The Michael Leff Fund
1. NAME: The name of this endowment shall be the "Michael Leff Fund for Graduate Student Support at the RSA Institute.”
2. PURPOSE: The purpose of this endowment shall be to provide monies to support graduate student participation in the RSA Institute—either through scholarship support, or an award, or a prize, or a grant. The endowment thus honors Michael Leff’s commitments to promoting the study of rhetoric among graduate students, particularly underrepresented minority students and international students.
3. AMOUNT and SOURCE OF FUNDS: The initial principal of this fund will be established through gifts made to the Rhetoric Society of America (RSA). RSA will match contributions up to a total of $10,000; and the fund will become active when it reaches $20,000. Additional contributions may be made by interested persons or organizations after the endowment becomes active.
4. EXPENDITURES: Expenditures shall conform to RSA rules and regulations and shall be determined by the Executive Director of the RSA, or his/her designee. Available funds shall be used to support graduate student participation in the RSA Institute; such uses may include, but are not necessarily limited to, travel expenses, scholarship support to students, awards to students, or other support for the RSA Institute that will enhance participation by students in the RSA Institute. The RSA Board, which is responsible for ensuring compliance, shall be informed of all uses of the funds.
Any available monies not awarded in a particular year shall either be added to the principal or retained for award together with the monies available for expenditure in the following year, as determined by the Executive Director of the RSA.
5. ENDOWMENT MANAGEMENT: This endowment shall be subject to general guidelines and policies as adopted by the Board of the RSA for the management of endowed funds, including the application of fees associated with fundraising and investment administration. Stability of endowment support and preservation of purchasing power against inflationary pressures shall be achieved by limiting spending to an annually determined spending rate approved by the RSA Board. Actual investment returns, either greater than or less than the actual spending allocation, are retained in the endowment pool and reflected in the market value of each individual RSA endowment.
6. AMENDMENT: The Board of the RSA, in consultation with the donors when possible, shall have the authority to make changes in these guidelines which are necessary to ensure the fulfillment of the fund’s objectives.