Scholarships may be funded in two ways: Funding designated to support the scholarship may be provided on an annual basis or an endowment can be established. An initial tax-deductible gift of $25,000 is required to establish an endowment so that sufficient interest is generated to fund the scholarships. Additional funds may be contributed to an established endowment at any time permitting increased individual awards or additional awards. Endowment funds are merged with the general investment assets of the Ferris Foundation for investment purposes, but the identity and value of individual endowments are preserved and designated on the Foundation's books and records in perpetuity.