Unrestricted endowment can be used in any way the recipient chooses to carry out its mission.Endowments in the United States are commonly categorized in one of four ways: Most private endowments in the United States are governed by the Uniform Prudent Management of Institutional Funds Act which is based in part on the concept of donor intent that helps define what restrictions are imposed on the principal and earnings of the fund. The Bill and Melinda Gates Foundation is one of the wealthiest private foundations as of 2019 with an endowment of $46.8 billion as of December 31, 2018.
Harvard University's endowment (valued at $53.2 billion as of June 2021 ) is the largest academic endowment in the world. Private endowments are some of the wealthiest entities in the world, notably private higher education endowments. Institutions that commonly manage endowments include academic institutions (e.g., colleges, universities, and private schools) cultural institutions (e.g., museums, libraries, and theaters) service organizations (e.g., hospitals, retirement homes the Red Cross) and religious organizations (e.g., churches, synagogues, mosques). In some jurisdictions, it is common for endowed funds to be established as a trust independent of the organizations and the causes the endowment is meant to serve. The Bill and Melinda Gates Foundation headquarters complex in Seattle as seen from the Space NeedleĮndowments are often governed and managed either as a nonprofit corporation, a charitable foundation, or a private foundation that, while serving a good cause, might not qualify as a public charity. Harvard University's endowment was valued at $53.2 billion as of 2021. Engraving of Harvard College by Paul Revere, 1767. Endowments are often structured so that the inflation-adjusted principal or "corpus" value is kept intact, while a portion of the fund can be (and in some cases must be) spent each year, utilizing a prudent spending policy. Donation to a non profit enterprise for ongoing supportĪ financial endowment is a legal structure for managing, and in many cases indefinitely perpetuating, a pool of financial, real estate, or other investments for a specific purpose according to the will of its founders and donors.
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