Creating a Scholarship Endowment
Endowment funds for the benefit of Fairmont State University are held by the Fairmont State Foundation, Inc. a 501(c) (3) organization whose purpose is to receive and manage contributions for the benefit of the University.
How It Works
Endowments are great tools for a university or college to use to ensure the security of the principal amount of a gift. It also establishes a perpetual source of funding for the benefit of Fairmont State University. Creating an endowed fund gives you an opportunity to put your name or the name of another person or organization on the endowment in memory or tribute. A minimum amount is usually required to establish an endowment with scholarships being paid from the earnings.
Each endowment is a source of permanent financial support above and beyond the income generated by student tuition and fees. As our endowments grow, so does our strength and stability. Endowments help fund:
● Faculty chairs and professorships
● Undergraduate and graduate scholarships
● Program support
● Visiting scholars/lectureships
● Research support
Endowments can be developed by an agreement between the donor and the Foundation that will state whether or not the funds are to be restricted to a specific department or unrestricted funds that can be used to meet the most critical needs of the University. Donors can also name a new endowment, choose to honor a loved one, recognize a favorite professor or create the endowment in their own name.
There are two ways an endowment can be established; one way is an outright gift of cash or stock. When these gifts are made, an endowment can be established immediately, or the gift can be given as a pledge over a period of up to five years. The second way is through deferred or planned gifts. These gifts can be used to establish an endowment in the future when the total sum of a gift is received. Normally these gifts are given as life insurance, retirement assets, bequests, or income producing gifts.
The Fairmont State Foundation will work with each individual donor to create a detailed plan for giving to the university. The Foundation will provide all relevant information that is needed to make decisions on;
● What asset a person would like to use when giving a donation
● What guidelines the Foundation will use when awarding the endowment
Donations supporting need- and merit-based scholarships enrich Fairmont State University by attracting outstanding students with diverse talents and experiences.