Establish a Named Scholarship

 

You can create an endowed scholarship to support students in perpetuity or an annual scholarship that provides immediate assistance to current students.

Create an Endowed Scholarship

Creating an endowed scholarship enables donors to name a fund that will provide critical tuition support for CUNY SPS students in perpetuity.  A named fund must reach at least $25,000 in order to be endowed… 

You can establish a named scholarship endowment with a minimum gift of $10,000 and a commitment to grow the fund to $25,000 over three years through solicitations and/or subsequent gifts your own. Upon reaching $25,000, the fund will be permanently invested in the CUNY Investment Pool. The principal of endowed funds is never invaded and scholarship awards are made from earnings in accordance with CUNY Investment Pool spending guidelines.

The CUNY Investment Pool currently has a 4.5% annual spending policy. Awards will be made from the earnings of the fund, beginning one year after investment. The principal will remain intact and earnings above the 4.5% will be applied to the principal. Subsequent gifts to the scholarship are also applied to the principal. As the principal grows, so may the amount and/or number of awards.

If the fund does not reach the amount required to be fully endowed within three years of its inception, one-half of the amount in the fund will be deposited into the Founding Dean’s Scholarship Fund endowment. The remainder of the named fund will be administered as an annual scholarship to be awarded within a three-year period.

Create an Annual Scholarship

With an initial gift of $1,500 and a commitment from the donor to provide the same amount annually for the next two years (for a minimum total commitment of $4,500 over three years), the CUNY SPS Foundation will establish a named, annual scholarship…

The gift may be awarded for as many years as the funds are donated (no fewer than three years). The name associated with this fund will remain with the fund until such time as the fund is depleted or discontinued.

The initial amount of the gift (a minimum of $1,500) will be awarded or distributed after you make two payments on your pledge. The maximum amount of the award in any given year is the amount available in the fund at the time that the award is made.

For more information and to establish an endowed or annual named scholarship, please contact Michael Iadarola at 646-664-8660 or via email at