For many donors, funding scholarships is a popular choice. Donor-funded scholarships fall into two general categories: annually funded and endowment funded.
You may establish annual scholarships on a one time or multi year basis. We request that a pledge and/or a letter of agreement be prepared so that the recipient college/school /department may plan accordingly if the donor intends to fund an annual scholarship over a number of years. Annual scholarships may range from a few hundred to several thousand dollars; however, a minimum of $1,000/year is required to name a scholarship. The donor may attach university-approved criteria to the awarding of the scholarship. Criteria may be related to academic performance, major, financial need, etc.; however, the university prefers less restrictive criteria. Annual scholarship gifts may be directed to a specific department, program, school, college or even the university. Unrestricted scholarship gifts to any of these entities provide maximum flexibility for using the scholarship according to the greatest need such as financial aid, recruiting or retention.
Endowed scholarships may be established for a minimum of $10,000 payable over a period not to exceed five years. A letter of agreement that spells out the guidelines and criteria for administration of the scholarship is always required. An endowment is established in perpetuity such that the principal is never used. Individual endowments are managed and invested as part of a larger university pool of endowed funds. Scholarships are funded from investment earnings after the minimum endowment of $10,000 is established. Earnings distribution is based on the total value of the endowment on September 30th of each year. Unused earnings are returned to the principal so that it continues to grow.
Numerous endowed scholarships have been established by individuals, groups of individuals, corporations, faculty or via a bequest or trust. These scholarships honor or memorialize loved ones, remember a favorite faculty member, department, program, school or college or may be totally unrestricted. Individuals other than the original donors may also contribute to established endowments.
For further information pertaining to scholarship donations please contact the Office of University Development. You may also find detailed information about scholarships here. Information pertaining to scholarships for children of alumni may be found at Alumni Scholarships.