An endowment is an amount of money ($10,000 minimum), given to the NMMI Foundation with a stipulation that the funds are invested to earn annual interest rather than spent immediately. A portion of the annual earnings are used to award scholarships, provide faculty development or support NMMI programs.
Endowments can be established with cash gifts, securities or other property, or may be funded with a series of gifts made over time. They may also be funded through a bequest or other deferred gift, or through a combination of lifetime and deferred gifts. Earnings will be awarded once the endowment reaches the minimum required funding level. Because the principal of the endowment is never spent, such a gift represents an enduring tribute to the person honored by fund.