Established: March 6, 2010
Official Name: McDaniel College Chapter Endowment
Benefactor: McDaniel College (Epsilon Xi)
Permanently Restricted Endowment Corpus: $7,088.58 (7/1/16)
Spendable Balance: $0.00 (7/1/16)
2016 Annual Statement
History of Endowment
The Endowment was established by the Epsilon Xi Chapter Alumni in March 2010 to support the undergraduate members of Alpha Sigma Phi Fraternity at McDaniel College.
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.
The Endowment's distributions shall be utilized exclusively for the following purposes:
- To provide funds to support the chapter for leadership, educational, academic and philanthropic purposes. Some examples include but are not limited to the following: registration costs to attend leadership programs (Fraternity, campus, other); merit or needs based scholarships for members, new members and/or potential members; educational speakers or workshops; chapter or prudential board retreats, etc.
- To provide funds for scholarships (partial or full) for undergraduate members to attend Fraternity leadership and educational programs that could include but are not limited to: Academy of Leadership, Burns Leadership Institute, Better Man Weekend, Elevate: National Leadership Conference, Grand Chapter, Sig Experience, etc.
- To provide funds for academic and/or needs based scholarships (partial or full) for qualified members currently enrolled as full-time undergraduate or graduate students.