Establishing an Endowed Scholarship
In order to establish an endowed scholarship, an initial donation of $10,000 is required. This may be given as a lump sum gift, or it may be given in smaller increments over a two year period. Additional donations may be made in subsequent years by the donor(s), friends, or family in order to increase the size of the fund and the associated disbursement. Once the endowment level is reached, up to 5% is spun off and disbursed as a scholarship grant in the form of tuition assistance. This disbursement will begin one year following the fiscal year in which the level is reached.
Other ways to establish an endowed scholarship fund include:
- Appreciated stock or real property that can easily be liquidated
- Planned gifts such as a bequest, charitable remainder trust or insurance policy
(see Estate Planning and Planned Giving for more information)
- Retirement fund asset
The following chart shows the amount of scholarship income that would be provided based on the total of the endowed fund, using the 2020 tuition rates for students whose families are members of one of the eight partner parishes in the Treasure Valley. Scholarships are available for students coming from area public schools but tuition would be at the regular tuition rate and not the parish supported rate.
|Amount of endowed fund||Amount of scholarship income this would provide||Current cost of tuition per student* (*Parish Support Rate)|
Note: The terms “scholarship” and “tuition assistance” are interchangeable in these examples. Some established scholarships do have additional criteria, but most have need associated with those criteria.
For more information about scholarships, including endowing a new scholarship through the Bishop Kelly Foundation, please contact Kim Malvick, Executive Director of the Bishop Kelly Foundation.