CHRIE FutureFund™ Spends 100% of Funds Raised on Awards for Members

Mar

When deciding to provide a donation, individuals often inquire as to how their donation will be used.

The very best charities, according to philanthropic research, spend the overwhelming percentage of funds on actual charitable activities, and not on such items as marketing or salaries. However, your CHRIE FutureFund™ has always spent 100% of any funds received on awards, so you can be assured your donation is being maximized.

While neither ICHRIE nor CHRIE FutureFund™ are charities, ICHRIE is a non-profit entity that focuses on education. CHRIE FutureFund™, for explanatory purposes, is an investment account under supervision of the ICHRIE Finance Committee that supports the long-term success of ICHRIE and its members. For those who file taxes in the United States there is a slight advantage to donating funds to non-profits/charities, and with changes in recent U.S. tax laws may only apply to those who itemize deductions. It is understood that those from outside the U.S. may have different rules associated with donating to non-profits and charities. What is important to know is that writing a significant check to CHRIE FutureFund™ will have maximum impact of the amount.

An example of a CHRIE FutureFund™ award.

The recent Best Paper winners from the Graduate Conference in Miami will each receive a $1,000 award consisting of annual ICHRIE Global Conference registration, ICHRIE membership, and reimbursement of lodging in the Le Centre Sheraton Hotel during the 2024 ICHRIE Global Conference in Montreal, Quebec, Canada in July 2024. For informational purposes, to produce an award of $1,000 requires a principal amount of $25,000 generating 4% interest annually. So, in the case of the Graduate Conference Best Paper winners (there are 4), we require a principal of $100,000 in the CHRIE FutureFund™ account that generates interest of 4% annually in perpetuity.
The past two years, an anonymous donor has provided CHRIE FutureFund™ with the $4,000 needed for the awards, although the donor has indicated such practice cannot continue long-term. It would be amazing if we could find a donor willing to provide CHRIE FutureFund™ and its Legacy Program with a one-time gift of at least $100,000 to endow the Graduate Conference Best Paper Awards. Perhaps there is an ICHRIE member who feels strongly about the Annual Graduate Conference and seeks a legacy of naming the awards, or maybe there is a ICHRIE member at or nearing retirement who would suggest to their colleagues/industry friends that this is a Legacy that would honor their career work.

How can you make an impact on future educators?

When CHRIE FutureFund™ provided virtual conference registration for twenty-four (24) faculty from developing countries the impact was significant. The majority of these individuals were from EuroCHRIE regions. The cost of $2,400 was an investment well spent. As conferences have returned to in person, the cost of providing conference registration has rebounded to several hundred dollars per individual which thus impacts how CHRIE FutureFund™ plans its expenditures.

The point being made is that CHRIE FutureFund™ wants to support as many graduate students, faculty from developing nations, and industry friends seeking a faculty internship as possible. Each of these will require funding. With this in mind, CHRIE FutureFund™ suggests that each ICHRIE member consider how best they can contribute to CHRIE FutureFund™ and its new Legacy Program.

One alternative suggestion would be for each ICHRIE Federation to consider providing a Best Paper Award at its respective conference that models itself after the existing Graduate Conference Awards, or for each Federation to provide support for attending the annual ICHRIE Global Conference to faculty from less-advantaged institutions, or a high school educator, or an industry friend who seeks to learn more about the academic field.

The purpose of this briefing has been to inform you of how CHRIE FutureFund™ spends any donation.

Every time you participated in the 50-50 raffle, Duck Race, or Silent Auction you were supporting an award to someone who may end up as your colleague. Together, we are building a strong and solid foundation of financial support within ICHRIE that will have profound influence on the future faculty of our field.