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Creating Endowed Awards

An endowed award is a permanent fund in which the principal remains intact and invested at all times. Awards are distributed from the allocated income earned on the principal investment in accordance with Clarke University’s Board of Trustees Endowment Spending Policy. All contributions to the fund increase the principal balance.

Frequently Asked Questions:

What is the minimum dollar amount required to endow an award?
$5,000

How can the award be endowed/funded?
Funding can occur through an outright gift of cash or appreciated stock, or through a multi-year pledge.  Also, awards can be endowed through a bequest or other charitable giving instruments (e.g. gift annuities, trusts, etc.).

How soon will an award be distributed following the establishment of the endowed fund?
Generally, awards are distributed one year after the award is fully funded at the minimum level of $5,000.  An exception is made if the donor wishes for the award to be activated sooner and elects to make a separate gift equivalent to the desired award.  This gift is then distributed to a qualifying recipient for the semester immediately following the donor’s contribution.  In the meantime, the endowed award begins accumulating earnings.

How is the endowed scholarship named?
The donor, in consultation with the Clarke Institutional Advancement Office. 

Who determines the parameters or the restrictions?
The donor, in consultation with the Clarke Institutional Advancement Office.

Who selects the award recipients?
The donor may decide what department on campus or group of individuals will be responsible for selecting the award. Once that department or group has been selected, they are responsible for selecting a candidate who meets the criteria of the award, as specified by the donor.

Is there a contractual agreement?
Yes, the agreement reflects pertinent information regarding institutional policy and endowed awards, the name of the award, specific terms and conditions relating to the award and the University’s stewardship commitment.

How does Clarke inform donors about the status of their endowed award?
Clarke University is committed to “stewarding” endowed gifts.  Each year following the formal financial audit, the Institutional Advancement Office sends each award donor an Endowed Report indicating the endowed award’s earnings. In addition, student award recipients send thank you notes to donors after receiving notification of being presented with an award. Lastly, Clarke holds an annual honors banquet where donors and student recipients have an opportunity to meet.

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