Donors have options to establish named scholarships to benefit students at Virginia State University. Endowed Scholarships offer donors the option to restrict the criteria for awarding the scholarship and provides perpetual support to the University.
The minimum amount required to establish an endowed fund is $10,000 and the minimum time frame to fulfill that obligation is three years. Awards cannot be made from the endowment until it has been fully established and has earnings, after having been invested for one year. Newly created endowed scholarships may be eligible for matching funds from the Department of Education, Title III Endowment Challenge Program.
The Board of Visitors passed a resolution at their January 16, 2004 meeting to authorize the application and collection of Administrative Fees on locally held University funds, as well as a one-time setup fee applied to gifts to endowment effective January 1, 2003. The annual administrative fee consists of 1% of the total fund balance of locally held accounts, including endowments. The one-time setup fee for gifts that establish or add to an endowment is 2.5% for such gifts received in FY 2004 and 1% for such gifts received thereafter, and collected at the close of the first twelve months following receipt of the gift. All fees are collected prior to distribution of earnings.
ESTABLISHING AN ENDOWED SCHOLARSHIP
For more information on Endowments at Virginia State University, please contact the Office of Institutional Advancement, at (804) 524-6986.