• Management of Funds Raised

The SUNY Cobleskill Foundation will manage monies raised for projects through investments. When an account is set up with the Foundation for a college department or organization, the department head or faculty advisor must provide a memo stating the people authorized to request transfers to the college. The memo must include the account administrator's name(s), the purpose of the fund, the fund name, and how account deficits will be handled. SUNY Cobleskill Foundation will not cover account deficits. Requests for payments from a specific account must be submitted to the SUNY Cobleskill Foundation in writing by the authorized personnel.

Contributions made for endowments will be managed in perpetuity by the SUNY Cobleskill foundation. Creating an endowment fund will require the execution of a memorandum of understanding among the college, the SUNY Cobleskill Foundation and the donor(s) wishing to establish the endowment that includes the purpose of the fund and specification on disbursement of earnings.

All accounts will earn interest based on the annual average balance. An administrative fee of 1%, subject to change, of the total market value will be charged to all endowed accounts annually. A 3% administrative fee, subject to change, will be charged to non-endowed program accounts. The administrative fee is charged according to SUNY Cobleskill Foundation policies and procedures. These administrative fees and the 10% fund raising expense built into fund raising proposal budgets are used to cover such fund raising expenses as production of IRS statements, printing, office supplies, donor contact, etc.

Any designated restricted account that remains inactive for over three years will be subject to closure by the SUNY Cobleskill Foundation. Any remaining balances will transfer into the General Fund of SUNY Cobleskill Foundation.