Named
Scholarship and Graduate Fellowship Endowment
| Effective Date: |
09.22.1976 |
Revision Date: |
|
| Chapter Name: |
University
Development |
Policy Number: |
5.8 |
| Policy Name: |
Named
Scholarship and Graduate Fellowship Endowment |
| A
PDF version of this policy is available
via this link. |
PROCEDURE FOR ESTABLISHING NAMED ENDOWED
SCHOLARSHIPS OR FELLOWSHIPS
Persons or organizations contemplating the establishment
of named endowed scholarships or fellowships should
discuss with the director of development the amount
needed to establish endowed scholarship or graduate
fellowship funds and the criteria for awarding the
scholarships. A written proposal to the director
of development will initiate the necessary
conversations or correspondence between prospective
donors and appropriate University officials.
Scholarships should have few limitations placed
on them by the donors and should be as flexible
as possible to enable the University to provide
aid where it is most needed and to abide by the
law.
CRITERIA FOR AWARDING ENDOWED SCHOLARSHIPS
AND GRADUATE FELLOWSHIPS AND NAMING RECIPIENTS
An endowed scholarship or graduate fellowship may
be awarded on the basis of merit. financial need
or other criteria as determined by the donor and
the director of development in consultation with
appropriate University personnel.
The amount of each scholarship or graduate fellowship
derived from endowed funds or the number of awards
to be given from anyone endowed fund may be established
with the donor and the director of development in
consultation with appropriate University personnel.
AMOUNTS REQUIRED TO ESTABLISH ENDOWMENT
FUNDS FOR SCHOLARSHIPS AND GRADUATE FELLOWSHIPS
To establish a separate named endowment scholarship
fund in memory of a person, or to honor a person,
organization or program, the capital sum for investment
shall not be less than $10,000
or
a sum of $2.000 per year for five years will be
accepted and placed in the Eastern Michigan University
Scholarship account of the endowment fund. When
the $10.000 minimum amount is reached. a separate
endowment fund will be established.
To establish a separate named endowment graduate
fellowship fund in memory of a person, or to honor
a person, organization or program, the capital sum
for investment shall not be less than $40,000
or
a sum of $4,000 per year for ten years will be
accepted and placed in the Eastern Michigan University
Scholarship account of the endowment fund. When
the $40,000 minimum is attained, a separate endowment
fund will be established.
INVASION OF ENDOWMENT PRINCIPAL
The principal of endowed funds for scholarships
or graduate fellowships may be invaded unless the
donor designates otherwise in the documents creating
and/or establishing them, but any permissible invasion
of such principal shall not be accomplished without
the prior approval of the president of the University.
| Authority
for Creation or Revision: |
| Minutes of the Board of Regents, September 22, 1976; para. .1692M
|
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