FundSvcs Community

Hi all,

Due to recent events, we may have some programs that will go away. We have donors who created endowments for such programs that we would need to reach out and see if they would like to redirect. In the event they do not want to redirect then refunds may need to happen.

What is best practice for cases like this? What do you do with the investment returns?

Thank you!

Tammy

Tammy M. Cline

Assistant Director, Gift Policy, Processing & Reporting

West Point Association of Graduates

698 Mills Road West Point, NY 10996

Phone: 845.446.1540

Fax: 845.377.3039

WestPointAOG.org

Serving West Point and the Long Gray Line

CONFIDENTIALITY NOTICE: The information contained in this email message and any attachments is confidential and the property of West Point Association of Graduates (WPAOG). This message is intended for viewing and use by the original recipients only. Any dissemination, distribution, or copying of this communication and/or its attachments is prohibited without the sender's written permission. WPAOG does not accept liability for changes to this message after it was sent or privacy violations caused by forwarding to additional parties. If you have received this communication in error, please notify the sender and delete this email from your computer. For additional information please refer to the privacy statement available at WestPointAOG.org.

Hi all,

Due to recent events, we may have some programs that will go away. We have donors who created endowments for such programs that we would need to reach out and see if they would like to redirect. In the event they do not want to redirect then refunds may need to happen.

What is best practice for cases like this? What do you do with the investment returns?

Thank you!

Tammy

Tammy M. Cline

Assistant Director, Gift Policy, Processing & Reporting

West Point Association of Graduates

698 Mills Road West Point, NY 10996

Phone: 845.446.1540

Fax: 845.377.3039

WestPointAOG.org

Serving West Point and the Long Gray Line

CONFIDENTIALITY NOTICE: The information contained in this email message and any attachments is confidential and the property of West Point Association of Graduates (WPAOG). This message is intended for viewing and use by the original recipients only. Any dissemination, distribution, or copying of this communication and/or its attachments is prohibited without the sender's written permission. WPAOG does not accept liability for changes to this message after it was sent or privacy violations caused by forwarding to additional parties. If you have received this communication in error, please notify the sender and delete this email from your computer. For additional information please refer to the privacy statement available at WestPointAOG.org.

Refunds are the absolute last resort if a donor is adamant about it and yes, we would issue a 1099. We are trying to find alternate programs that are close to the original intent of the donor but for a few of them we aren't sure we have one. I didn't realize the money could go to another qualified organization.

In the event donor demands a refund, we will issue it along with a 1099, but for the interest that was made on the endowment principal are we able to designate that money where we see fit? The donor wouldn't have any say, correct?

Hi all,

Due to recent events, we may have some programs that will go away. We have donors who created endowments for such programs that we would need to reach out and see if they would like to redirect. In the event they do not want to redirect then refunds may need to happen.

What is best practice for cases like this? What do you do with the investment returns?

Thank you!

Tammy

Tammy M. Cline

Assistant Director, Gift Policy, Processing & Reporting

West Point Association of Graduates

698 Mills Road West Point, NY 10996

Phone: 845.446.1540

Fax: 845.377.3039

WestPointAOG.org

Serving West Point and the Long Gray Line

CONFIDENTIALITY NOTICE: The information contained in this email message and any attachments is confidential and the property of West Point Association of Graduates (WPAOG). This message is intended for viewing and use by the original recipients only. Any dissemination, distribution, or copying of this communication and/or its attachments is prohibited without the sender's written permission. WPAOG does not accept liability for changes to this message after it was sent or privacy violations caused by forwarding to additional parties. If you have received this communication in error, please notify the sender and delete this email from your computer. For additional information please refer to the privacy statement available at WestPointAOG.org.

Refunds are the absolute last resort if a donor is adamant about it and yes, we would issue a 1099. We are trying to find alternate programs that are close to the original intent of the donor but for a few of them we aren't sure we have one. I didn't realize the money could go to another qualified organization.

In the event donor demands a refund, we will issue it along with a 1099, but for the interest that was made on the endowment principal are we able to designate that money where we see fit? The donor wouldn't have any say, correct?

Hi all,

Due to recent events, we may have some programs that will go away. We have donors who created endowments for such programs that we would need to reach out and see if they would like to redirect. In the event they do not want to redirect then refunds may need to happen.

What is best practice for cases like this? What do you do with the investment returns?

Thank you!

Tammy

Tammy M. Cline

Assistant Director, Gift Policy, Processing & Reporting

West Point Association of Graduates

698 Mills Road West Point, NY 10996

Phone: 845.446.1540

Fax: 845.377.3039

WestPointAOG.org

Serving West Point and the Long Gray Line

CONFIDENTIALITY NOTICE: The information contained in this email message and any attachments is confidential and the property of West Point Association of Graduates (WPAOG). This message is intended for viewing and use by the original recipients only. Any dissemination, distribution, or copying of this communication and/or its attachments is prohibited without the sender's written permission. WPAOG does not accept liability for changes to this message after it was sent or privacy violations caused by forwarding to additional parties. If you have received this communication in error, please notify the sender and delete this email from your computer. For additional information please refer to the privacy statement available at WestPointAOG.org.

