ENDOWMENT

The objective of the endowment committee is to establish a robust structure and funding and investment mechanism for an endowment (waqf). The aim would be for the endowment to have sufficient funds that can be invested and provide a recurring revenue stream to IFN that can be used for the operation of the organization and for increasing services to the community without having to rely on donations to fund those efforts.

Alhamdulillah, from the day the concept was introduced to the IFN community in 2011 till today, the endowment has seen steady growth and currently has an asset value of $500,000

 Milestones achieved by the grace of Allah are below:

2011 -    Concept introduced by the Board of Trustees and agreement in principle to establish endowment (waqf) is made

2012  -   Endowment charter formally drafted and adopted by the Board of Trustees with the objective of reaching a goal of $500,000 by 2015.

2013  -   Separate bank accounts established and endowment funds raised and set aside for future growth and investment

2014 -    Endowment Fund incorporated as separate legal entity with the IRS under the name of Islamic Foundation North Endowment Fund

2015 -    Registration of endowment fund as 501(c)(3) initiated with IRS. Achieved the targeted goal of $500,000 which allows the institution to trigger the investment of these funds as per the charter.

2016 -    IFS approval received for tax exempt status for IFN Endowment Fund. Effective 2015 any donations of money, property, stocks, etc. to IFN endowment fund is now eligible for tax exemption to the full extent of the law.

2016 Goals

• Establish by-laws and professional investment manager and governance body
• Investment process initiated with the goal of generating approximately $20,000 in 2016.
• Increase communication and transparency with the donor community