Reporting System for Endowed-in-Process Funds in the ASABE Foundation
Printed on:
4/4/2017
Preface:
An important part of the operating procedures for the ASABE Foundation is to manage
each endowed-in-process fund to assure that the contributors are progressing toward the
required endowment amount and that it meets its purpose(s) and to see the spending for
the purpose(s) that is being done during the accumulation toward the required
endowment amount.
This spreadsheet was developed in concert with the new Operating Procedures as a way
to maintain a record of the endowed-in-process funds that are a part of the Foundation so
that each fund and its activity can be monitored and so that that the entire suite of funds
can be assessed by the Board of Trustees.
Contents:
This spreadsheet consists of a set to worksheets for the Endowed-in-Process Funds of the
ASABE Foundation. The worksheet, EIP Portfolio Summary, shows the overall amounts of
activity in the Endowed-In-Process Portfolio by Year. The worksheet, Summary of Funds for
YEAR, shows a list of each of the funds and a one-line summary of activities for the year for
each fund. Summary of Funds for YEAR worksheets beginning with 2009 will be kept at the
end of this spreadsheet to show activity for previous years. The worksheet, Summary of Funds
for YEAR+1 contains the anticipated information updated for the next year that shows the
proposed spending for purpose for each fund and the anticipated fund values based upon
contributions expected at the close of the YEAR+1 Calendar Year. Each fund has a separate
worksheet of it that follows the list on the worksheet, Summary of Funds for XXXX. The first
one is the John Nye Fellowship Fund. The user can select the tab at the bottom to move to a
particular fund. The information for each fund that is needed for as specified by the Operating
Procedures of the Foundation is shown. The funds in all of these accounts are kept as a part
of the Not-At-Risk Pooled Fund that is in an interest-earning account for which the principal
values does not fluctuate with market conditions. All of the earnings from the Not-At-Pooled
Fund are transferred to the General Fund of the Foundation.
The spending for purpose from a fund depends upon the purpose of the fund. In all cases, the
spending limit from a fund is limited to no more than the value of the fund unless the Board
makes a decision about the specific fund. For those with awards and cash prizes, the
spending for purpose is divided between the award (memento, scholarship, contribution to a
purpose, plus publicity items of pages in the Awards Booklet and display panels, postage, etc)
and the costs to administer the award (staff time to solicit and manage nominations, work with
the selection committee, work with the awardees on logistics of receiving the award, preparing
and sending news releases, preparing and presenting a panel for display at the annual meeting
and making pages for inclusion in the annual awards booklet). All Endowed-in-Process funds
that begin their purpose before the fund has been fully endowed for one year, must pay all of
the costs of the purpose for each year before the total endowed amount has been paid to the
Foundation and for one more year while the endowed amount has had one complete calendar
year to earn enough to support the purpose for the following year.
File: ASABE Foundation Endowed-in-Process Funds Reporting.xls
Printed on:
4/4/2017
ASABE Foundation Board-Designated Endowed-In-Process Funds Portfolio Summary
Beginning
Balance
Year
on Jan 1. for
Year
2009
2010
2011
2012
2013
2014
2015
2016
2017
$3,288
$40,974
$70,841
$35,370
$28,181
$4,538
$44,117
$6,956
$4,838
Donor Contributions
Toward
Endowment
Amount
$30,200
$28,072
$30,861
$26,298
$61,389
$0
$2,946
$0
$0
Spending or Budgeted for
Purpose
For Spending
Purpose or
before endowed Recognition &
amount reached
Award
$1,850
$2,778
$2,139
$3,252
$2,296
$0
$35
$0
$0
$0
$313
$2,376
$4,512
$568
$536
$827
$2,371
$0
Administration
Total
$0
$670
$1,848
$2,234
$600
$600
$600
$1,200
$0
$0
$983
$4,224
$4,828
$1,168
$1,136
$1,427
$3,571
$0
Ending
Balance
on Dec. 31
for Year
$35,338
$70,841
$99,617
$57,565
$90,698
$3,338
$45,671
$3,338
$3,338
Moved to Endowed Funds as of 12/31/2011 from Pharos, $45,800, and SMV, $25,500, funds.
Moved to Endowed Fund as of 12/31/2012 from Turner, $28,335, fund.
Moved Giving Back Fund to Endowed Fund, $25,000 at end of 2013.
Moved Netafim Microirrigation Fund to Endowed Fund, $30,000 at end of 2013.
Moved Gilley Academic Leadership Fund to Endowed Fund, $30,000 at end of 2013.
