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The SOT Endowment Fund consists of two basic types of Funds. Permanently Restricted Net Asset Funds have donor-imposed restrictions on the use of the Funds, which are maintained and used in perpetuity for donor identified purposes that are consistent with the long-term interests of the Society. The Endowment Fund Board has initially established $50,000 as a minimum contribution to create a Permanently Restricted Fund. If Matching Funds are available as described below, the amount of the required minimum contribution may be reduced by the amount of either SOT or Employer Matching Funds. The minimum level may be contributed by one or more donors. It must be contributed within three years. If the minimum level is not achieved within three years, the Fund will become a Temporarily Restricted Net Asset Fund. The SOT Endowment Fund Board has initially approved the annual release of an amount equal to 4% of the fiscal year end assets of each Permanently Restricted Net Asset Fund to be used in the following fiscal year for the purposes for which each Fund was established. It is anticipated that investment income will allow each Fund, over a period of years, to grow at the rate of inflation or better, thus increasing the assets of each Fund and the amount available for use to support the purpose for which the Fund was established.
Temporarily Restricted Net Asset Funds have donor imposed purpose and time restrictions on the use of the Funds. The Endowment Fund Board has initially established $10,000 as a minimum contribution(s) to create a Temporarily Restricted Fund. If Matching Funds are available as described below, the required minimum may be reduced by the amount of either the SOT or Employer Matching Funds. The minimum level may be contributed by one or more donors. It must be contributed within 3 years. If the minimum is not achieved, the contributed funds will be released for use consistent with the stated purpose of the donors. The total assets of a Temporarily Restricted Net Asset Fund will typically be expended over a period of 10 years or less.
Either type of Fund can be created by a contribution from one or several donors who identify the purpose for which they would like to see the proceeds from the Fund used. The initial donor(s) may elect to leave the Fund open to receive additional contributions from other individuals or elect to restrict the Fund to their initial contribution and perhaps their intended subsequent contributions.
The SOT Endowment is in reality a family of Funds of two major types; (a) Society Funds, and (b) Named Funds. In developing the SOT Endowment Fund, it was recognized that the Society of Toxicology has multiple needs. Moreover, it has been recognized that individual SOT members and other individuals or organizations, as prospective donors, have varied interests and would like the opportunity to have their gift matched with their interests. In response to these needs and interests, a family of Funds has been created that is expected to grow over time.
Individuals, Specialty Sections, Special Interest Groups, groups of individuals organized on an ad hoc basis, corporations, or other institutions have the opportunity to create new Funds for specific purposes. The purpose of all Funds created within the SOT Endowment Fund must be consistent with the long-term interests of the SOT. Thus, the purpose and use of any new Funds must be approved by the SOT Endowment Fund Board and ratified by the SOT Council acting on the recommendation of the SOT Endowment Fund Board. Donors who are interested in creating new Funds are encouraged to discuss their intentions with the Endowment Fund Board Chair or other members of the Endowment Fund Board.
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