Interested in starting a scholarship fund? Setting up a named scholarship through the Truman State University Foundation helps the University stretch our resources and deliver the best education and experience possible for our incredibly talented students. Establishing a scholarship also provides a naming opportunity that’s a very meaningful way to honor people who have had a major impact on your life. If you’re considering creating a new scholarship at Truman, here are the basic steps to get you started.
Step 1: Determine Type of Scholarship Fund
The first step is to determine whether you would like to establish an “endowed” scholarship or an “annual” scholarship:
- Endowed Scholarships
Endowed scholarship funds are designed to be permanent and perpetual and can be created with gifts totaling a minimum amount of $15,000, contributed in full at the outset or with an initial commitment that is added to over time until the endowment level of $15,000 is attained. The principal of the fund is invested to produce income, and an annual award is made to a student(s). The principal remains untouched, so the endowment can last into perpetuity.
- Annual Scholarships
Annual scholarships can be established with an outright gift of $1,000. An annual commitment of $1,000 per year for four years is recommended, and the annual gift is awarded to recipients over the four-year period. Unlike an endowed scholarship described above, an annual scholarship is not a permanent fund and is awarded only as long as you (or others) choose to contribute to the fund.
Step 2: Choose Scholarship Name & Establish Scholarship Criteria
As a scholarship donor, you choose the name of the scholarship as well as the criteria. The Office of Advancement staff is available to help you create the criteria for your scholarship. Endowed and annual scholarships at Truman are awarded to deserving students based on area of interest, geographical origin, leadership potential, merit, financial need, academic achievement and/or other criteria. The Truman State University Foundation must agree to any special award conditions established by the donor.
Step 3: Administration of Scholarship Funds
Typically, a selection committee carefully reviews the scholarship applications submitted by students and selects the most deserving recipient(s) based on the donor-established criteria.
Major contributors to a scholarship fund are notified annually when the scholarship recipient(s) has been selected and are informed of the name and hometown of the recipient, as well as the amount of the award. Recipients often write a thank-you note to the donor, and in some cases, the recipient and donor are able to meet.
Contact Becky Pike, Manager of Foundation Scholarships
Office of Advancement
McClain Hall 205
Telephone: (800) 452-6678 or (660) 785-4133
Fax (660) 785-7519