Establishing Scholarship Funds

Scholarship funds can be established at Penn College in honor of, or in memory of, a family member, a friend, a co-worker, a student, a faculty member, or a mentor. Many businesses create scholarship funds to help increase their corporate presence at Penn College. Scholarship award recipients are selected based on preferences determined by the donor. Scholarships can be funded in a variety of ways, including cash donations, gifts of securities, and bequests.

Four of every five Penn College students receive some form of financial aid, and scholarship funds are very important to help students succeed.

Endowed Scholarship

An Endowed Scholarship provides a permanent funding source from which scholarships can be awarded. The fund principal must be at least $25,000 for awards to be made. Endowed Scholarship funds can be established with an initial gift of $25,000 or more, or through gifts totaling $25,000 or more over a period of up to five years. Once the fund principal has reached at least $25,000, the revenue earned on that principal provides the funding for annual awards. The donor or other interested parties may make additional gifts to the fund at any time.

Annual Award Scholarship

A donor provides funding for an Annual Award Scholarship on a year-by-year basis; the donor makes annual contributions totaling at least $1,000, with awards made from the scholarship each year that funds are available. Annual Award Scholarship funds do not earn interest.

Limited Duration Scholarship

Established to create scholarship awards for a specified period of time (e.g., the money is equally divided and awarded over the number of years specified). The donor makes a lump-sum contribution of at least $2,000 to establish a Limited Duration Scholarship, and annual awards to students will be at least $1,000. The donor or other interested parties may make additional gifts to the fund at any time. Limited Duration Scholarship funds do not earn interest.