TTU Equestrian Programs Endowment receives matching gift opportunity
Officials with Texas Tech's College of Agricultural Sciences and Natural Resources announced today (Oct. 1) that anonymous donors have agreed to fund the equestrian programs of Tech's Department of Animal and Food Sciences with a commitment to match gifts made by third-party donors in support of the endowment of programs housed within the Tech's Equestrian Center.
The anonymous donors will give a maximum total of $500,000, which in this case are matching funds, toward endowments benefitting the Equestrian Center's programs over a period of three years, beginning Aug. 1, 2015 and ending July 31, 2018.
"This new matching opportunity will have a tremendous effect on all the components of the Equestrian Center," said Michael Galyean, dean of Tech's College of Agricultural Sciences and Natural Resources. "We're very fortunate to have generous, forward-thinking supporters who have helped make the Center one of the premier facilities of its kind in the U.S."
The funds will compliment and leverage the generous support the College has already received from several foundations, the San Antonio Livestock Exposition, the TTU Office of the President, and numerous individuals and businesses who regularly donate goods and services, as well as cash, to the Equestrian Center, Galyean said.
To qualify for the donor's matching opportunity, a third-party donor must commit to a minimum of $10,000 to be paid over a period of no more than three years, with the first payment to be made within 90 days of signing the agreement, said Jane Piercy, CASNR's Director of Development and External Relations. The maximum amount that will be matched is restricted only by the remaining balance of the matching funds committed by the donors.
To qualify for the donor's match, an endowment gift must benefit one of the following programs:
- Texas Tech Ranch Horse Team
- Texas Tech Therapeutic Riding Program
- Texas Tech Equestrian Team
- Texas Tech Rodeo Team" Texas Tech Horse Judging Team
- Texas Tech Equestrian Center Facilities Endowment
Once a third-party donor's gift has qualified for the matching agreement, donors will provide a dollar for dollar match, up to $100,000 for each program, with the total match not to exceed $500,000, Piercy said. The name for each endowment will be determined by the third-party donor, and will not include the names of the anonymous donors. In the event that one or more of the programs is no longer functioning, the anonymous donors and third-party donors will be consulted before the funds are used for another purpose.
Piercy noted that CASNR's development staff will notify anonymous donors of gifts made by third-party donors that are eligible for the matching agreement. Each third-party donor will sign an endowment agreement that acknowledges that the anonymous donors will be notified of their gift for matching and recognition purposes.
Piercy explained that, in general, endowments are the lifeline to many of Texas Tech's programs. Often referred to as "gifts that keep on giving," endowments are savings accounts that are invested with other funds and grow over time. The corpus of the endowment is never spent, she said.
The Texas Tech Foundation manages the endowments for Texas Tech, Piercy said. The Texas Tech Foundation's policy requires a minimum of $10,000 to establish an endowment, and 4.5 percent of the market value of the endowment is used for the purpose specified by a donor. Over time, the corpus significantly can grow as the rate of return exceeds 4.5 percent. Scholarships, facilities funding and other endowments can make programs self-sustaining.
CONTACT: Michael Galyean, Dean, College of Agricultural Sciences and Natural Resources, Texas Tech University at (806) 742-2808 or firstname.lastname@example.org
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