The purpose of this program is to allow donors to create a Named Fund, a cash reserve controlled and managed by the Foundation and from which annual grants will be made in the donorís name to assist students from underrepresented groups make the transition to professional employment in the entertainment industry. The Named Fund will provide an ongoing mechanism by which donors can direct contributions to this successful and growing Foundation program. Most importantly, Named Funds provide a multi-year legacy in the donorís name for future generations of creative students who need this support.
A Named Fund can be established in any amount that will yield at least $5,000 in awards to the students each year for at least five years. A typical Named Fund of $50,000, for example, will provide at least $10,000 in awards to students over the five-year life of the Fund. The Named Fund will award a grant or grants to students totaling no less than 10% of the Fundís principal, as determined on December 31st of the year before the grant awards are made.
The Fund and the grants awarded each year from that Fund will be named in accordance with the Donorís request. Selection of the awardees will be at the sole discretion of the Foundationís Board. At the request of the Donor, an appropriate public acknowledgment and/or screen credit will be provided. In addition to this public acknowledgement of her or his gift, the Donor may be entitled to benefits related to the Foundationís annual events. These benefits will be determined by the Foundationís Board of Directors, and any such benefits will be offered to the Donor as part of the process of establishing a Named Fund.
Named Funds will be combined with other funds and invested conservatively in a combination of government securities, corporate bonds or other interest bearing securities with no less than an ďAĒ rating from Moodyís. No more than 30% of the Fund will be invested in listed stocks, and these stocks will have a minimum 10-year record of positive earnings and dividend payments. The fund will be overseen by the Board of Directors of the Foundation. All interest and dividends accrued by the Fundís investments will be used to defray expenses associated with this student grant award program.