___________________________ ENDOWMENT AGREEMENT Endowment Agreement: This Endowment Agreement, entered into between Name of Donor/s (“Donor”) and the WVU Foundation, Inc., (“Foundation”), a qualified charitable organization, Federal ID 55-6017181, establishes an endowment to be held, managed and used by the Foundation for the benefit of West Virginia University, (“University”), and to be named the: Name of Award Distinguished Chair Name of Award Chair Name of Award Distinguished Professorship Name of Award Professorship If this Agreement replaces a previous Agreement SEE INDEX 1. Contributions: The Donor(s) has (have)…. SEE INDEX 2. The Endowment will be fully operational upon transfer to and acceptance by the Foundation of gifts totaling $_________ . Additional contributions may be made by the Donor(s) and the Donor(s) shall permit others to contribute to this Endowment, but all such contributions shall be subject to the terms and conditions outlined in this Agreement. If the Donor is using a Corporate Matching Gift SEE INDEX 3. Endowment Purpose: This Endowment shall provide funds to create a Distinguished Chair / Chair / Distinguished Professorship / Professorship in ______(subject) to benefit the West Virginia University College/School of ________. It shall provide a broad range of support for research, teaching and service including but not limited to supplemental compensation, travel, research, technology enhancements, mission, and faculty and student support. Specifically, this Endowment will advance WVU Research Initiatives approved for WV Research Trust Fund matching gifts in: 1) Energy and environmental sciences; 2) Nanotechnology and material science; 3) Biological, biotechnological, and biomedical sciences; 4) Biometrics, security, sensing, forensic sciences and related identification technologies. Select one or more of the four RTF approved WVU research initiatives. The numbers may be removed if selecting only one area. Selection Procedure: In accordance with the University’s policy on selection of endowed faculty positions, the recipient shall be of good moral reputation and community standing and shall be recommended to the President of WVU by the Dean/Director of the College/School of _________ . Current faculty members (may/may not – choose one) be considered for the position. Recognition: The recipient shall carry the title of the Name of Award Distinguished Chair / Chair / Distinguished Professor / Professor and be acknowledged in institutional publications, directories, press releases and other printed materials. Where appropriate, individuals receiving support from this Fund, as well as those in attendance at events, lectures, or other related activities will be advised of the financial assistance provided by the Name of Award Distinguished Chair / Chair / Distinguished Professor / Professor in the WVU College/School of __________. The Foundation will not release information about the Donor(s) absent written consent. The Foundation may publicly acknowledge this gift upon proper donor authorization. West Virginia Research Trust Fund Provisions: The intent of the Donor(s) is that this gift will qualify for a 1:1 match in accordance with West Virginia Code 18B-18A-1, the West Virginia Research Trust Fund. Qualification will be determined by appropriate officials at West Virginia University and the West Virginia Higher Education Policy Commission. This gift could be subject to Freedom of Information Act (FOIA) regulations. The Donor’s gift will be placed into a new endowed fund which is administered and invested by the Foundation for the benefit of the University. All gifts made to this Endowment before the matching program concludes on March 8, 2015 will be eligible for the match providing matching funds are available. The West Virginia Research Trust Fund’s match will be gifted to the Foundation to create a separate directed research endowment to be used for the same purpose as outlined in this Agreement. This state-funded matching gift endowment will be known as the “Research Trust Fund Insert Donor Last Name Endowment”. INDEX 4 Endowment Management: This Endowment will be identified in Foundation records as a discrete and permanent fund. The Foundation Board of Directors will manage this Endowment in accordance with state law, investment and disbursement policies established by the Foundation, and general accounting principles. The Foundation shall be entitled to reasonable compensation for services rendered in the management of the Endowment. The amount of funds from the Endowment that may be expended shall be determined in accordance with the Foundation Endowment Spend Policy and will be made available when the endowment is fully operational. Unfulfilled Commitments: In the event the commitment is not fulfilled or the gift amount received does not meet the required endowment minimum, the Foundation shall have the option to terminate the Endowment and disburse existing amounts in a manner consistent with original Donor intent. Governing Law and Policies: This Endowment is executed in and shall be governed by the laws of the State of West Virginia. This Agreement is construed to be in accordance with Foundation policies generally applicable to its endowments, as amended from time to time. The effective date of this Agreement shall be the date it is fully executed. Modification: If the Endowment’s purpose ever becomes impractical or any provision of this agreement is found to conflict with or violate any federal or state law or regulation, and the Donor(s) is (are) not available for reconsideration, the