Set up an Endowment

What is a restricted endowment?

A restricted endowment is a savings fund created by a donor with an initial donation of $1,000 or more; future contributions to that fund can be made in any amount, at any time.  The first endowments for IIMC were established in 1994.

The original donor imposes restrictions on the use of the fund and only the interest earned from the account can be used. This typically means the interest from the fund may be used for IIMC approved education programs, such as CMC or MMC scholarships, conference education sessions, and other education programs for the benefit of IIMC members. The initial principal of the fund remains untouched. (An unrestricted endowment consists of assets that can be spent and distributed at the discretion of the institution receiving the gift.)

What are the fees?

There is a 3% service charge on all new investments, but there are no annual administrative fees.

Who monitors the funds?

IIMC Foundation's Financial Investment Committee and professional financial advisor monitor the funds to ensure compliance with the Foundation's Investment Policy and to maximize earnings.  Quarterly statements are provided to the endowment fund's contacts.

How long does it take to fund a scholarship?

Once an endowment fund reaches $5,000, the annual interest earned would typically fund one $300 scholarship.

Why should you or your clerks' association consider creating a restricted endowment?

An endowment is an investment in the future of the profession and its members.  It's a safe and flexible way to invest with legal assurances and accountability.  The intentions of the donors are protected and honored.

Can my state or region start an endowment?

Yes! Arizona, California, New Jersey, Nebraska, New Mexico,  Wyoming, Washington,  OAMR and Region IV all have endowments. A state can create an endowment with a $1000 donation. When it reaches $5000 the IIMC Foundation can start creating yearly scholarships from the state’s endowment.

How do I get started?

Contact Foundation Board Acting President Buster Brown at 402-707-1079 or bbrown2244@aol.com