Clarke University’s endowment provides a permanent source of income for the institution and is a critical part of developing the campus and its programming. Gifts to the endowment are invested, with the fund’s principal maintained in perpetuity. A percentage of the fund’s current market value is expended based on the Clarke University Board of Trustees Endowment Spending Policy.
Donors may restrict the use of income for a specific program or purpose, such as a scholarship, or place no restrictions on the income, which will then be applied to the University’s general endowment.
By investing in Clarke’s endowment today, supporters are helping to secure Clarke’s future.
Creating Endowed Scholarship Funds
An endowed scholarship is a permanent fund in which the principal remains intact and invested at all times. Scholarships are awarded from the allocated income earned on the principal investment in accordance with the Clarke University 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 a named scholarship?
How can the scholarship corpus be endowed/funded?
Funding can occur through an outright gift of cash or appreciated stock, or through a multi-year pledge. Scholarships also 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, scholarship awards are distributed one year after the corpus is fully funded at the minimum level of $25,000. An exception is made if the donor wants the scholarship to be activated sooner and elects to make a separate gift equivalent to the desired award, which is then distributed to a qualifying recipient for the academic year immediately following the donor’s contribution. In the meantime, the endowed corpus is accumulating earnings.
How is the endowed scholarship named?
By 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 scholarship recipients?
The Clarke University Admissions, academic department or Financial Aid Office, based on the criteria established by the donor.
Is there a contractual agreement?
Yes. It reflects pertinent information regarding institutional policy and endowed scholarships, the name of the scholarship, 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 scholarship fund?
Clarke University is committed to stewarding endowed scholarship gifts. Each year following the formal financial audit, the Advancement Office sends scholarship donors an annual update on the scholarship and its recipient(s).