ABOUT THE BE ENDOWMENT
The Donors’ gift will result in the creation of an endowment for students pursuing a degree in the Department of Biological Engineering (BE) in the College of Engineering at Utah State University (USU). A BE Department Endowment Committee consisting of 4 faculty and 1 staff member from the BE Department will choose the recipient of the scholarship(s), undergraduate research and design funding award(s), and travel award(s).
It is the Donors’ wish for their gift and its intent to exist in perpetuity. The Donors recognize that future unforeseen circumstances may alter or remove the purpose for which the gift was established. In such an event, the BE Department Head on behalf of the BE Department Endowment Committee and the Dean of the College of Engineering, in consultation with the President of Utah State University, or their assign, shall direct that its principal and income be devoted to purposes that they deem will be most consistent with the wishes of the Donors and the purpose of the gift.
Schedule and Form of Contribution
The Biological Engineering Endowment Fund will support scholarships for undergraduate (junior and/or senior students who are registered as full time students and have been accepted into the professional program) and graduate students in the BE Department, assist with matching travel funding for both undergraduate junior and senior students as well as for graduate students in the BE Department, and support undergraduate research and design projects for students in the BE Department. The specifics for this gift are:
A. The Biological Engineering Endowment will be funded with an initial payment by cash or check from Ronald Sims, Foster Agblevor, and David Britt to USU. The endowment will begin to fund scholarships, assist with travel funding, and undergraduate research and design projects when the endowment expendable account reaches $2,000.
B. A minimum of 50% of the annual interest will be reinvested back into the premium for the 1st ten years, after that 15% of the annual interest will be reinvested back into the premium.
C. The portion of the gift to be used as scholarship(s) for undergraduate junior and/or senior students and/or for graduate student(s) currently working on a degree in Biological Engineering (BE) from USU. The BE scholarship(s) will be chosen 1: on the basis of scholastic achievement and need; 2: they will be chosen by the BE Department Endowment Committee consisting of 4 faculty and 1 staff member from the BE Department; and 3: award amount(s) will vary between $500.00 and $2,000.00 increments per semester.
D. Travel funding award(s) will be 1: chosen by the BE Department Endowment Committee consisting of 4 faculty and 1 staff member from the BE Department; 2: the awardee must show proof of acceptance of abstract at a conference; 3: may only be used as matching funds; 4: may only constitute 50% of the matching funds; 5: total amount of annual award(s) for travel funds not to exceed 25% of annual endowment interest.
E. Undergraduate research and design funding award(s) must 1: be approved and chosen by the BE Department Endowment Committee consisting of 4 faculty and 1 staff member from the BE Department; 2: Not to exceed 20% of annual endowment interest.
F. In addition, it is understood and agreed that the Donors and others have the right to make additional contributions, either by gift or bequest, to the Utah State University Foundation for inclusion to the scholarship endowment hereby established.
The Biological Engineering Endowment in the Biological Engineering Department in the College of Engineering shall be deposited and invested by the Board of Trustees of Utah State University, through the Utah State University Investment Advisory Committee in accordance with the University’s investment policy. The Utah State University Foundation is the legal entity designated by Utah State University to receive charitable gifts in support of its academic mission.
Distributions from the endowment fund shall be governed by the University’s Endowment Spending Policy. The spending policy calls for an annual distribution up to
5% (currently set at 4%) of the value of the endowment account to be expended per the gift agreement. An additional 1.5% of the endowment value shall be used to fund the administration of the endowment and university advancement efforts. All additional gains shall be retained as appreciation and invested along with the corpus to grow the value of the endowment over time.
By letter dated May 21, 2008, the Internal Revenue Service has declared the Utah State University Foundation (federal tax identification number 87-0627128), to be a duly qualified charitable organization under section 501(c)(3) and also an organization described in sections 509(a)(1) and 170(b)(1)(A)(iv) of the Internal Revenue Code. The Foundation is a duly chartered active Utah nonprofit corporation, under the provision of Utah Code, Title 16, Chapter 6a.
Modifications to this agreement may be requested by the originators, as needed, to meet the expressed intent of this Fund. Any proposed modifications must be in writing and agreed to by all parties to this agreement.
The Biological Engineering Endowment in the Biological Engineering Department in the College of Engineering shall stand and serve as a lasting tribute to the continued excellence of the Biological Engineering Department and its dedication to its students.
The Donors shall be acknowledged in accordance with the policies of the Utah State University Foundation and its Old Main Society. The Donors may also be acknowledged through news releases, donor listings, and features in publications, including internet media.