The Mid Michigan College Foundation’s financial resources are comprised of four kinds of funds as outlined below. The Investment and Distribution Policy provides more information about how each fund is distributed.
Unless otherwise noted, monies raised during Mid Foundation fundraisers or collected through general gifts will be placed in the Unrestricted Endowed Fund. Resources will be allocated to the other fund categories as indicated by each donor or as established by the Board of Directors.
Unrestricted | Endowed
Funds are raised without any specific designation and placed into the general endowed fund. The 5-year rolling average of this fund is used to calculate the allowable distribution.
Restricted | Endowed
Funds are contributed for a specific purpose and the principle is endowed. The purpose of the earnings is determined by the donor and is specific to each fund.
Unrestricted | Unendowed
Funds are gifts to the Foundation that do not have restrictions for use and are not designated for the endowment. These can be used as the Board sees fit.
Restricted | Unendowed
Funds are gifts solicited and collected for a specific purpose, but are not designated for endowment. The entire balance of the fund can be spent.
This chart illustrates the four available fund types:
Approved: July 10, 2008