Established: October 18, 2008
Official Name: Indiana University Chapter Endowment
Benefactor: Indiana University (Gamma Chi)
Permanently Restricted Endowment Corpus: $54,565.90 (7/1/16)
Spendable Balance: $3,343.11 (7/1/16)
2016 Annual Statement
History of Endowment
This endowment was established to support the Gamma Chi Chapter at Indiana University in Bloomington, IN.
The Alpha Sigma Phi Foundation reviews each chapter endowment fund annually and makes available a percentage of the fair market value of the Chapter Fund's assets to be distributed during the subsequent year, which is presently five percent (5%) of the rolling five-year average of the market value of the endowment at the end of the previous fiscal year.
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.
Priority should be given to undergraduate academic scholarships and leadership programming scholarships. The Foundation may make Qualified Housing Grants to or for the benefit of the chapter. The Foundation may, at its discretion, invest all or any portion of the assets of the Chapter Endowment in loans to the House Corporation for the purpose of construction, renovating or furnishing the housing facilities of the chapter.