The Foundation encourages support of the University’s scholarship programs, and accepts commitments in three categories.
Giving to Current-Use Scholarship or Gift Funds
An ideal way of supporting scholarship needs and university initiatives, especially for those who wish to make gifts of less than $25,000, is to contribute to an already established scholarship or gift fund. Such gestures can be a meaningful way to honor or memorialize an esteemed colleague, family member, or friend.
The donor may direct the gift to any established scholarship or gift fund in the Foundation. These include University initiatives, named scholarships, departmental general scholarship funds, or the Foundation’s General Scholarship Fund. There is no named scholarship or named scholar when the gift is less than $25,000. However, the Foundation notifies scholarship recipients that their awards were partially funded by a specific donor, or through a series of memorial or tribute gifts. The Foundation encourages scholarship recipients to thank the specific donor, or to acknowledge the grant to the family of the honoree or deceased.
The Foundation requires a minimum commitment of $50,000 to create a named endowed scholarship account. Distributions will begin from the Fund no sooner than 18 months following the attainment of the minimum value of $50,000. An initial gift of $10,000 is required to establish the account. Regardless of the size of the final commitment, the originating donor and others have five (5) years to complete the endowment funding. If at least $50,000 has not been given in five years from the date of the gift agreement, the Foundation, after consulting with the originating donor, will determine whether to use the accumulated funds to create a named current-use scholarship or incorporate them into another existing endowed account.
Endowed scholarships are the University’s most prestigious. Each carries a donor’s name or a name designated by the donor, and recipients may use the designation on their curriculum vitae. As with named current-use scholarships, donors may restrict scholarship recipient selection to
The Foundation makes endowed scholarship distributions in perpetuity. All funding and management of, and granting from, an endowed scholarship is governed by the Foundation’s Gift Acceptance Guidelines. The Foundation tells scholarship recipients the name of the philanthropists who initiated their scholarships, and encourages scholarship recipients to thank donors.
Because of their size, named current-use scholarships are considered prestigious. Each carries a donor’s name or a name designated by the donor, and recipients may use the designation on their curriculum vitae. Donors may restrict scholarship recipient selection to:
The named current-use scholarship may be granted over a maximum of eight semesters (four academic years) unless the donor continues funding the scholarship. Minimum gifts of $25,000 are required to create or extend a named current-use scholarship. The donor has a maximum of three years from time of pledge to fulfill each commitment of $25,000 or more. Should the donor not fulfill the commitment, the Foundation may transfer the funds to an existing scholarship fund whose purpose, in the judgment of the Foundation, most closely reflects the donor’s intent. The Foundation tells scholarship recipients the name of their grantor and encourages scholarship recipients to thank donors.
* Named current-use gifts for scholarships are designated for a specific purpose by the donor, in agreement with University and Foundation policies and procedures. Current-use gifts may be expended or extended over a specific period or term.
** Named endowed gifts for scholarships are designated for a specific purpose by the donor, in agreement with University and Foundations policies and procedures. Only the income from the principal is expended, and the gift continues in perpetuity.