Endowment Fund of the Faculty of Medicine
University of Colombo (UCFM-EF)
Generous donors help to make changes towards excellence
You are reading this because you care about supporting students as well as programs in the faculty and therefore interested in joining to address challenges of the Colombo Medical Faculty. Endowment fund is here for you to get involved and make a contribution to the Faculty. We invite you to explore ways you can make a transformation in our Faculty. We are grateful to our donors and alumni, whose generous support has made a difference already. In addition to the welfares derived from your gifts, your participation in activities of the Faculty is also important.
University endowments represent donations of money, property or other financial assets for the ongoing support of the universities. The concept of an endowment fund is to place donated money or property in a fund and invest to generate income continuously. Generally the endowment is structured so that the principal amount is kept intact while the investment income is available for use, or part of the principal is released each year to address the stated needs.
The common objective of endowments is to provide support not just for one year, or even one generation, but in perpetuity. In fact endowment fund is a long-lasting fund in which the spendable amounts are available for the designated purpose. We are thankful for all the support we have received to date and look forward to working with alumni and well-wishers in the quest for reaching excellence in the Faculty of Medicine, Colombo.
Establishment of Faculty of Medicine University of Colombo endowment fund
Endowment fund, of the Faculty of Medicine, University of Colombo (UCFM) which was established in 2016 will become a perpetual source of financial support for the UCFM for its mission of teaching, research and services for patient care. Therefore establishing an endowment at UCFM is an act of great generosity since creating an endowment for UCFM will allow the donors to fulfill their own personal generous objectives while serving the necessities of UCFM. Endowment fund will allow UCFM to be less dependent on unpredictable sources of revenue, such as research sponsorship or government aid. In fact by placing the assets raised in an endowment fund at UCFM ensures the gifts made once by the donors continue to give forever, creating a lasting legacy for education, research and services in the UCFM.
UCFM Endowments may be established for many reasons including :
- perpetually support educational excellence and research output of UCFM
- say thank you for the education at UCFM
- assist today's students of UCFM to become the leaders of tomorrow
- permanently honor a mentor or someone donor respects
- leave donor’s permanent legacy at UCFM
The donors may choose to establish an endowed fund in order to honor a loved one, or to memorialize an important and relevant event in donor’s life, ensuring that donors name and generosity will forever be a guiding force in the success of UCFM.
How does Faculty of Medicine benefit from endowments?
Endowments allow Faculty of Medicine to create and maintain academic excellence beyond what can be accomplished from state funding. Accordingly endowments will:
- support scholarships
- provide faculty teaching and research support such as funds for, distinguished professorships, visiting professorships or lectureships
- enhance academic or other community support programs
- assure unrestricted support that provides funds to allow the Colombo Medical Faculty to address new and emerging strategic priorities in the future that may be unanticipated today
- benefit both current and future generations of students and scholars
How do donors benefit from the endowment?
An endowment gift could be a personal motivation to repay a debt of gratitude for the donor's own education, to honor a loved one that has touched the donor’s life in some way, be it a school, family, teacher/ professor, clergy, friend and to make a positive impact on society. In addition to honoring a loved one or paying tribute to a memory, an endowment fund is a wonderful way to support the important work for future of education on a permanent basis. The donations are tax deductible for donors. Most of all the self-satisfaction of the donor for the contribution and understanding the importance of supporting UCFM not only during donor’s lifetime, but for generations to come.
Alumni, parents, and friends of UCFM who make endowment gifts are given the opportunity to ensure that the institution, or a particular program or activity at UCFM will exist in perpetuity. The donors can select an endowment and depending on the fund selected there will be an opportunity to title them as “The [Name of donors’ choice] Endowment Fund.” The choices of fund available in the endowment would be either a restricted or unrestricted stable value fund or legacy fund.
What are the types of endowments and what are their minimum funding levels?