Moved Sukup Fund to Endowed Fund, $55,000 at end of 2015.
Moved McCormick/Case Gold Medal to Endowed Fund, $40,860 at end of 2015.
Moved Verma Excellence in Global Engagement to Endowed Fund, $30,000 in July of 2016.
ASABE Foundation Board-Designated Endowed-In-Process Funds as of March 31, 2017
2018
UNAUDITED
Board-Designated
Endowed-In-Process
Fund
Year
Started
Total
Beginning
Balance
on Jan 1.
for Year
balance
Fund Type
Award/Scholarship/
Competition
Nye
Endowment
Amount
Required
1999
Donor Contributions
Toward
Endowment
Amount
For Spending
before endowed
amount reached
Printed on:
Spending or Budgeted for
Purpose
Purpose or
Recognition &
Award
Administration
Total
Ending
Balance
Progress
Toward
Endowed Level
on Dec. 31
for Year
Additional Funds
Net of Spending
for Purpose
Needed
$45,000
$3,338
$0
$0
$0
$0
$0
$3,338
$45,000
$3,338
$0
$0
$0
$0
$0
$3,338
Anticipated donations based on funding plan provided to donors.
The Nye Fund is currently inactive.
4/4/2017
$41,662
ASABE Foundation Board-Designated Endowed-In-Process Funds as of March 31, 2017
2017
UNAUDITED
Board-Designated
Endowed-In-Process
Fund
Year
Started
Endowment
Amount
Required
Beginning
Balance
Donor Contributions
on Jan 1. for
Toward
For Spending
Year
Endow- ment before endowed
Amount
amount reached
balance
Fund Type
Printed on: 4/4/2017
Spending or Budgeted for
Purpose
Purpose or
Recognition &
Award
Administration
Total
Ending
Balance
Progress
Toward
Endowed
Level
on Dec. 31
for Year
Additional Funds
Net of Spending
for Purpose
Needed
Nye
Award/Scholarship/
Competition
1999
$45,000
$3,338
$0
$0
$0
$0
$0
$3,338
$41,662
Verma
Award/Scholarship/
Competition
2016
$30,000
$1,500
$0
$1,500
$900
$600
$1,500
$0
$0
$75,000
$4,838
$0
$0
$0
$0
$0
$3,338
Total
Anticipated donations based on funding plan provided to donors.
The Nye Fund is currently inactive.
The Verma Fund endowment amount is in the MAPF and the 2017 award costs will be paid from the Past Presidents Fund.
This page shows the funds in the Endowed-In-Process Funds Portfolio and the activity of each budgeted for during the calendar year 2017.
Information from each particular fund's page is linked to this summary..
A worksheet for each fund is in this file. Click on a tab at the bottom of the page to see details for a particular fund.
File: ASABE Foundation Endowed-in-Process Funds Reporting.xls
Nye
Full Name: Nye Fellowship Fund
Purpose: Provide a fellowship for a minority student pursuing a PhD in Agricultural Engineering.
Fund Type: Award/Scholarship/Competition
Selection Made by: None ever awarded
Year Fund Began:
1999
Supported by: John Nye Family
ENDOWMENT AMOUNT REQUIRED:
$ 45,000
Printed on:
Beginning
Balance
Year
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
Projected Donor
Contributions
Toward
on Jan 1. for
Endowment
Year
Amount
$3,288
$3,288
$3,288
$3,288
$3,338
$3,338
$3,338
$3,338
$3,338
$3,338
$0
$0
$50
$0
$0
$0
$0
$0
$0
4/4/2017
Projected Spending or
Budgeted for Purpose
For Spending
before
endowed
amount
reached
$0
$0
$0
$0
$0
$0
$0
$0
$0
Purpose or
AdminiRecognition
stration
& Award
Total
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
Progress
Toward
Endowed
Level
Additional
Funds Net of
on Dec. 31
Spending for
for Year
Purpose
Needed
Projected
Ending
Balance
$3,288
$3,288
$3,288
$3,338
$3,338
$3,338
$3,338
$3,338
$3,338
$3,338
$41,712
$41,712
$41,712
$41,662
$41,662
$41,662
$41,662
$41,662
$41,662
$41,662
Notes: Endowment amount minimum is $25,000.
All spending for purpose while an endowed-in-process fund must be funded in addition to the endowment amount.
Endowed-in-process funds must be fully endowed within 5 years of beginning the fund unless the Board deems otherwise.
