The stories of our endowed scholarships are the stories of our donors. Whether the scholarship honors an individual or family, preserves the memory of a loved one, or supports a particular program or type of student, an endowed scholarship leaves a lasting legacy for future generations. Our endowed scholarship donors help to underwrite the mind and heart education of our students. To learn more about our endowed scholarships and scholarship donors, click here.
Endow a Scholarship
A gift to the Endowed 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 $50,000, the university 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 endowed 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 an endowment over a five-year period (i.e., $10,000 per year for five years).
- A representative from the university will work with an endowment donor to establish guidelines for the scholarship awards provided by 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 endowment gifts reach the $50,000 level, the university will hold it for a period of 12 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.
- After the endowment has been fully vested [or fully funded and held for 12 months] , each subsequent year an annual award will be made based on the endowment income and appreciation.
- Donors receive an annual endowment report from the university, which includes an account update, as well as information about the student recipient.
Whitworth University's Board of Trustees oversees the endowment resources that you have entrusted to us. In accepting your gift of an endowed fund, the university has assumed responsibility for ensuring that your endowed fund, to be held in perpetuity, will provide for the purpose you have specified. Endowed funds are actively managed and invested in a diversified portfolio as part of the university's overall endowment. The university uses endowment income at a spending rate that is applied to the 3-year average balance of your endowed fund and is limited to available investment return. Unused spending allocations, or investment return in excess of the spending rate, are reinvested in the endowment to ensure the value of your fund will continue to provide meaningful support in the future.