Official Name: University of Illinois Chapter Endowment
Benefactor: University of Illinois (Eta)
Permanently Restricted Endowment Corpus: $53,015.99 (7/1/16)
Spendable Balance: $3,930.66 (7/1/16)
2016 Annual Statement
History of Endowment
This Endowment was established on October 17, 2007 by the Eta Chapter of Alpha Sigma Phi for the purpose of making grants from the Educational Fund for (a) leadership training and other educational programs for all members and pledges of the local chapter, (b) scholarships that further the educational development of the members and pledges of the local chapter, and (c) to make Qualified Housing Grants.
Distributions will be used only for purposes consistent with the Foundation's tax exempt status under section 501(c)(3) of the Internal Revenue Code as determined by the Foundation.
Distribution of funds occurs with approval of either a recognized Alumni Association, recognized Chapter Council, or Fraternity Headquarters Staff unless other arrangements have been established in the endowment agreement.
During any fiscal year, the Foundation shall not disburse for grants and scholarships an amount in excess of the Educational Fund Net Income for the fiscal year except as otherwise specified by a donor with respect to the donation by such donor and except for Qualified Housing Grants, unless the donor specifies that his donation shall not be used for Qualified Housing Grants. For purposes of the limitation (a) distributions within sixty (60) days after the close of a fiscal year shall be treated as distribution of Fund Net Income for such prior fiscal year except as otherwise determined by the Foundation and (b) Fund Net Income that is not distributed in any fiscal year shall not be added to the principal of the Education Fund but shall be treated as Fund Net Income that is subject to distribution in subsequent fiscal years. Educational Fund Income comprises total interest, dividends and other amounts earned with respect to the assets of the Educational Fund (excluding unrealized appreciation and capital gains) less the Fund's pro-rata share of out-of-pocket costs for investment fees and expenses.