Types of Scholarship Funds
When a true endowment fund is established, a perpetual source of funding is created for scholarship use. The principal of the endowment remains unspent. An annual award from the earned income is used to support a student's education. A minimum gift or combination of gifts totaling $25,000 will establish a named scholarship.
Pending Endowment Fund
Pending endowment funds are established with the intention that they will eventually become true endowment funds when gifts total $25,000 for a named scholarship for restricted use. A fund may be a pending endowment for a period not to exceed five years, with all earnings to be re-invested during the five-year period. If the minimum total is not accumulated through gifts and interest earnings within five years, it becomes an expendable fund.
Expendable funds are used to create annual scholarship and fellowships. A minimum gift of $1,000 opens a named scholarship expendable fund. Scholarship awards are made from the fund as long as funds exist in the account.
Scholarship fund agreements clarify the use, purpose, handling, and distribution of the monies within the account. The College's Development Director works with each scholarship donor to draft the written agreements according to the donor's wishes to establish the criteria for the fund.
The College Scholarship and Award Committee selects appropriate award recipients in accordance with the donor's intent for scholarship use. Criteria include: College standing (undergraduate, graduate, professional veterinary medical student); class year; scholastic achievement; educational discipline and/or interest area; financial need; career goals; and residency by state.
Stewardship of Scholarships
Throughout the academic year, the College communicates with scholarship donors about the scholarship fund balances, available award amounts, scholarship selection process, scholarship recipients, and other information about the College and activities of interest to scholarship donors.
Ways of Funding Scholarships
Investment in a scholarship can be made in a variety of ways. These methods include: gifts of cash, gifts of stocks and securities, gifts of real estate, and planned gifts in the form of a bequest, charitable gift annuity, or trust.
The Colorado State University Foundation is a separate nonprofit organization that acts as the central repository and steward of all charitable contributions for the College of Veterinary Medicine and Biomedical Sciences and Colorado State University.
The mission of the Foundation, in cooperation with the College Development Office, is to support the goals of the College by receiving, managing, and investing philanthropic gifts for the purposes designated by donors. Endowment earnings and expendable gifts to the college support scholarships and fellowships and a variety of College teaching, research and outreach programs.
The College Development Office is pleased to assist donors and their financial and legal advisors in selecting the giving option that best suits the financial and philanthropic goals of donors.