Establishing a Named Scholarship
Establishing a NON-ENDOWED named scholarship or program fund
A named fund requires a minimum commitment of $5,000. Awards are distributed until the funds are exhausted. With this commitment, you can choose to have the fund support all students, or you can select criteria and preferences regarding the students receiving the funds. These include specific areas of study, enrollment status, GPA and other criteria as desired. View the Scholarship Addendum here for full criteria options.
The funds need to be given to the Madison College Foundation prior to any scholarship award. Many donors continue their scholarship with an annual gift to the fund.
Non-Endowed Memorial Scholarships can be established with a gift of any amount. Learn more here.
Establishing an ENDOWED named scholarship or program fund
A named endowed fund requires a minimum of $20,000 as a one-time gift or pledged up to five years. With this commitment, you can choose to have the fund support all students, or you can select criteria and preferences regarding the students receiving the funds. These include specific areas of study, enrollment status, GPA and other criteria as desired. View the Scholarship Addendum here for full criteria options.
With an endowment the Foundation invests the initial gift which generates an annual spend rate that is distributed according to the fund agreement. This scholarship fund will continue into perpetuity. This creates an important revenue source for our students far into the future.
Endowed scholarship funds will continue in perpetuity. The corpus of the scholarship fund will not be invaded and all scholarships shall come from the earnings according to the MCF Board’s distribution policy and UPMIFA guidelines. This rate is currently 4.5% of the average market value accounts, using a three-year (36 month) trailing average. The full $20,000 minimum needs to be given to the Madison College Foundation prior to the fund generating a spend rate. Many donors supplement these disbursements with non-endowed gifts so that students receive the full scholarship amount.
Administration of Scholarships
- Madison College Foundation has a centralized scholarship application portal that automatically matches students with the scholarships for which they qualify. This process is overseen by our Scholarship Director, Ruth Shoup.
- The Foundation works with the college’s Financial Aid office to award scholarships. This process includes an online application and verification of criteria.
- Donors receive scholarship profiles each time their scholarship is awarded.
- Donors are invited to an annual scholarship breakfast.
The first step in establishing a named fund is usually having a conversation. Feel free to call or email Maggie or Kayla, or fill out the interest form on the right and we will contact you.