Individuals or organizations who wish to provide support for students with financial need or academic talent may be interested in establishing an endowment that will provide scholarships for students. Support for faculty or student research, funding lecture series, or any number of worthwhile projects, may be accomplished in much the same way that scholarships provide stipends for students. An endowment agreement is written between you, the donor, and the EIU Foundation to establish and manage the fund in perpetuity.
The minimum amount required to set up an endowment to support faculty, programs, or student scholarships is $25,000 (as of January 1, 2015). Temporary funds can be created with initial and subsequent gifts in any increments as long as full funding is achieved in five years. You can also establish a named endowment at the $10,000 level for one of the following: (1) a named Text Book Endowment Fund specifically to assist students with textbook rental costs, (2) a named Library Endowment Fund for the purchase of books, collections, subscriptions, electronic media and/or other library acquisitions as needed, or (3) a named Program Fund for Excellence, an unrestricted fund that can be directed for use by the athletic director or one of the deans to support their greatest current needs.
Your endowment may be funded with cash, equities or some forms of property. It is also possible to have a scholarship funded through your estate. In any case, the first step is to have a scholarship agreement developed that is acceptable to you and to the Foundation. You should have a clear idea, for example, of the student who will benefit from the scholarship. What should the student's major be? Should the student be near graduation or just getting started at Eastern? Are there specific academic standards that should be met? Who will determine which student or students will receive the scholarship awards?
The links below will take you to a sample endowment agreement and will give you some initial guidance on what to consider when setting up an endowment. If you have questions, or would like assistance in drafting an endowment agreement for your scholarship or special fund, please write or call the Office of University Development.