On behalf of the Endowment Fund Board, I am pleased to announce the availability of SOT matching funds in the coming fiscal year. SOT Council has authorized $45,000 for the purpose of matching donations to the SOT endowment during FY 2019–2020. These FY 2019–2020 matching funds become available for use on July 1, 2019, and we have outlined the process and timelines for matching contributions.
Overview of the FY 2019–2020 Matching Funds Distribution Process
Donations submitted to the online donation portal or in person at SOT Headquarters in Reston, Virginia, on or after July 1, 2019, will be prioritized for FY 2019–2020 matching as follows:
During the period of July 1 through September 30, 2019, donations made to “Temporarily Restricted Net Asset Funds” will be given priority for matching over donations to “Permanently Restricted Net Asset Funds.” Temporarily Restricted Net Asset Funds are those funds that have not yet reached the $50,000 threshold for becoming permanently restricted, endowed funds. Starting July 1, donations to Temporarily Restricted Net Asset Funds will be matched in the order of receipt until the $45,000 in matching funds is expended. In the event that SOT matching funds are still available on October 1, 2019, donations to Permanently Restricted Net Asset Funds will be matched retroactively in the order they were received beginning on July 1, 2019. SOT Endowment Fund definitions are summarized on the SOT website.
In 2018, SOT Council informed the Endowment Fund Board of the intention to phase out the Endowment Fund Matching Contribution Program, which has been tremendously helpful in building a collective Endowment Fund balance of approximately $4 million. The $45,000 available on July 1, 2019, represents the last of those funds available for matching donations under the current program. Therefore, the Endowment Fund Board expects there to be increased interest in leveraging these matching funds.