Thank you for considering a gift to the Gonzaga Preparatory School Foundation. As stewards of the Gonzaga Prep mission and the sacrifices of our benefactors and families, we pledge to honor your gift through the prudent management of the Foundation assets and appropriate distributions in support of the students and programs at Gonzaga Prep. The following represents our policies related to the administration of unrestricted funds, scholarship and other endowment funds, and temporarily restricted funds.
- The Gonzaga Preparatory School Foundation includes an unrestricted fund, endowment funds to support scholarships or other programs, and temporarily restricted funds to support specific programs of Gonzaga Preparatory School. The assets of the Foundation are managed as a whole; individual funds are not managed as separate funds or trusts. Gonzaga Preparatory School Foundation will manage, invest, and disburse the Foundation assets in accordance the any restrictions indicated by the donor and the Investment Policy established by the Board of Directors, in effect at this time or as amended in the future. A proportionate share of the investment earnings, net of investment management fees, from Foundation investments will be allocated to the unrestricted funds, scholarship or other endowment funds, and any temporarily restricted funds.
- Distributions from the Foundation will be made in accordance with the Spending Policy established by the Board of Directors, in effect at this time or as amended in the future. Distributions from the unrestricted funds are used to support the operations of Gonzaga Preparatory School, including the Fair Share Tuition program and other programs or operations, as determined by the Gonzaga Preparatory School Foundation Board of Directors. Distributions from scholarship or other endowment funds and from temporarily restricted funds will be made for scholarships or other designated purposes, in accordance with the donor’s specifications. Distributions from the unrestricted funds, the scholarship or other endowment funds, and any temporarily restricted funds may also include an amount for the operational expenses of the Foundation.
- In the case that programs within the Gonzaga Preparatory School Foundation or Gonzaga Preparatory School change so that the particular purpose of the scholarship or other restricted fund can no longer be followed in the future, the Foundation Board or its designee may transfer and/or consolidate this endowment with other funds and may use the earnings from the endowment for similar purposes, in a manner consistent with the donor’s desired use and purpose.
- All funds will be administered consistently with the tax-deductible status of the gifts made to Gonzaga Preparatory School Foundation, a nonprofit corporation.