National Endowment

The National Association of African American Studies and Affiliates (NAAAS) was founded in 1992 on the campus of Virginia State University. The Association is recognized by the Internal Revenue Service as a not-for-profit 501(c)(3). The Affiliates (NAHLS, NANAS and IAAS) also hold the same status as NAAAS. The collective Associations hold membership in the Maine Council of Nonprofits, BBB of Maine, and the Maine Bureau of Corporations.

 

The purpose of NAAAS & Affiliates is as follows:

To promote acquaintanceship and group effort among those interested in Africans, African Americans, Hispanic/Latino/Chicano, Native American and Indigenous peoples, Asian and Asian Americans;

To further the cause of research in African, African American, Hispanic/Latino/Chicano, Native American and Indigenous peoples, Asian and Asian American Studies;

To stimulate greater public interest in and better informed public opinion regarding Africans, African Americans, Hispanic/Latino/Chicano, Native American and Indigenous peoples, Asian and Asian Americans;

To serve as a forum for the expression of research and artistic endeavors in the celebration of the lives and works of Africans, African Americans, Hispanic/Latino/Chicano, Native American and Indigenous peoples, Asian and Asian Americans;

To serve as a resource for scholars in the field who desire information and support for research related to the Africans, African Americans, Hispanic/Latino/Chicano, Native American and Indigenous peoples, Asian and Asian American experience;

To maintain archives which will be made available to all members of the community who are desirous of using available resources; and

To support and host a national convention each year which will provide students and scholars an opportunity to present research in an open forum.

The establishment of an endowment for the national organization is very important in that such a program provides financial stability during periods when:

There is a downturn in charitable giving by individuals.

Traditional funding sources do not adequately address fiscal challenges.

 

The Endowment will provide:

Source of Funds, regardless of the status of the economy

Stability of at least one source of funding.

 

Funds housed in the endowment may be used for:

Financial Security

Income

Borrowing

Withdrawals

 

In essence, the endowment serves as the organization’s investment fund created to provide long-term growth while producing annual income to support the organization’s mission. Furthermore, an endowment fund may be created by a donor with the stipulation that requires the gift to be invested in perpetuity or for a specified term. This respective endowment adheres to the State of Maine laws affecting endowment provisions.

 

The law:

Defines the Historic Dollar Value of the Fund

Defines income as the total return on the assets invested

Allows for the expenditure of appreciation

Allows for the hiring of professional managers

Indicates that Historic Dollar Value must keep pace with inflation

 

NAAAS & Affiliates has two types of endowment assets:

Unrestricted

Permanently Restricted

 

Definitions:

Unrestricted Endowment Assets – Endowment funds created by management with a contribution of less than $10,000 are unrestricted assets; management may fully expend or otherwise use these assets at any time.

These funds, for example, may be used to:

Solicit monetary and in-kind contributions from individuals, corporations, and other foundations.

Support projects of the national organization.

Promote lifestyle which encourages physical, mental, emotional, and spiritual health.

Provide grants or program assistance to other non-profits with similar goals/objectives.

 

Permanently Restricted Endowment Assets – Endowment funds can only be created by the donor; the principal of the fund can never be spent by the organization. The minimum contribution for a permanently restricted endowment is $10,000. The monies contributed for this purpose may be paid over a three (3) year period.

 

 

Phone: 207-856-2500 - Fax: 207-856-2800 - PO BOX 6670 - Scarborough, ME 04070-6670 - 850 Main Street, Westbrook 04092


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