Refunds are the absolute last resort if a donor is adamant about it and yes, we would issue a 1099. We are trying to find alternate programs that are close to the original intent of the donor but for a few of them we aren't sure we have one. I didn't realize the money could go to another qualified organization.

In the event donor demands a refund, we will issue it along with a 1099, but for the interest that was made on the endowment principal are we able to designate that money where we see fit? The donor wouldn't have any say, correct?

Hi all,

Due to recent events, we may have some programs that will go away. We have donors who created endowments for such programs that we would need to reach out and see if they would like to redirect. In the event they do not want to redirect then refunds may need to happen.

What is best practice for cases like this? What do you do with the investment returns?

Thank you!

Tammy

Tammy M. Cline

Assistant Director, Gift Policy, Processing & Reporting

West Point Association of Graduates

698 Mills Road West Point, NY 10996

Phone: 845.446.1540

Fax: 845.377.3039

WestPointAOG.org

Serving West Point and the Long Gray Line

CONFIDENTIALITY NOTICE: The information contained in this email message and any attachments is confidential and the property of West Point Association of Graduates (WPAOG). This message is intended for viewing and use by the original recipients only. Any dissemination, distribution, or copying of this communication and/or its attachments is prohibited without the sender's written permission. WPAOG does not accept liability for changes to this message after it was sent or privacy violations caused by forwarding to additional parties. If you have received this communication in error, please notify the sender and delete this email from your computer. For additional information please refer to the privacy statement available at WestPointAOG.org.

Hello.  I asked a question similar to Tammy's last October.  The agreement we have a file didn't specify what would happen with residuals should the principal gift be returned.

If I am reading this correctly today, my original thought of the interest belonging to the university is correct.  Is this right?

We want to award this as scholarships to spend it down; the problem is that part of the criteria is specific to the closed campus.

The university returned the principal amount several years ago.

Refunds are the absolute last resort if a donor is adamant about it and yes, we would issue a 1099. We are trying to find alternate programs that are close to the original intent of the donor but for a few of them we aren't sure we have one. I didn't realize the money could go to another qualified organization.

In the event donor demands a refund, we will issue it along with a 1099, but for the interest that was made on the endowment principal are we able to designate that money where we see fit? The donor wouldn't have any say, correct?

Hi all,

Due to recent events, we may have some programs that will go away. We have donors who created endowments for such programs that we would need to reach out and see if they would like to redirect. In the event they do not want to redirect then refunds may need to happen.

What is best practice for cases like this? What do you do with the investment returns?

Thank you!

Tammy

Tammy M. Cline

Assistant Director, Gift Policy, Processing & Reporting

West Point Association of Graduates

698 Mills Road West Point, NY 10996

Phone: 845.446.1540

Fax: 845.377.3039

WestPointAOG.org

Serving West Point and the Long Gray Line

CONFIDENTIALITY NOTICE: The information contained in this email message and any attachments is confidential and the property of West Point Association of Graduates (WPAOG). This message is intended for viewing and use by the original recipients only. Any dissemination, distribution, or copying of this communication and/or its attachments is prohibited without the sender's written permission. WPAOG does not accept liability for changes to this message after it was sent or privacy violations caused by forwarding to additional parties. If you have received this communication in error, please notify the sender and delete this email from your computer. For additional information please refer to the privacy statement available at WestPointAOG.org.

Hello.  I asked a question similar to Tammy's last October.  The agreement we have a file didn't specify what would happen with residuals should the principal gift be returned.

If I am reading this correctly today, my original thought of the interest belonging to the university is correct.  Is this right?

We want to award this as scholarships to spend it down; the problem is that part of the criteria is specific to the closed campus.

The university returned the principal amount several years ago.

Refunds are the absolute last resort if a donor is adamant about it and yes, we would issue a 1099. We are trying to find alternate programs that are close to the original intent of the donor but for a few of them we aren't sure we have one. I didn't realize the money could go to another qualified organization.

In the event donor demands a refund, we will issue it along with a 1099, but for the interest that was made on the endowment principal are we able to designate that money where we see fit? The donor wouldn't have any say, correct?

Hi all,

Due to recent events, we may have some programs that will go away. We have donors who created endowments for such programs that we would need to reach out and see if they would like to redirect. In the event they do not want to redirect then refunds may need to happen.

What is best practice for cases like this? What do you do with the investment returns?

Thank you!

