THE TSU COLLEGE OF ENGINEER STUDENT PRE-ENGINEERING READINESS FUND (SPERF)
PURPOSE AND ADMINISTRATION
The Foundation will use this gift for the establishment of the TSU CoETCS/Dr. Decatur Rogers Student Pre-Engineering Readiness Fund (“CoETCS Student Pre-Engineering Readiness Fund” or “SPERF”).
The Dean of the TSU CoETCS is the distributing agent for the SPERF and must approve all expenditures from the SPERF.
The account will be established as a restricted fund with two gift designations. After the initial deposit, funds received each year will be split between the two gift designations unless otherwise directed. One gift designation will be used to fund the TSU CoETCS summer student pre-college programs (i.e. ECI, M.I.T.E., etc.).
The Dean of the TSU CoETCS will provide the Foundation annual confirmation reports that funds received were used for the intended purpose that the SPREF was established. When the funds in the second gift designation become more than $10,000, it will be converted to an endowment account. The earnings from the endowment account will be placed in the restricted account in accord with Foundation’s endowment disbursement policy.
Annually, or upon request, the Foundation will provide a financial report on the fund to the Donor(s).
If it becomes impossible or impractical to use the gift for the purpose designated by the Gift Agreement, or if this Gift Agreement is determined to be in conflict with any federal, state, or local law, regulation, or ordinance, the Foundation’s Board of Trustees, in agreement with the Donor(s) (if possible) [if the Donor can not be found the President of the TSU National Alumni Association or its successor] , will direct the use of this gift in the best interest of the CoETCS and in a manner as close as possible to the original intent of the Donor(s) as expressed in this Gift Agreement.
SCHEDULE AND FORM OF CONTRIBUTIONS
The Donor(s) agree to fulfill the commitment to this project with contributions from CoETCS alumni and its supporters.
The Donor(s) or other contributors may add cash, securities, or other assets to this fund, which, if accepted by the Foundation, will become subject to all the covenants, terms, and conditions of this Gift Agreement.
Gifts should be made payable to the Tennessee State University Foundation. The Foundation is a not-for-profit corporation in the State of Tennessee organized to support the fund raising activities of the University and is an organization described in Internal Revenue Code 501(c) 3.
The Donor(s) gives the University and Foundation permission to publicly recognize their commitment in various publications and press releases.