What is endowment and why is it important?
A financial endowment is a transfer of money or property donated to an institution, usually with the stipulation that it be invested, and the principal remain intact in perpetuity or for a defined time period. This allows for the donation to have a much greater impact over a long period of time than if it were spent all at once. Permanent endowment allows Akron Childrens Hospital to plan confidently for the future. Endowment seeds new programs not typically funded through competitive grants, provides support for new ventures in established programs and makes it possible to attract and retain the best and brightest employees.
