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Creating an Endless Legacy

When describing an endowment, the key word is everlasting. When you create an endowed fund, your donation is invested, allowing the principal to remain intact and grow over time. The original gift is never spent, but rather a portion of the investment return is used to provide ongoing permanent support. Your individual endowed fund becomes a part of the University’s overall permanent endowment, yet still maintains a separate identity. Not only is an endowment a beautiful way to carry on the legacy of a loved one or mentor, but it also provides a self-sustaining source of funding that never ends.  Endowed funds truly allow you to support WKU in perpetuity. 

The College Heights Foundation understands the value of your gift—both monetarily and sentimentally—and is therefore extremely protective of it. The Foundation understands that prudent risk-taking is necessary in order to achieve its overall objectives. Acknowledging that there is a direct correlation between the relationships of risk/return under Modern Portfolio Theory, the Foundation does not seek to eliminate risk but to effectively manage it. Endowment funds are commingled and invested in a manner that aims for consistent long-term growth with the goal of preserving and enhancing the enduring value of the endowment. The CHF invests the endowment using a diversified portfolio consisting primarily of equity, fixed income, and alternative asset classes. Foundation policies strike a balance between providing spendable income in a given year and preserving the principal of the endowment base for the future. Through this method we are able to ensure your legacy and gift will change lives for generations to come. 

For any further explanation or specification on investments, please read the College Heights Foundation’s Investment Policy.

As with our investment strategies, the College Heights Foundation is also very thoughtful about our spending policies. The Foundation recognizes that as a perpetual entity, the framework of its spending decisions should be centered upon long term market cycles. The Foundation’s spending policy rate is reviewed by the Executive Committee on an annual basis. In the initial year an endowed fund is established, the annual distribution goal shall be four percent of the beginning market value of the endowment.  However, the annual distribution may not be made until the endowed fund has been established and invested for at least one calendar year. In subsequent years, the annual distribution is calculated on a three-year rolling average.

For more information on spending, please read the College Heights Foundation’s Spending Policy.Please also visit our FAQ for answers to common questions

To learn how an endowed fund works, please read the Scholarship Endowment page.

CHF Articles of Incorporation

The College Heights Foundation operates today under the Articles of Incorporation authorized by the laws of the Commonwealth of Kentucky in 1923. This is an outstanding tribute to those who prepared the Articles of Incorporation to safeguard the outstanding work for which the Foundation was created. The Bylaws of the Foundation are revised from time to time to implement the work of the organization, but the Articles of Incorporation have remained largely intact as they were originally approved.

Read the Foundation's Articles of Incorporation


The mission of the College Heights Foundation is to provide scholarship awards to benefit deserving students attending Western Kentucky University. In order to fulfill this mission, the Foundation has always had a set of bylaws. These are revised from time to time to implement the work of the organization.

Read the Bylaws of the College Heights Foundation


Linked policies appear in red


100.1         501(c)3 determination letter

100.2         Form 990

100.3         State Registration and Reporting Requirements

100.4         Corporate Seal

100.5         Freedom of Information Laws

100.6         State and Federal Disclosure Requirements

100.7         CASE Reporting Standards



200.1         Articles of Incorporation

200.2         Bylaws

200.3         Board Meeting Minutes

200.4         Board Member Responsibilities

200.5         Corporate Resolution

200.6         Annual Audit of Financial Statements

200.7         Dissolution Clause

200.8         Donor Bill of Rights

200.9         CASE Statement of Ethics



300.1         Memorandum of Understanding with Institution

300.2         D & O Liability Policy

300.3         Conflict of Interest Policy

300.4         Whistleblower Policy

300.5         Records Management Policy

300.6         Compensation Policy

300.7         Performance Evaluations

300.8         Human Resources Policy

300.9         Information Technology and Security Policy

300.10       Database Information Policy

300.11       Operating Budget

300.12       Property Management



400.1        Investment Policy

400.2         Spending Policy

400.3        Administrative Fee Policy

400.4         Annual Audit

400.5         Underwater Endowment policy

400.6         Trust Services

400.7         Investment Management Fees


500.Gift Acceptance

500.1         Memorandum of Understanding with Institution

500.2         Real Estate Gifts

500.3         Stock Gifts

500.4         Deferred Gifts

500.5         Gift Annuities

500.6         Stewardship Policy



600.1         Establishment of a New Fund (endowed and non-endowed)

600.2        Scholarship Guidelines

600.3         Scholarship Building Funds

600.4         Matching Scholarships


700.Operating Procedures

700.1         Cash Receipting

700.2         Credit Card

700.3         Donor Acknowledgement

700.4         End of Day/Daily Deposits

700.5         Monthly statement reconciliation

700.6         Bad Check

700.7         Split Gifts

700.8         Opening Mail

700.9         Gift Agreements

700.10       Gifts of Stock

700.11       Gifts of Real Estate

700.12       New Scholarship Funds

700.13       Year End

700.14       Award Letters

700.15       Scholarship Book

700.16       Memorial Gifts

700.17       Annual Appropriation

700.18       Property Management

700.19       Website Maintenance


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 Last Modified 12/12/23