Endow a Scholarship
A gift to the Endowment Scholarship program at Whitworth University is indeed "the gift that keeps on giving." When an individual or organization establishes an endowment at Whitworth University with the minimum amount of $25,000, the college holds the principal of the gift in perpetuity. As the endowment fund is invested, it produces an annual payout to benefit students as they pursue their education of the mind and heart. An endowment scholarship creates a legacy that assures financial stability for Whitworth University and an ongoing source of aid for Whitworth students. Here are a few facts that are helpful in understanding how to build an endowment at Whitworth University:
- Donors may establish and an endowment over a five-year period (i.e., $5,000 per year for five years).
- A representative from the college will work with an endowment donor to establish guidelines for the awards for the new endowment.
- As gifts are made to build the endowment, the funds are retained in a restricted holding account where they earn interest quarterly and the account incurs quarterly management expenses.
- Once an endowment reaches the $25,000 level, the college will hold it for a period of twelve months. This allows the account to earn interest which supplies the first annual award to a deserving student.
- Commonly, applications for scholarships are received during the spring semester and the recipient for the following academic year is selected by the review committee from the financial aid office.
- Donors receive an annual scholarship account update from the college.
- Donors are invited to campus to dine with their scholarship recipients at the university's annual Scholarship Dinner (date varies).
To get started on establishing an endowed scholarship, please contact advancement services at 800.532.4668 or firstname.lastname@example.org.