A) Restricted funds
Faculty Teaching and Research support
A variety of endowment opportunities exist to provide perpetual support for outstanding faculty teaching and research. Endowed administrative and faculty programs lend prestige and visibility to the positions they support and help attract and retain top people in academia. An endowment may be set up as a Legacy Fund. Endowment opportunities for faculty teaching and research support include the following which may be annual or biannual endowments.
- named visiting professorships – Rs 10,000,000.00
- named visiting lectureships – Rs 5,000,000.00
- named visiting scientists- Rs 5,000,000.00
- named research grants- Rs 10,000,000.00
- named research travel grants – 2,500,000.00
Academic Program support
A variety of endowment opportunities exist to provide permanent support for specific departments, centers, research programs, and other academic programs. An endowment may be set up as a Legacy Fund. Endowment opportunities for academic program support include:
- named departments
- named centers or units
- named awards for excellence
Student scholarship endowments
Scholarship assistance such as academic merit scholarships, named scholarships makes a significant positive impact on the lives of students. Many scholarships support students with financial need, exceptional academic abilities and leadership potential. The minimum amount necessary to establish is Rs. 500,000.00 per student while the minimum amount to create a Legacy Fund is Rs. 2,500,000.00
- Named undesignated scholarships : Donors may establish an unrestricted scholarship endowment that allows UCFM to award scholarships to the most deserving students.
- Named designated scholarships : Donors may wish to state some preferences regarding scholarship's recipients. Examples include financial need, scholarships for students meeting certain academic requirements or excellence in extracurricular activities etc. Scholarships that state preferences in terms of race, ethnicity and religion are generally discouraged. A designated scholarship can be set up with a Stable Value Fund or Legacy Fund.
B) The Unrestricted Fund
Unrestricted endowment can be used in any way the recipient chooses to carry out its mission. This type of fund provides unrestricted support for the Faculty's priority projects and programs. A minimum gift of Rs 500,000.00 or Legacy Fund to the value of Rs 5,000,000.00 which entitles to establish an unrestricted endowment in donor’s name or donor honoree's.
Unrestricted gifts support the general operating budget, building projects, equipment grants, non-research travel grants etc enabling the UCFM to meet its most immediate needs and invest in new opportunities and initiatives that are in the best interest of the future of UCFM.
C) Other assets
A bequest in your will or revocable trust
- Beneficiary designation of your retirement plan or account or life insurance policy
- Real estate and other immovable property
- Remainder interest in a personal residence with life interest allowing you to live in your home for your life time
- Shares of stock exchange
Who manages Faculty of Medicine endowment fund?
UCFM Endowment Fund Committee (UCFM EFC) manages the endowment fund to support the Faculty by investing and enhancing its financial resources for the long term. According to the “hybrid model” of investing, UCFM endowment funds are managed through internal professionals (Dean, three elected Heads of Departments from pre, paraclinical and clinical departments, the president of CoMSAA, Deputy registrar and Senior Assistant Bursar) as well as through relationships with two corporate sector managers. This allows top-quality investment management by internal teams with cutting-edge capability from specialized personnel. The benefits of this approach include the alignment of interests, cost efficiency, and greater transparency. This will support the faculty, its mission, and its students by carefully stewarding, prudently investing, and strategically allocating the earnings from your gifts.
The UCFM – EFC, is responsible for:
- Entertaining endowments from donors
- Management and supervision of investments in the endowment
- Decide on allocations
- monitors the performance and practices.
The Faculty and University Bursars are responsible for the day-to-day administration of the funds adhering to financial regulations of the state.
How does endowment fund function?
The UCFM EFC determines the annual endowment distribution by utilizing a payout formula that provides a steady stream of income to support present-day needs while preserving the initial endowments for future generations. Payout from the restricted funds can only be spent in support of the fund’s designated purpose. Unrestricted funds, which generally account for about 30 % of the endowment fund, are more flexible in nature and are critical in supporting structural operating expenses and strategic initiatives. This process is similar to those of many other universities.
Whom to contact?
Your Gifts make difference
Professor Jennifer Perera
Faculty of Medicine, Colombo