An endowment is a permanent fund, often named for the donor(s) or other individuals. Distribution from an endowment supports the purpose or program chosen by the donor. Endowments are a long-term investment in the college that provides benefits to students and faculty year after year, generation after generation, because the gift principle is invested while only part of the income is spent.
An endowed scholarship is perpetual. The principle remains intact and only the interest is awarded based on the Foundation’s spending rate for the current fiscal year. The scholarship may be restricted to a specific program or remain unrestricted to support a wider variety of students.
An initial gift or pledge of $10,000 is required to establish an endowment at Harper College. The gift can be paid outright or with an initial gift of $2,500 and the balance paid over a number of years. After the endowment level is reached, the scholarship is awarded annually. Additional gift can be contributed to the endowment, which enables additional scholarship funds to be given out.
Endowed scholarship donors are offered the opportunity to meet with their scholarship recipients at the Annual Realizing Dreams breakfast hosted in the spring.
Please contact Lauren Chilvers, Scholarships and Special Projects Coordinator at 847.925.6305 to learn more about scholarships at Harper College.