A name can represent many things. In the College of Education, a name can provide a meaningful connection and opportunity to a student or faculty member. Naming an endowed scholarship or faculty position in the college allows our alumni and friends to leave a lasting legacy or make an immediate impact, a chance to give back and engage directly with what makes this college and university so special: our students and faculty.
During the 2013-2014 academic year, the College of Education awarded more than 180 scholarships, totaling approximately $700,000, that provide support to 218 out of 3,500 of our students. A key initiative in the coming months is to increase the number of both expendable and endowed scholarships available to our students.
Expendable scholarship funds are allocated by the college in a given year. They are especially helpful for students who may encounter sudden financial challenges, and need immediate assistance to continue their education.
Endowed scholarships allow the college to prepare for the future, generating income from a principal balance that generates a 4-5 percent average return to be awarded to a deserving student. Establishing a named scholarship in the college not only provides opportunities to our students, but as an alumni or friend of the college, it enables you to leave a lasting legacy. A scholarship allows the donor a chance to connect with the college, and our students, in a most meaningful way.
Similar to endowed scholarships, endowed faculty positions bring honor and prestige to the college. Each of our departments places a high priority on recruiting and retaining the very best faculty to conduct cutting-edge research and provide our students with the best possible educational experiences. Endowed chairs and professorships provide the college with necessary resources to retain our talented faculty.
Scholarships and faculty support can be funded through a number of vehicles, including gifts of cash and/or deferred gifts. A cash gift can begin a scholarship or named faculty position immediately. Endowed gifts can also be made through gifts of cash, as well as through gifts of real estate, charitable gift annuities or charitable bequests through designations in your will.
We in the College of Education are incredibly fortunate to receive the support that we do from alumni and friends. In the coming issues, I will highlight the various ways in which you can make a deferred gift. I hope you will take a moment to think about how your name or the name of someone important to you could represent a life-changing connection for a future Spartan educator, athletic trainer or kinesiology graduate.
If you have questions about how you can impact the lives of our students and faculty, or questions regarding minimum amounts to begin your named endowed or expendable fund, I welcome you to contact our office at any time.