FAQs about Endowed Scholarships
What is an endowed scholarship?
Endowed scholarships are funds established by individuals, families or groups of donors that provide continual aid to Geneva College students who have general financial need or who meet the established guidelines set forth in the endowment scholarship memorandum of agreement.
Why are endowed funds important?
Establishing an endowed scholarship allows the scholarship to be distributed in perpetuity. The revenue from the endowed scholarship fund provides annual awards to students on a continual basis.
What advantages do endowed gifts offer to donors?
The donor has the satisfaction of knowing that a permanent gift has been made to Geneva College which, in perpetuity, will be used for a specific purpose of their choosing. Furthermore, the donor has the privilege of naming the gift to honor a family member, a friend, a special faculty member or themselves.
How are endowed scholarships awarded?
If an endowed scholarship is fully funded prior to November 30 it will be awarded beginning in the next fiscal year.
Ex: a scholarship is fully funded on October 1, 2018; this scholarship will be awarded in the 2019-2020 fiscal year.
Distributions are made by the Student Financial Services office according to the donor’s guidelines. If eligible recipients cannot be found, award income is reinvested back into the endowment and held over to be awarded in the following academic year.
Is there a minimum dollar value to endow a scholarship?
Yes a scholarship is not considered fully funded until the minimum of $25,000 is gifted to Geneva College. Payments to reach the minimum can be made over a period of 5 years or in a single gift.
What can I expect from Geneva College once my scholarship is fully funded?
Once an endowed scholarship is fully funded scholarship benefactors will receive a yearly endowment report as well as information about their scholarship recipients. Scholarship benefactors are invited to our Scholarship Appreciation Dinner which occurs during the fall semester.
How can I set up an endowed scholarship?
Contact Marvin Dewey, Vice President of Institutional Advancement at marvin.dewey@genevacollegefoundation.org or 724.847.6880 to discuss the particulars, what guidelines you would like to place on the scholarship, how you will be funding the gift portion of the scholarship and any other questions you may have.
Can I establish an endowed scholarship through my estate?
Yes, we would be happy to discuss this option with you and get the guidelines for your endowed scholarship in place. You can contact Clifford McNary, Director of Gift Planning at cliff.mcnary@genevacollegefoundation.org or 724.847.6614.
