Endowment Funds and Planned Gift or Inheritance
The University is gifted with endowment funds that provide financial resources in perpetuity. These are set up to fund scholarships, faculty development programs, cultural and faith enrichment programs and operations (i.e. repair and maintenance of physical facilities, salaries of highly qualified faculty), among others.
The endowment funds at Silliman University (SU) are invested in fixed income financial instruments. Earnings from the fund are used in accordance with the terms of a Memorandum of Agreement (MOA) signed by the donor. For example, earnings from the endowment are used to fund the scholarships in part (as a subsidy towards tuition fees) or in full, depending on the amount of earnings.
The endowment fund at SU is managed by the University with the guidance and direction of the Fiscal, Physical Properties and Investment Committee of the University’s Board of Trustees. A fund manager regularly monitors investment performance.
A restricted account in the University is opened specifically for the endowment scholarship fund (example: “Juan de la Cruz Endowment Scholarship Fund”). Contributions to the fund are received either by bank transfers or by checks made out to Silliman University. Once funds are received, SU credits the restricted account, where earnings and disbursements from the account shall only be in accordance with the provisions of the MOA. Our Internal Audit Office (and external auditors) regularly review the utilization of the endowment funds.
Donors interested to set up the endowment with SU need to formally contact the Office of the Vice President for Development on the details of the endowment.