
What are some of the areas in which endowments are needed?
1. Scholarships to assist worthy students.
2. Professorships that will help the College attract and retain qualified teachers.
3. A source of income for the religious life programs that will help to underwrite the cost of the campus minister's office, spiritual life retreats, literature, and special programs.
4. The library for the purchase of new books, valuable volumes, binding of periodicals, and equipment.
5. Acquisitions and maintenance of the Free Will Baptist Historical Collection.
6. Departments of study like science, mathematics, music, religion, arts, languages, recreation and leisure studies, social sciences, criminal justice, education, and the School of Business.
7. Campus beautification, development of gardens, and general maintenance of grounds and buildings.
8. Lectureships, workshops and seminars for students, faculty, the Free Will Baptist Church and the public.
9. The athletic program for scholarships, equipment, personnel, and maintenance of facilities.
10. Student Life enrichment
11. General purposes of the college.
What size of gift is required?
An endowment may be in any amount that will achieve the purposes of the donor. Funds with assets of $10,000 or more are recognized as named funds. There are more than five hundred endowed funds at the College. Some are in excess of $1,000,000 and others are in the process of development with only a few hundred dollars.
Can I begin an endowment with a small gift and then add to it?
An initial gift may be made with plans convenient to the donor for the future development of the fund.
Can assets other than money be used to establish an endowment?
Yes. Any asset which has present or future market value, such as gifts of stock, bonds, real estate, rental property or jewelry, may be used.
Endowments may be funded with:
Direct Gifts
A one-time gift or a series of gifts until the fund reaches the size determined by the donor. These gifts may be made at any time and in any amount. Gifts may be made by friends in memory or in honor of individuals.
Life Insurance
Many people have chosen to fund their endowment through life insurance. The ownership and beneficiary of an existing policy may be transferred to the College or the donor may take a new policy specifically for the endowment.
Life Income Gifts
Under this plan the donor invests funds with the College and receives the income for life. Provisions may also be made for the income to continue to one's spouse or dependent. Upon the death of the survivor, the fund is used to create or add to an endowment.
Estate Planning
Through one's will a bequest to Mount Olive College may be designated for an endowment.
What is the first step in establishing an endowment?
Establishing an endowment at Mount Olive College is a simple and rewarding experience. The best step is to contact Jeff Daughtry in the Office of Planned Giving and discuss with him your objective. He will assist you in designing an endowment program appropriate to your interest.
You can find a current list of named endowed funds by clicking here.
Jefferson D. Daughtry, Director
Office of Planned Giving ~ Mount Olive College
634 Henderson Street ~ Mount Olive, North Carolina 28365
(919)658-7831 ~ (800)653-0854 jdaughtry@moc.edu