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 endowment may be established at the Harper College Educational Foundation with:
- a cash or cash equivalent minimum of $10,000 or
- a pledge of $7,500 plus a cash payment of $2,500 to be fulfilled at a maximum of three years from the date of the pledge or
- approved types of real property assets
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 Foundation Staff at 847.925.6490 to learn more about scholarships at Harper College.