Endowment Funds
VGIF Endowment Funds
Over the years, several endowment funds have been set up within VGIF as a result of special contributions or board decisions. The principal of these special endowments is never touched, but the interest is used for various purposes. These funds are managed within the VGIF Endowment Portfolio. The following three funds were created to provide grant funding for specific types of projects.
Erna Hamburger Fund (EHF):
In 1988, Erna Hamburger, who served VGIF on the Finance Committee, Project
Grants Committee, and as First Vice-President, passed away. Her many friends
urged that an endowment be established in her name. To begin the fund,
Elizabeth May made a generous contribution. The Board capped the endowment
at 50,000 USD to provide grant funding for projects encouraging the education
of girls in developing countries in mathematics, science, or engineering.
To date the EHF has funded project #1571 (April 2002, 4,650 USD) and #2092
(April 2005, 5,000 USD) for The Fiji Association of Women Graduates.
Asian Regional Endowment
Fund (ARE):
In 1997, VGIF established its first regional fund to develop a substantial
and sustained financial resource for targeted project funding in Asia,
particularly the Pacific Island countries. The intent was that contributions
to this fund would enable VGIF to develop a secure financial base for
future project funding.
To date, the ARE has funded project #2168 (April 2005 – 4625 USD) for the Professor Khun Duangduen Bisalputra Foundation in Thailand, partially funded two projects in Samoa (April 2006 - #2408 - 5,000 USD and #2595 – 5,000) for the Apolima-uta Primary School Committee and the Gagaemalae Primary School, and funded project #2726 (April 2007 – 4,950 USD) for the Institute for Women’s Human Rights in Indonesia.
Central/South America/Caribbean
Regional Endowment (CSACRE) Fund:
In 2006, VGIF established its second regional fund as a quasi-endowment
to develop substantial and sustained financial resources to support qualified
projects from any of the 40 countries that comprise Central and South
America, and the Caribbean. Fifteen percent of the annual income from
the fund may be used each year for grant awards to support qualifying
projects. The CSACRE partially funded project #3088 (April 2007 – 4980 USD) for the Training in Human Rights with the Perspective of Gender in Columbia.
Leaders Fund (LF):
The Leaders Fund was approved as a quasi-endowment fund by the VGIF Board
of Directors in October 2004. Fifteen percent of the annual income from
the fund may be used each year for grant awards to support cutting-edge,
innovative, or entrepreneurial projects. The fund enables VGIF to respond
to special opportunities as they arise, providing flexibility to meet
changing needs. The LF partially funded project #2200 (April 2005, 2,120
USD) for The Association for the Development and Enhancement of Women
(ADEW) in Egypt Egypt and partially funded project #2691 (April 2007, 5,000 USD) for the Women Prisoners Support Organization in Uganda.
The following designated unrestricted funds are also contained within the VGIF Endowment Portfolio.
Women’s University Club:
In 1972, Lillian D. Rock, legal counsel, secured for VGIF the residual
funds, property, securities, and assets of the Women’s University
Club of the City of New York upon dissolution of the Club. The gift consisted
of securities valued at slightly over 33,300 USD. In 1976, authorization
was given to sell the securities and to invest in AAA bonds, AA bonds,
and long-term savings. The fund was capped in 1989 at 60,000 USD so that
future interest could be assigned to the annual budgets as required.
Rock Endowment:
Lillian Rock died in 1974 and was succeeded by her brother, Nathaniel
L. Rock, as VGIF’s legal counsel. Mr. Rock died in 1990 leaving
a bequest of 12,386 USD for VGIF to establish an endowment in the names
of Lillian and Nathaniel Rock to be used for general purposes.
Margaret M. Bryant Endowment Fund:
In 1972, two members contributed 1,100 USD to establish the VGIFUW* Endowment
Fund to strengthen the financial base of VGIF. The name was changed in
1981 to the Margaret M. Bryant Endowment Fund to honor her valued service
and generous gifts to VGIFUW. This endowment was capped at 22,400 USD
in 1989.
Virginia Frese Palmer Administrative Fund:
The Virginia Frese Palmer Administrative Fund Portfolio was established
separately as a permanent fund in 2001. Its purpose is to assist VGIF
with administrative costs and to enable VGIF to enhance, upgrade (including
moving into new headquarters), and improve administrative and office functions
without negatively impacting grant-making capability. The Board of Directors
may elect to spend the endowment principal for the purposes outlined if
needed. Virginia Palmer, a dedicated and committed member of VGIF, donated
the sum of 1,000,000 USD. In 2003, the Board voted to add a bequest from
the estate of Claire B. Norton in the amount of 225,000 USD.
*VGIFUW - VGIF was formerly named The Virginia Gildersleeve International Fund for University Women.
