The Middlesex Community College Foundation shall maintain and account for four (4) categories of donations.  These may be combined for investment purposes.  However, all restricted donations and restricted endowments shall be tracked and accounted for separately.

All donations to the Foundation shall be recorded and maintained in one of the following four (4) categories:

A.  Restricted Endowment:  $10,000.00 minimum.  Donations to these funds shall be invested, the principal retained, and only the interest and dividends spent as directed by the donor.

1. There shall be a fund agreement between the donor and the Foundation establishing the endowed fund and specifying how the interest and dividends are to be spent.
2. The Foundation shall record and maintain an accounting for each of these restricted funds.
3. Restricted endowed donations may qualify for state matching funds.
4. A donor may make a pledge and build the fund to the required $10,000.00 over time.  (For example, paying $2,000.00 with the pledge and paying $2,000.00 for the next four years.)  However, neither interest, dividends, nor any state match shall be credited until the donor gives the required minimum of $10,000.00.
5. Anyone may add any amount to any Restricted Endowed Fund at any time.

B.  Unrestricted Endowment:  No minimum.  Donations of any amount to this fund shall be invested with only the interest and dividends spent on scholarships, prizes, equipment, support of college activities and programs, or Foundation operations as determined by the Board of Directors.

1. The donor shall indicate by pledge card or other documentation that they elect this category.
2. Unrestricted endowed donations may qualify for state matching funds.

C.  Restricted Donations:  $500.00 minimum.  The entire donation shall be spent as directed by the donor.

1. The donor shall provide written documentation as to how the donation is to be spent.
2. The Foundation shall record and maintain an accounting for each restricted donation.
3. These donations do not qualify for state matching funds.

D.  Unrestricted Donations:  No minimum.  All of these donations may be used for scholarships, prizes, equipment, support of college activities and programs, or Foundation operations as directed by the Board of Directors.

1. Donations with an unspecified category shall be considered unrestricted donations.
2. These donations do not qualify for state matching funds.