Building the Hilbert College endowment is one of the highest priorities for College leadership, allowing Hilbert to develop programs of lasting quality for students. Endowed gifts are meant to exist in perpetuity and are invested for long-term growth. Each year, approximately five percent of the endowment fund’s earnings are made available in the form of a payout supporting student scholarships and College programs. The Board of Trustees, in consultation with the College, may vary the spending rate to meet the needs of the endowment, adjust to market conditions, and ensure preservation of capital. Return on the endowment exceeding the normal spending allocation is typically held in reserve for years when the return does not meet the spending allocation.
Generous gifts to scholarships make it possible for Hilbert to continue building an extraordinary community of scholars, with funds assigned according to need and merit. In addition to meeting pressing financial needs, students connect with the donors who have supported them through annual letters or campus visits, creating a relationship with the generous partners who have supported their educational aspirations.
Hilbert College has many named endowed scholarships that provide support to students. The minimum gift required to establish a named endowed scholarship is $10,000. Only endowed funds meeting threshold criteria will be named. A gift of any amount may be designated for the support of scholarships and will reside in a pooled scholarship fund.
Guidelines for Establishing a Scholarship
Creating a named scholarship is one way you can assist students and leave a legacy to Hilbert. It's also a very meaningful way to honor family and friends.
Step 1: Determine Type of Scholarship Fund
The first step is to determine whether you would like to establish an "endowed" scholarship or an "annual" scholarship.
Endowed scholarship funds are designated to be permanent and perpetual. The minimum amount to establish an endowed scholarship at Hilbert College is $10,000. This gift amount can be made in full at the outset or with an initial commitment that is added to over time until the endowment level of $10,000 is attained. If the endowed scholarship fund reaches a total of $250,000, it will be considered fully endowed. The principal of the fund will be invested to produce income and an annual award will be disbursed to a deserving student(s). As regulated by NYPMIFA guidelines, the principal will remain untouched in perpetuity unless explicit permission is given by the donor for extenuating circumstances.
Annual scholarships can be established with an outright gift of $1,000. An annual commitment of $1,000 per year for four years is recommended, and the annual gift is awarded to recipients over the four-year period. Unlike an endowed scholarship described above, an annual scholarship is not a permanent fund and is awarded only as long as you (or others) choose to contribute to the fund.
Step 2: Establish Scholarship Criteria
As a scholarship donor, you choose the name of the scholarship as well as the criteria. The Office of Institutional Advancement staff is available to help you create the criteria for your scholarship. Endowed and annual scholarships at Hilbert are awarded to deserving students based upon area of interest, program of study, geographical origin, leadership potential, merit, financial need, academic achievement and/or other criteria. Hilbert College must agree to any special award conditions established by the donor.
Step 3: Administration of Scholarship Funds
Major contributors of a scholarship fund are notified annually when the scholarship recipient(s) has been selected and the contributors are informed of the name and hometown of the recipient, as well as the amount of the award. Recipients often write a thank you note to the donor, and in some cases, the recipient and donor are able to meet.
Tax Benefits of Funding a Scholarship
An outright gift in the form of cash or appreciated securities will allow you to receive immediate tax benefits in the year you make the gift to Hilbert College. In the case of appreciated securities, you also avoid capital gains taxes by transferring ownership of the funds to Hilbert.
You can also provide for your scholarship in your estate plans. Estate gifts or planned gifts are an easy way to establish a scholarship without affecting your current income or assets.
You can aid in establishing the scholarship criteria by expressing your intentions for the award. Hilbert College will draft the scholarship criteria according to your specifications and present it to you for your approval.
Notification of student award recipient
You will be notified annually when the scholarship recipient(s) has been selected. You will be informed of the name and hometown of the recipient, as well as the amount of the award and status of the fund.
For more information, please contact Gregg Fort, Vice President for Institutional Advancement at email@example.com or at (716) 649-7900.