The State College Quarterback Club
Academic Enhancement Fund for Football
NAME: The name of this endowment shall be “The State College Quarterback Club Academic Enhancement Fund For Football.”
PURPOSE: The purpose of this endowment shall be to enrich Intercollegiate Athletics at The Pennsylvania State University by providing monies for the enhancement of academic support provided to members of the varsity football team.
AMOUNT/SOURCE OF FUNDS: The initial principal of this fund, $50,000, is expected to be contributed to The Pennsylvania State University for the above-stated purpose by the State College Quarterback Club. Additional contributions may be made by interested persons or organizations.
EXPENDITURES: Expenditures shall conform to existing University policy. Expenditures shall be determined by the Director of Intercollegiate Athletics in consultation with the Director of the Morgan Academic Support Center for Student-Athletes or their designees, and shall be made to provide for the enhancement of academic support provided to members of the varsity football team to include such things as additional tutors, computers, academic counselors, staff, and other priority needs for the continued academic success of our football student-athletes. This fund is for program support only and cannot be used for student awards.
Any available monies not awarded in a particular year shall either be added to the principal or retained for award together with the monies available for expenditures in the following year, as determined by the Director of Intercollegiate Athletics.
ENDOWMENT MANAGEMENT: This endowment shall be subject to general guidelines and policies adopted by the Board of Trustees of The Pennsylvania State University for the management of endowed funds, including the application of fees associated with Development and Investment administration. Stability of endowment support and preservation of purchasing power against inflationary pressures shall be achieved by limiting spending to an annually determined spending rate based on the market value of the entire endowment pool, and approved by the University’s Investment Council. As authorized by the Board of Trustees, the Penn State Investment Council monitors and administers annual endowment spending. Actual investment returns, either greater than or less than the actual spending allocation, are retained in the endowment pool and reflected in the market value of each individual endowment.
AMENDMENT: The Board of Trustees of The Pennsylvania State University, in consultation with the donors when possible, shall have the authority to make changes in these guidelines which are necessary to ensure the fulfillment of the above-state objectives.