Tammy

Tammy M. Cline

Assistant Director, Gift Policy, Processing & Reporting

West Point Association of Graduates

698 Mills Road West Point, NY 10996

Phone: 845.446.1540

Fax: 845.377.3039

WestPointAOG.org

Serving West Point and the Long Gray Line

CONFIDENTIALITY NOTICE: The information contained in this email message and any attachments is confidential and the property of West Point Association of Graduates (WPAOG). This message is intended for viewing and use by the original recipients only. Any dissemination, distribution, or copying of this communication and/or its attachments is prohibited without the sender's written permission. WPAOG does not accept liability for changes to this message after it was sent or privacy violations caused by forwarding to additional parties. If you have received this communication in error, please notify the sender and delete this email from your computer. For additional information please refer to the privacy statement available at WestPointAOG.org.

Yes, this was my understanding. My issue now is what to do with the earnings we have.  The original agreement is older and didn't mention what the university can do if the fund cannot be awarded according to the original intention.

I have suggested awarding the balance as scholarships to students whose home state is the same as the campus that was closed. Our general counsel hasn't been clear on this.

Hello.  I asked a question similar to Tammy's last October.  The agreement we have a file didn't specify what would happen with residuals should the principal gift be returned.

If I am reading this correctly today, my original thought of the interest belonging to the university is correct.  Is this right?

We want to award this as scholarships to spend it down; the problem is that part of the criteria is specific to the closed campus.

The university returned the principal amount several years ago.

Refunds are the absolute last resort if a donor is adamant about it and yes, we would issue a 1099. We are trying to find alternate programs that are close to the original intent of the donor but for a few of them we aren't sure we have one. I didn't realize the money could go to another qualified organization.

In the event donor demands a refund, we will issue it along with a 1099, but for the interest that was made on the endowment principal are we able to designate that money where we see fit? The donor wouldn't have any say, correct?

Hi all,

Due to recent events, we may have some programs that will go away. We have donors who created endowments for such programs that we would need to reach out and see if they would like to redirect. In the event they do not want to redirect then refunds may need to happen.

What is best practice for cases like this? What do you do with the investment returns?

Thank you!

Tammy

Tammy M. Cline

Assistant Director, Gift Policy, Processing & Reporting

West Point Association of Graduates

698 Mills Road West Point, NY 10996

Phone: 845.446.1540

Fax: 845.377.3039

WestPointAOG.org

Serving West Point and the Long Gray Line

CONFIDENTIALITY NOTICE: The information contained in this email message and any attachments is confidential and the property of West Point Association of Graduates (WPAOG). This message is intended for viewing and use by the original recipients only. Any dissemination, distribution, or copying of this communication and/or its attachments is prohibited without the sender's written permission. WPAOG does not accept liability for changes to this message after it was sent or privacy violations caused by forwarding to additional parties. If you have received this communication in error, please notify the sender and delete this email from your computer. For additional information please refer to the privacy statement available at WestPointAOG.org.

Yes, this was my understanding. My issue now is what to do with the earnings we have.  The original agreement is older and didn't mention what the university can do if the fund cannot be awarded according to the original intention.

I have suggested awarding the balance as scholarships to students whose home state is the same as the campus that was closed. Our general counsel hasn't been clear on this.

Hello.  I asked a question similar to Tammy's last October.  The agreement we have a file didn't specify what would happen with residuals should the principal gift be returned.

If I am reading this correctly today, my original thought of the interest belonging to the university is correct.  Is this right?

We want to award this as scholarships to spend it down; the problem is that part of the criteria is specific to the closed campus.

The university returned the principal amount several years ago.

Refunds are the absolute last resort if a donor is adamant about it and yes, we would issue a 1099. We are trying to find alternate programs that are close to the original intent of the donor but for a few of them we aren't sure we have one. I didn't realize the money could go to another qualified organization.

In the event donor demands a refund, we will issue it along with a 1099, but for the interest that was made on the endowment principal are we able to designate that money where we see fit? The donor wouldn't have any say, correct?

Hi all,

Due to recent events, we may have some programs that will go away. We have donors who created endowments for such programs that we would need to reach out and see if they would like to redirect. In the event they do not want to redirect then refunds may need to happen.

What is best practice for cases like this? What do you do with the investment returns?

Thank you!

Tammy

Tammy M. Cline

Assistant Director, Gift Policy, Processing & Reporting

West Point Association of Graduates

698 Mills Road West Point, NY 10996

Phone: 845.446.1540

Fax: 845.377.3039

WestPointAOG.org

Serving West Point and the Long Gray Line

CONFIDENTIALITY NOTICE: The information contained in this email message and any attachments is confidential and the property of West Point Association of Graduates (WPAOG). This message is intended for viewing and use by the original recipients only. Any dissemination, distribution, or copying of this communication and/or its attachments is prohibited without the sender's written permission. WPAOG does not accept liability for changes to this message after it was sent or privacy violations caused by forwarding to additional parties. If you have received this communication in error, please notify the sender and delete this email from your computer. For additional information please refer to the privacy statement available at WestPointAOG.org.