A named endowment is created through the establishment of a permanent fund that is professionally invested and managed. The income generated is used to carry out the endowment's stated purposes - mutual goals of a donor and the university. An endowment is awarded once the principal reaches the minimum required funding level and after the funds have been invested one full year. If the donor, family member or other interested persons contribute beyond the minimum funding level, additional awards are made possible. Through an endowment, awards and assistance are made from earnings only, and the initial gift is preserved as principal in perpetuity.
Donors have the opportunity to name an endowment they establish.
The goals could be support for NMU's academic and research excellence, recognition for a beloved professor or friend, or an expression of personal interest in a particular discipline. Whatever the endowment's purpose, this form of gift keeps your beliefs, interests and values alive beyond your lifetime. Endowed program funds provide income for the development of academic programs in particular schools, departments or fields of study. Endowed chairs allow NMU to recruit outstanding, world-class faculty, giving them the opportunity to conduct research and teach without concerns about funding. Endowed research funds provide income to support the pursuit of new knowledge in a particular discipline.