SUNY Maritime College 2019-2020 Annual Report

ENDOWMENTS Creating an endowment fund at Maritime College is a way for donors to leave a lasting legacy for generations to come. With aminimumdonation of $25,000, which can be funded fully at its initiation or payable over five years by one individual/ company, or with pooled resources from like-minded individuals, an endowment fund may be established according to the wishes of the donor. Endowments can be set up to support student scholarship, attract exceptional faculty, and promote high quality education and training by proving a steady, consistent and perpetual source of income. Endowment funds differ from others in that the total amount of the gift is invested and each year, only a predetermined portion of the income earned is spent while the remainder of the income is invested back into the principal for growth.

Fund and getting students across the finish line to graduation is important.” Students expressed concern over completing their degree programs in time for graduation, the potential of losing their financial aid and not being able to continue at the College. A freshman in the Marine Environmental Science program was deemed as an essential worker, who also worked off campus, during COVID-19 and conveyed the dilemma of having to choose between work or school saying, “Maritime is my dream school. I want to pass and continue my studies here. I am putting in the work and effort, but I need help.” Due to COVID-19, cadets in the Regiment were not able to participate in the Summer Sea Term from May-August. A Pier Side Training program (PST), which began in mid-July and ended in mid- August, allowed 208 cadets to gain 30 days of training needed to fulfill U.S. Coast Guard engine and deck license requirements. Many cadets, whose families endured financial hardship or income loss during the pandemic, hesitated to participate in PST. Through the generosity of the Maritime College alumni, friends and others who donated to the One Hand Student Relief Fund,

One Hand Student Relief Fund (As of December 15) Gifts 292 Total given $287,042 scholarships were made available to all PST participants. As the pandemic rages on, donations to the One Hand Student Relief Fund will continue to be greatly needed and appreciated. Donations can be made by visiting the Giving page on the College website.

Discussions among the donor(s) and the College are essential to ensuring that the donors’ wishes are clearly articulated and are aligned with a College’s mission and needs.

A predetermined portion of the income earned is used for the stated purpose of the endowment and the remainder is reinvested in the fund’s principal

5 FUTURE GROWTH

to generate growth. Further, additional donations may be added to the principal at any time under the terms of the original agreement. Donors receive an annual report on the fund’s financial performance and how the endowment funds are being used.

COMMUNICATION

How to Establish an Endowment

A gift agreement is drawn up between the College and the donor/s to guarantee that the gift will be added to the SUNY Maritime Foundation endowment fund and that the gift will be used solely for its stated purpose.

4 FINANCIAL REPORT

2 CONTRACT

3 gift

The donor/s make a gift or pledge of at least $25,000 to establish a named endowed fund.

In 2019-20, two memorial scholarships for recent graduates were established: • Chase E. Davis ’15 Memorial Scholarship Fund • Payden DeRossi ’17 Memorial Scholarship Fund Refer to the full list of Endowments on page 26-27.

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