An endowed award will exist in perpetuity, as the capital remains untouched. Only a portion of the investment income is awarded each year. The minimum annual value required for a new endowed award is $1000, which requires a commitment of $25,000 at the current expenditure policy rate of four percent.
An expendable award exists only for the period of time that funding is provided and is expended in its entirety for this duration, annually. It does not earn investment income. The minimum value of a new annual award is $1,000, which requires a commitment of that amount annually for a minimum of five years.
*Awards that require an application (such as exchange awards, travel awards and some scholarships) require a minimum annual value of $3,000. This requires a commitment of $75,000 for an endowed award or a commitment of $3,000 annually for at least five years for an expendable award.