There are scholarships at my University that have been around for a few decades. Do people top them up constantly?
In: Economics
The terms of each scholarship fund differ, but here’s how my family’s scholarship works:
1. Before he passed away, my father donated stock worth about $100k to the university. He stipulated that at least 1 scholarship worth $2500 be awarded each year, and more than 1 if the fund has a very good year. If the fund has an extremely good year, several scholarships are awarded, such that the fund’s value always hovers around $100k at year’s end.
2. As the current trustee of the scholarship, I donate $2500 / year to the fund. This way, I know that even if the fund’s value tanks in a given year, they’ll still be able to award 1 scholarship.
3. Other people sporadically donate to the fund, in memory of my parents. It’s anonymous, but on average, $1-2k is donated each year in addition to my own donation.
4. With rising education costs and whatnot, I periodically request that the value of the scholarship be raised (it was $2k until 2 years ago.. this is Canada, education isn’t quite as expensive)
Anyhow…every scholarship is different. Whoever endows it at the beginning helps to make the rules. This is why universities have a staff just to handle all of this.
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