Significant permanent scholarship funding can come from endowment gifts. Through an endowment, the gift is invested and only the interest income is used to support the scholarship. The principal is never spent so the fund and the resulting scholarships remain in perpetuity. The donor may name the endowment and fund it with an outright gift of cash, appreciated securities, or through a bequest in the donor’s will.
The minimum amount needed to fund a scholarship is $50,000; an amount that will generate annual grants of $2,000 – $2,500.
A restricted fund may be established with minimum initial contributions of $10,000 with the remainder to be raised within 5 years. No grants will be made until fully funded. If after 5 years the balance has not been raised, funds will become part of the Foundation’s restricted account to be used for its qualified educational purposes.
Contact Bethann Taylor for more information about establishing a a restricted scholarship fund.