Scholarships: Funding Future Students
Hidden behind all of the new and renovated buildings The Century Campaign created lies a little-recognized benefit of the nine-year effort: scholarships. Nearly 80 endowed scholarships were created in the campaign, ranging from full rides to just enough money for books and a beer.
The University trustees set a standard of using 4.5 percent of an endowment’s annual income for distribution, meaning it takes roughly $375,000 to establish a full scholarship. Only a few people donated that much. Most of the donations come closer to the minimum amount of $25,000, which equates to $1,125 a year in scholarship aid.
While the $25,000 is still a lot, says Paul Lindsay, assistant to the vice president for university relations, a number of donors got creative by spreading the payments out over several years, or chipping in with family members to create a scholarship in the name of a relative. “It’s not a bad idea,” he says. “A student gets some money and the family gets to name a scholarship after a loved one.”