Thanks for the update. Proud of the group for getting this far, hope the
February gifts push it over the top. If not, let us know, and I'm willing to
kick in a little more, and I bet others would, too.
To clarify for those who may not have heard the discussion before:
We have to hit $25,000 to have the fund hit endowed status, and start throwing
off a yearly scholarship of about $1,000. Due to the fees charged by the
Foundation, that will take about one year. So, our first scholarship would be
awarded in 2022.
However, if we want to award a scholarship in 2021, we can contribute another
$1,000 over the first $25,000. That extra $1,000 would not go into the
endowment, it would be a one-time gift, going directly to the recipient, not
into the endowment.
After that first year, anything over $25,000 goes into the endowment, and grows
the endowment and the yearly award.
Once we hit $25,000, we can discuss whether any additional goes into the
first-year scholarship, versus staying in the endowment.
Dean