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Foundation looks to donors for guidance
Last updated on 02/09/2009 at 8:17 p.m.
With many of its 400 endowments underwater, the NIU Foundation has sent out letters to its donors asking them what they would like to do with the money.
“The sad but general answer is that a majority of them are underwater,” NIU Foundation President Mallory Simpson said.
Simpson also said the letters outline the foundation’s expectations from donors and clarify their position. The letter lists three options donors have: make another donation that can be spent, allow the foundation to use the undervalued endowment or not touch the endowment.
“It’s a very comprehensive approach we’re following,” Simpson said, adding that other universities are using the same method. However, she did not know the success rates of those efforts.
But what donors want to do with their contributions and their effects on students’ scholarships is unclear. Simpson said the foundation received the first batch of letters last week. At this time, she does not know what those donors have requested.
“As soon as we hear something, we are letting departments know so they know what to expect,” Simpson said. She said she hopes the responses come soon, but if they do not respond by March, follow-up calls will be made. Simpson said there will probably be a drop in the number of scholarships offered for the 2009-2010 school year.
“Scholarships won’t disappear completely, but there might not be an award for it for several years,” Simpson said.
With no end to the economic crisis in sight, Simpson said the foundation is increasing its communication with current and potential donors to keep “the needs, the interests and the successes of our students in their minds.”
“We’re really trying to shine a spotlight on the need for student support in these times more than ever,” Simpson said.
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