Mason Endowment Hits Milestone at $50 Million
Posted: February 20, 2007 at 1:00 am, Last Updated: November 30, -0001 at 12:00 am
Through an influx of endowment gifts, coupled with positive market returns, the value of the George Mason University Foundation endowment topped $51.5 million at the end of 2006.
“This is a significant milestone,” said foundation Chair Albert Dwoskin. “Growing a strong endowment is critical to providing a solid financial base, one that enables the university to carry out its mission for years to come.”
According to Judy Jobbitt, foundation president and vice president of University Development and Alumni Affairs, gifts to endowment provide a long-term impact because the principal, or actual gift, is never spent – only the investment earnings from the gift are used for funding purposes.
Earnings from endowment help fund such priorities as scholarships, fellowships, academic seminars, curriculum development, chairs, professorships, visiting lecturers and research initiatives.
Endowments may be restricted as to purpose or unrestricted, depending on the donor’s intent, and can provide many named giving opportunities. To date, Mason has 265 endowed funds.