Decide on the type and amount of scholarship you wish to establish
Scholarships can be either endowed or annual. An endowed scholarship maintains the principal, utilizes only the interest and is awarded for perpetuity on an annual basis.
The minimum endowment for scholarship support can be established at the $25,000 level; endowments can be increased annually with the goal of “growing” the endowment to increase scholarship support.
An annual scholarship utilizes the entire amount and is generally awarded for the current academic year. A minimum of $1,000 for one student is required for an annual scholarship.
Decide on criteria for your scholarship
For maximum benefit, we recommend keeping the criteria broad, such as providing a scholarship to deserving students enrolled at William Paterson University. You may choose a restriction or a preference. A preference directs your scholarship to a particular area (e.g., major or College), but gives the Scholarship Committee the flexibility to apply the funds where needed most if your preference is not available in a given year. (Example: Preference for a deserving student majoring in Psychology.)
When your endowed fund reaches a minimum of $25,000 by June 30, the first scholarship could be awarded the following spring for the fall semester depending on the interest earned.
Once your fund is fully endowed you will receive: an annual report on the student recipient(s) and an invitation to the annual scholarship luncheon which will provide you with an opportunity to meet your student. In addition we will be pleased to recognize your scholarship in University promotional materials and publications.
Questions? If you would like to receive personal assistance with establishing a scholarship, or you would simply like to learn more, call us at (973) 720-3811 or (973) 720-2332, or email us at firstname.lastname@example.org or email@example.com so that we can assist you.