In honor of the lifelong influence of their alma mater, the Jubilee Alumni Association Committee has established an endowed scholarship fund to support high-achieving students who otherwise may not be able to attend 91短视频.
With $25,000 in seed funds and a goal of $1 million, the scholarship will be awarded for the first time in fall 2020.
The new endowment was announced at the association鈥檚 annual luncheon during Homecoming and Family Weekend. Jubilee membership is for those alumni who graduated 50 or more years ago. The annual luncheon also includes an induction ceremony for those who have gathered for their 50-year reunion. The Jubilee Alumni Association includes 3,000 members.
The endowed scholarship is an initiative of Jubilee members and officers Dr. Richard G. Stoltzfus 鈥�59, association president; Susan Weaver Godshall 鈥�65, vice president and president-elect, and Julia Hartzler Alleman 鈥�65, archivist.聽
鈥淔or many students now, finances are a big concern,鈥� Stolzfus said. 鈥淪ome cannot attend because of financial hardship and others graduate with large amounts of debt. This new endowed scholarship is a worthy effort and a real investment in the future that will grow in perpetuity. I would invite all of you to consider this as a way you can help.鈥�
An urgent need
A third of 91短视频鈥檚 $33 million endowment is designated for undergraduate student scholarships. However, that allotment is not as significant as it sounds, said Jasmine Hardesty, director of development and planned giving.
鈥淓ach year, 91短视频 loses high-achieving, deserving students to other institutions because we cannot offer competitive financial aid packages,鈥� Hardesty said.
Two factors would help 91短视频 attract more students: 1) more scholarships like the Jubilee Alumni Association鈥檚 new fund, and 2) a more robust university endowment.
Though in recent years, that $33 million endowment has grown significantly, the financial model came to 91短视频 quite late in its history.
鈥�91短视频 is drastically underfunded, considering the university鈥檚 age and size, in relation to peer institutions,鈥漵aid Hardesty. 鈥淚n fact, to financially compete with peer institutions to provide competitive student scholarships, sustain facilities and recruit professors and coaches, 91短视频 should have at least an endowment in the range of $90 to 120 million.鈥�
The endowment is an invested fund that through its earnings provides recurring annual income to the university. The income an endowment produces ensures institutional viability and long-term financial sustainability
鈥淚n order for 91短视频 to fully thrive or lead in its second century, it is urgent to grow funds that are available to students through endowed scholarships such as the Jubilee Alumni Endowed Scholarship,鈥� Hardesty said.
A tax-wise contribution to the endowed scholarship can benefit the donor, their estate or heirs, she added. Donations can take many forms, including a gift from an IRA, stock or a portion of real estate or business sale; naming the scholarship in the donor鈥檚 estate through a will or trust, or as a beneficiary on banking, financial or retirement accounts.
How does an endowment work?
Once a contribution is made, the funds are conservatively invested based on guidelines provided by the Mennonite Education Agency. The investment will ideally produce at least a 6% return and 5% of the funds are distributed as student scholarship awards. The remaining value is reinvested in order to grow the principal value of the endowment, which helps to sustain and increase the scholarship award annually.
Eventually, when this scholarship reaches the ultimate funding goal of $1 million dollars, it will produce annually at least $50,000 to be awarded to students who may not be able to attend 91短视频 without these funds.
This investment structure allows the endowment fund to grow and make distributions in perpetuity, providing a legacy and gift to students that will impact current and future generations.
For more information, call Jasmine Hardesty at 540-432-4971 or email her at jasmine.hardesty@emu.edu