The scholarship is awarded in the year funds are given as a one-time scholarship to one or more recipients. Named Scholarships require a minimum gift of $1,000. The donor can elect to renew the scholarship each year, if the donor so chooses for the scholarship(s) to continue.
Named Multi-Year Scholarship
This can be a 2- or 4-year scholarship and must be funded in-full at time of agreement. Named Multi-Year Scholarships require a minimum gift of $2,000 and may be renewed each year, if the donor so choses for the scholarship(s) to continue. Funds will be held in an FDIC insured investment account to make payments in years 2 - 4. Each year, student must prove enrollment to receive funds. Donor can impose restrictions such as maintaining a minimum GPA and/or maintaining full-time enrollment, if desired.
Named Endowed Scholarship
Endowed scholarship funds exist in perpetuity, providing student support now and for future generations. When an individual or organization establishes an endowed scholarship, the principal gift is invested and part of the interest earned each year (determined by the Foundation’s Spending Rule) is distributed annually for scholarship awards. Additional interest is returned to the principal to ensure the continued growth of the fund and to protect it against inflation. Endowed scholarships provide a lasting tribute in honor/memory of loved ones and other exemplary individuals, and ensure students with the support necessary to achieve educational success.
Endowments may be established with a $10,000 minimum gift (payable over 1 – 5 years): gifts should be made in consideration of the annual payout and the needs of the scholarship recipients. A $10,000 endowment would be expected to fund one (1) $500 scholarship annually in perpetuity, as funds grow, additional or larger scholarships could be awarded. Donors often ask that part of their annual gift be distributed to students as a scholarship and a portion be set aside to build an endowment. For example, the donor may pledge to donate $5,000 yearly for the next four years and request distribution of $2,500 yearly and investment of the remaining $2,500 into an endowment account. Additionally, the donor may choose if the award shall be a one-time award to each student, or to invest in the same student for a multi-year scholarship.