An annual scholarship is named and valued by, as well as renewed for as long as desired, by the donor corporation or foundation. Typical annual scholarship gifts range from $1,000 to $5,000 each year. Donors may also choose to make scholarships broadly available at the university level, or support a particular college or school, as well as a degree program that aligns with their particular business focus. An example of this might be an insurance company providing $10,000 each year for annual scholarships awarded to students in the Raymond J. Harbert College of Business’ Risk Management and Insurance program.
An endowed scholarship is named by the donor corporation or foundation and lasts in perpetuity, since only the earnings are spent. This provides long-term stability and continuing visibility. The minimum endowment is $25,000, which provides approximately $1,000 in spendable funds annually. This will provide partial tuition or books and supplies. A $50,000 gift will produce approximately a half-tuition scholarship, and a $120,000 endowment will generate full tuition and fees for one year. The endowment can be paid over a period of up to five years.
ENDOWED FUNDS FOR EXCELLENCE
A Fund for Excellence is named by the donor corporation/foundation and may be endowed at a minimum level of $25,000. These earnings are usually designated for a department’s greatest need. That need could be a scholarship, graduate assistance, travel assistance for students or faculty, faculty publishing costs and other program enhancement costs. Endowments can be paid over a period of up to five years.
Specific programs-such as research efforts, centers or outreach initiatives-within a college may also be endowed to ensure continuing financial support. These endowments are similar to funds for excellence, except they are dedicated to a designated program and the donor corporation/foundation may be recognized through the naming of the program endowment. An example is the Minority Engineering Program endowed by a major telephone corporation for $1,000,000. The minimum endowment is $25,000 and can be increased to any amount.
MATCHING GIFTS PROGRAMS
Matching gift programs are an excellent source of corporate support for Auburn. As an employee benefit, companies can increase the impact of their employees’ gifts to Auburn by matching employees’ contributions. Most corporations provide a 1:1 match; while some elect to provide a greater matching amount to further encourage and leverage their employees’ philanthropy.