This fund has had no activity since it was first established. The Board has agreed to wait for further developments.
If this one is to give a $1,000 fellowship, pay administrative expenses, and other expenses.
The required endowment as of 2014 would be about (1,000 + 600+200)/0.04 = $45,000.
Verma
Full Name: Lalit and Aruna Verma Award for Excellence in Global Engagement
Purpose: Recognizes outstanding contributions made towards global advancement and recognition of the
profession of agricultural and biological engineering, and excellence in global engagement and international
education, outreach and/or research.
Fund Type: Award/Scholarship/Competition
Selection Made by: M-???
Year Fund Began:
2016
Supported by: $25,000 from Lalit and Aruna Verma and $5,000 from Past Presidents Fund
Printed on:
Beginning
Balance
Year
2016
2017
Projected Donor
Contributions
Toward
on Jan 1. for
Endowment
Year
Amount
$0
$30,000
ENDOWMENT AMOUNT REQUIRED:
4/4/2017
$30,000
For Spending
before
endowed
amount
reached
$0
$1,200
Projected Spending or
Budgeted for Purpose
Purpose or
AdminiRecognition
stration
& Award
$0
$900
Total
$0
$0
$600 $1,500
$ 30,000
Progress
Toward
Endowed
Level
Additional
Funds Net of
on Dec. 31
Spending for
for Year
Purpose
Needed
Projected
Ending
Balance
$0
$0
$0
$0
The fund was established in July 2016 and the net amount was placed in the MAPF at that time.
The first award is to be presented at the 2017 AIM in Spokane and will be an award item.
The 2017 award costs will be paid from the Past Presidents Fund
The amount for the 2017 award will budgeted at $1,500 and subsequent years will
be at 4% of the fund amount; currently $1,200.
ASABE Foundation Board-Designated Endowed-In-Process Funds as of December 31, 2016
2016
Year
Started
UNAUDITED
Board-Designated
Endowed-InProcess Fund
Beginning
Balance
on Jan 1.
for Year and
December
31, 2016
balance
Fund Type
Award/Scholarship/
Competition
2015
Nye
Award/Scholarship/
Competition
1999
Sukup
Award/Scholarship/
Competition
McCormick/Case
Endowment
Amount
Required
2015
$40,860
$45,000
$0
Donor Contributions
Toward
Endowment
Amount
Printed on:
Spending or Budgeted for
Purpose
For Spending
before endowed
amount reached
Purpose or
Recognition &
Award
Administration
Total
$1,473
$0
$0
$827
$600
$1,427
$3,338
$0
$0
$0
$0
$0
$2,145
$0
$0
$1,545
$600
4/4/2017
Ending
Balance
Progress
Toward
Endowed
Level
on Dec. 31
for Year
Additional Funds
Net of Spending
for Purpose
Needed
$0
$3,338
$2,145
$0
$41,662
$0
2016
Total
31-Dec-15
2016
Additions
31-Dec-16
$46 moved to endowed fund 12/31/16 and
EIPF is now closed
$
3,338
$
-
$
3,338
Still unsure how 2016 award expenses
were paid for.
Fund moved to endowed July 2016.
Remains as EIPF in 2017 so Past
President's fund will pay for first award.
Showing $1,500 here, however, would
leave the 2016 ending balance for thePast
Pres SpCap fund with a negative balance.
Award/Scholarship/
Competition
Verma
2016 Annual Audit Values
$30,000
$0
$30,000
$0
$0
$0
$0
$1,500
$85,860
$6,956
$0
$0
$2,371
$1,200
$3,571
$3,338
McCormick/Case Gold Medal Award Fund spending for 2015 was $1,427
The Case/McCormick Fund all but 2016 spending moved to endowed 1/2016
Anticipated donations based on funding plan provided to donors.
The Sukup Fund all $55,000 moved to endowed 1/2016 and others have ageed to pay all of 2016 award costs
The Nye Fund is currently inactive.
The Verma Fund was established in July 2016 and the net endowment amount of $30,000 was moved to the endowed funds.
The Past Presidents Fund will support the first award for the Verma Fund in 2017.
The Case/McCormick Fund had $46 left as the end of 2016 and it will be added to the endowed fund at the end of 2016.
This page shows the funds in the Endowed-In-Process Funds Portfolio and the activity of each budgeted for during the calendar year 2016.
Information from each particular fund's page is linked to this summary..
A worksheet for each fund is in this file. Click on a tab at the bottom of the page to see details for a particular fund.
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