In many ways, the SIUE Foundation functions like a bank, accepting money for deposit into various accounts. Each account is unique and has its own set of criteria (stipulations) that governs how the money may be used and who can spend it. In addition, each account is classified as a program or endowment account which also affects how the account may be used.
Each account or fund managed by the SIUE Foundation is governed by a stipulation. Defined as a legal document, the stipulation serves as a memorandum of agreement between the account’s sponsor and the Foundation regarding how the money given to the specific account may be used. All parties must sign the stipulation before any funds may be disbursed.
The account’s sponsor may be a donor, an executor of an estate, a representative of a family or group creating an account in honor or memory of an individual, or a University employee. The stipulation requires the signature of the sponsor, the Chief Executive Officer of the Foundation, and a University representative from the area that will benefit from the account.
Stipulations may not contain instructions (restrictions) that violate University and Foundation policies, or local, state, and Federal laws.
Stipulations may be created for several types of accounts which fall into two main categories: Program accounts, which include development, award, benefit, student scholarship, and faculty research/award accounts; and Endowment accounts.