Foundation’s Board of Directors shall have authority to make changes to provide a modified or otherwise appropriate alternative use which comes closest to the Donor’s(s’) original intent. However, any changes must be in accordance with the West Virginia Research Trust Fund policies and be endorsed by West Virginia University. ____________________________________ __________________ Donor Name, Donor SEE INDEX 5 Date ____________________________________ __________________ Donor Name If Needed, Donor Date ____________________________________ __________________ West Virginia University Foundation, Inc. Date R. Wayne King, President and CEO Witnessed By: ____________________________________ __________________ WVU College/Unit Name Date Dean/Director Name, Dean/Director ------------------------------------------------------------------------------------------------------------------ Donor Information: WVUF ID #: _________________________ Development Officer: _________________________ INDEX 1 If this Agreement replaces a previous Agreement insert this language in the Endowment Agreement section: This agreement supersedes the document signed on DO fill in date the donor signed the document that is currently in effect and is effective upon the date that the revised Agreement is signed by the Donor. INDEX 2 donated $___________ to the Foundation signed a Letter of Commitment dated _______ pledging $___________ to the Foundation signed a Letter of Intent dated _______ to recommend that $___________ be given to the Foundation from a Donor Advised fund held with DO fill in name of financial institution. donated $___________ and signed a Letter of Commitment dated _______ pledging an additional $___________ to the Foundation created a Unitrust/Annuity Trust/Gift Annuity/Deferred Gift Annuity in the amount of $_________ on ________ ___, 20__ which will provide funds to the Foundation at its termination. donated a gift of real estate to the Foundation on gift date from RE valued at $_______. Transferred a life insurance policy to the Foundation on gift date from RE with a face value of $_______. INDEX 3 If the Donor is using a Corporate Matching Gift to supplement his personal gifts, include this language in the Contributions section: The Donor also intends to apply for 1:1 (modify if other match ratio) corporate matching gift from DO insert name of matching gift company to supplement their personal commitment to this fund resulting in a total gift of $_______ . Corporate matching gifts for qualified endowments are submitted for RTF match upon receipt. INDEX 4 State Endowment Naming - The state funded endowment will include a shortened version of the private donor’s endowment name. This will allow the state endowments to have a unique naming structure to help differentiate them. If a donor makes more than one RTF gift, roman numerals will be used to differentiate the funds. Example: Research Trust Fund Williams Endowment II. Here are some examples of private and state endowment names: Private Fund: Gary “Whitey” Williams Endowed Scholarships in Petroleum Engineering State Fund: Research Trust Fund Williams Endowment Private Fund: Porter Coal Corporation Endowment for Energy Research State Fund: Research Trust Fund Porter Coal Endowment INDEX 5 If the Donor is a Corporation or Foundation modify the signature line/s to: ____________________________________ __________________ Corporation/Foundation Name, Donor Date Name of Person Signing Agreement, Title of Person Signing Agreement If the Agreement is being signed by the Donor’s Representative modify the signature line/s to: ____________________________________ __________________ Donor’s Representative Name Date Title of Representative Name of Donor, Donor Customizing the Agreement Template 1. The use of the symbol / in this agreement indicates that the DO should choose the word that best fits that section. 2. Text in italics and/or underlined sections __________ indicate areas where the DO should fill in proper names, specific titles, dates, dollar amounts, or specific language from an INDEX. 3. Text in parenthesis ( ) indicate that the DO should choose the correct singular or plural noun/verb based on the number of donors signing the agreement. RTF Agreement Approval Flow 1. The DO customizes the agreement template based on the prospect’s gift intent. 2. The DO shares a copy of the agreement draft with his/her WVU Foundation Vice-President or Designee. 3. The DO shares a copy of the agreement draft with Chuck Kerzak at the WVU Foundation for review of the RTF language. 4. The DO shares a copy with the unit’s Dean or Director. 5. Any modifications necessary as a result of the internal approvals are discussed and incorporated into the agreement draft. 6. The DO shares the agreement draft with the prospect, explains how the endowment would operate and learns of any modifications from the prospect. 7. Repeat steps 2 - 6 as needed to get the agreement into final form. 8. If the agreement contains any significant alteration to the normal fund administration practices, the WVUF Chief Financial Officer must review and approve the language. The WVUF Vice President or Designee will share the agreement with the CFO for approval. 9. Once all appropriate parties approve the agreement, the WVU Foundation Vice-President or Designee signs the Fund Agreement Cover Sheet and forwards the cover sheet and agreement to the Executive Assistant for the President’s signature. 10. The agreements containing the President’s signature are returned to the DO to be sent to the prospect for their signature.