College is extremely expensive and a great number of students aren’t able to afford the high costs on their own. Regardless of the reason, creating an endowed scholarship provides many benefits.įirst of all, there is the obvious benefit of helping many students get a college education. There are several reasons why you may wish to give an endowed scholarship. You may also choose to pay for the fund over a number of years. You may choose to give the endowed fund in a gift of cash or stock. They may ask for a gift of $50,000 or more. There is usually a minimum amount of money that you must donate to the university. These are things like the amount, name, and purpose of the endowed scholarship. This legal contract will include important details of your fund. Once you decide on the details of your fund, you will have to sign a gift agreement. Consulting with the development officer at the college can help you make these decisions. These decisions can be difficult to make on your own. Do you want to award the scholarship to students who excel in academics? Or is it more important to you that the money goes to students studying a particular major? You may base your decision on your company’s mission.įinally, you need to decide how much you would like your endowed scholarship to give every year. The university manages your funds but you do get to decide how the money will be used.įor starters, how do you want to name your fund? If the fund is in memory of somebody, you will likely name it after that person.Īnother thing you will need to decide are the qualifications for students to win the scholarship. If an endowed scholarship sounds interesting, you will have to make several decisions. This is how your endowment can fund scholarships for years. Whereas a regular scholarship is a one-time thing, an endowed scholarship keeps producing income. The interest earned from your invested money is used to fund scholarships. When you give an endowed fund, the university doesn’t use your actual money to award students with scholarships. If this is something you’re able to do, your money will help a greater number of students. An endowed scholarship requires you to donate a large amount of money. If you would like to create a fund that will provide scholarships to students for years, an endowed scholarship can be a great option. endowment noun King’s School received generous new endowments.Simplify and focus your application process with the one-stop platform for vetted scholarships. From Longman Business Dictionary endow en‧dow / ɪnˈdaʊ / verb to give a sum of money to a college, hospital etc in order to give it an income He planned the museum and helped raise the $55 million to build and endow it. They were almost certainly endowed with highly developed sensory and intuitive powers seen only in the few remaining native tribes alive today.Like the kidneys, the colon is well endowed with adenosine receptors.Vi wished the good Lord had endowed her with size fours, but it wasn't anybody's fault, really.But it can not be used as a way of endowing anyone with authority where that person had none.Donna's parents plan to endow a scholarship fund in memory of their daughter.From Longman Dictionary of Contemporary English endow en‧dow / ɪnˈdaʊ / verb GIVE to give a college, hospital etc a large sum of money that provides it with an income → endow somebody/something with something → See Verb table Examples from the Corpus endow
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