How to Establish a Scholarship
There are two types of scholarships: Endowed and Annual.
Both types of scholarships are administered using a fund authority drafted based on the donor’s wishes and guidelines established by the Foundation.
An endowed scholarship requires a minimum principal gift of $10,000, which is permanently restricted for investment. Income on the principal provides annual scholarship awards.
A named endowment may be established with an initial gift of any amount, and the Foundation expects that the minimum principal required will be reached within three years.
Scholarship awards begin after the fully endowed fund earns interest income for one year. The endowed scholarship fund may be increased at any time.
A donor may establish a scholarship at any time for any amount. The donor contributes the funds necessary to award the scholarship each year.
For the first year, the donor must contribute enough funds to cover the scholarship for at least two years. In the event that the donor is unable to provide the scholarship after two years or when funds are not sufficient to cover the scholarship award amount, the balance of the fund will be transferred to the Foundation’s General Scholarship fund.
If you are interested in creating an endowed or annual scholarship, please contact: