UC - Irvine Endowment
Established: June 16, 2014
Official Name: University of California - Irvine Chapter Endowment
Benefactor: University of California - Irvine (Eta Epsilon)
Permanently Restricted Endowment Corpus: $4,666.75 (7/1/16)
Spendable Balance: $0.00 (7/1/16)
2016 Annual Statement
History of Endowment
This endowment was established by Brian Thomas, UC - Berkeley '06, to support the Eta Epsilon Chapter at University of California - Irvine in honor of his father, a graduate of UC - Irvine.
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.
Annual funds are to be distributed either (1) for educational purposes and requested by agreement of the chapter HSP and GCA and approved by the Foundation directors, CEO or their delegate; or (2) if there is no agreed, appropriate request, or if the GCA position is vacant, 50% of the spendable balance is to be awarded to the undergraduate initiate who has completed 50%-70% of units or credit hours required for graduation with the highest GPA in the current semester. The remaining 50% is given to the undergraduate who has met the same qualifications above in the most recent two semesters; next highest member, if the same person.