Setting Up a Scholarship/Fellowship Fund
Creating a Michigan Tech scholarship/fellowship fund can be a very rewarding experience. You can choose a name for your fund, as well as certain criteria under which your scholarship/fellowship will be awarded. Some donors want the University to have complete flexibility in designating their awards, while others select certain award criteria, such as a particular field of study. We recommend that the criteria be broadly defined to assure that eligible students can be found for all available funds.
A gift/pledge of $5,000 or more is required to create an Annual Scholarship/Fellowship. Annual Scholarships/Fellowships can be awarded immediately after they are established.
A gift or pledge of at least $25,000 is required to create an Endowed Scholarship/Fellowship. An endowed fund normally will not be able to support a full award until the gift funds have been invested for twelve quarters. Current policy sets the amount of yearly awards at four percent of the fund's average balance over the previous twelve quarters. Any remaining earnings are reinvested in the endowment to help assure continued growth. Further details on endowed funds are available at Endowment Management, Investments, and Spending Policies.
Based on the award criteria specified by the donor, the University's Scholarship Committee selects the students to receive the awards. Award funds are then transferred by the Michigan Tech Fund for credit to each student's University account.