Endowed Scholarships - An endowment is a sum of money given to a charity for charitable purposes, with only the "income" being spent and the "principal" being preserved. The donated funds are permanently restricted, however, the earnings from investing the funds is available for scholarship spending annually. The annual spending distribution is 4% of a 12-quarter moving average of the endowment's market value on the December 31 valuation date. (The calculation is based on 4-11 quarter average if it has not been held for 12 quarters.) No distributions are made from an endowment whose value on the annual valuation date is less than the principal amount. Each year, the annual college spending report is distributed to the college departments responsible for awarding scholarships. Accounting establishes and maintains the FOAP when the donation is received.
Annual Scholarships - University Advancement receives funding from donors who wish to establish an annual scholarship. The scholarship is awarded based on donor-established criteria. Accounting establishes and maintains the FOAP when the donation is received. University Advancement advises the awarding department of the amount available to award each year as the donation is received.
One-Time Scholarship - University Advancement and/or College Departments work with Financial Aid to move funding earmarked for a one-time scholarship. A permanent FOAP is not established, instead the department coordinates with Financial Aid the transfer of funds from the college FOAP to the Financial Aid FOAP that will pay the scholarship to the student's billing account.
Resources for Help
| Department | Contact Person | Phone Number |
|---|---|---|
| University Advancement | Paula Rushford | 591 - 3849 |
| Investments & Treasury Office | Nancy Wencl | 591 - 2157 |
| Financial Aid Office | Kristine Workman | 591 - 2034 |