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MTF Funds Overview & Guidelines


Unrestricted Funds


Petty Cash

Approximately $1,200 is maintained in this checking account to allow the MTF to operate quickly and easily. Checks must be for $500 or less. A detailed account reconciliation report is sent to the Treasurer monthly.


Checking Account

This account allows the MTF to operate on a day-to-day basis and pay for larger expenses. All checks are counter-signed by the Treasurer. Expenditures are guided by the approved Budget.

How is this account funded?

This account receives all funds sent to the MTF.


How much is needed in this fund?

The goals of this fund are to:

1. Fund the budgeted level of research grants through donations

2. Have all other Foundation expenses covered from planned events

3. Maintain a balance of at least $10,000 in the checking account.


Operating Reserve Account

What are the objectives of this fund?

To hold all undesignated money of the Foundation.


How is this account funded?

All undesignated monies held by the Foundation. Positive budget balances at the end of a fiscal year, along with investment earnings, allow this fund to grow from year to year.


How much is needed in this fund?

The intent is to maintain an amount equal to one year’s operating budget, minus all pass-through amounts, but not less than $500,000. A buffer of 10% will determine Board action as follows:

Fund Balance is less than 90% of the annual budget requires budget to be cut to meet the required minimum level.

Fund Balance is more than 110% of annual budget allows excess amount to be transferred to either research grants, support funds or restricted funds.


Restricted Funds

Founders Society
What are the objectives of this fund?

The Founders Society is a group of people past and present, who want to see the Hancock Turfgrass Research Center equipped with the necessary equipment for research.


How is this account funded?

Originally, one hundred members of the Michigan Turfgrass Foundation donated $1,000 each to the Founders Society with the understanding the principle would never be spent. At this time all MTF members wishing to join the Founders Society are welcome. Levels of support start at $100 (Bronze), $250 (Silver), $500 (Gold), $1,000 (Emerald), and $2,500+ (Diamond).


How much is needed in this fund?

The principal amount should increase each year as a result of continued increases in membership in the Founders Society and directed donations.


What is done with the interest earned from this account?

The interest generated from this fund is available to purchase equipment used at the HTRC for turfgrass research. A standing Founder Society Committee meets at least annually and reports to the MTF Board of Directors. The committee shall work to raise the necessary funds to the build the principal of the fund and to call for proposals for funding equipment needs at the HTRC.


LaFontaine Endowment Fund


What are the objectives of this fund?

The LaFontaine Endowment Fund was created to establish a source of funding for basic research in the field of turfgrass science. Basic research tends to be longer term, more involved and more expensive than applied research, and seeks to address research issues of long-term significance.


How is this account funded?

Donations are solicited from individuals interested in improving the Turfgrass Science program at MSU.


How much is needed in this fund?

The initial goal of this fund was to raise one million dollars in principal. The long term goal is to continually build the principal amount such that the interest will support the stated goals of the fund.

What should be done with the interest earned from this account?

Each year, up to 5.0% of the value of the fund, not to exceed the available interest, shall be spent to support basic research in turfgrass science.


Professors (Rieke) Endowment Fund


What are the objectives of this fund?

This fund was originally begun to support a graduate student at MSU in turfgrass science from the interest earned on the principal.


How is this account funded?

Donations were solicited when Dr. Paul Rieke retired with a goal of $100,000. While this goal has been met, an amount closer to $300 - $400,000 is actually what will be required to meet the obligations of this fund.


How much is needed in this fund?

The long-term goal of this fund is to earn enough interest to fund a graduate student at MSU. As this amount will continue to grow, so too must the principal through continual fund raising.


What should be done with the interest earned from this account?

Each year, up to 5.0% of the value of the fund, not to exceed the available interest, shall be spent to support a graduate student at MSU in turfgrass science.


Other Funds Related To Turfgrass, Not Managed By The MTF


Beard Endowment Fund
TGIF Library Fund
OJ Noer Slide Collection
Guyer-Seevers Endowed Chair


What is the role of the MTF in building these funds?

As a partner with MSU, the MTF will work to locate potential donors to these funds.



Michigan Turfgrass Foundation is a 501(c)3 non-profit organization. P.O. Box 27156, Lansing, MI 48909

The Michigan Turfgrass Foundation exists to promote safe, healthy turf surfaces for all Michigan residents.

Call or E mail Us

Office: +1 517 392 5003

E Mail miturfgrass@gmail.com


Address:

PO BOX 27156

LANSING, MI 48909

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