The Alumni Foundation gets several inquiries every year regarding establishing new scholarships. There are several possibilities, including scholarships

– in memory of a loved one
– supported by a local business
– promoting a specific career or field
– honoring a teacher or administrator

Each scholarship is set up according to the donor’s wishes. Some are fully funded, while others are paid year-to-year.  We are happy to work with you if you want to fund your scholarship in installments. You can establish the selection criteria for your scholarship, subject to approval by the Foundation board of directors.

Scholarship funds – general description of accounting policy:

Funds received by the Alumni Foundation to establish a particular scholarship are considered use-restricted gifts. Funds are recorded on the Foundation’s balance sheet as restricted assets. The funds, however, are not segregated into separate accounts; rather they are included in the banking and investment accounts of the Alumni Foundation. Since the funds are not segregated, they are not considered to be an “endowment fund” under state or federal law. Funds are received with the understanding that it is the Board’s policy and discipline never to use the principal amount of any gift. Investment earnings are normally sufficient to cover the amount of the scholarships each year as well as the Alumni Foundation’s expenses in administering the scholarships. In years where earnings are not sufficient, the Board’s intention is to use general funds to make up any shortfall.

The Board reserves the right to alter the terms of any scholarship if future conditions warrant. When possible, any changes will be reviewed with the original donor before implementation.

Some examples of situations where this might be necessary include:

– Changes in legal or cultural attitudes make wording in the scholarship appear inappropriate or discriminatory.

– A scholarship has been established for a particular career or major that no longer exists.

– Inflation causes the real value of the scholarship to erode to a point where it is insignificant.

– Changes in any applicable law that impacts any language of or qualification for the scholarship.

For more information, email Steve Hicks at steve@albionalumni.org, or call him at 585-704-9593.