LewisAlumni&Friends

Guidelines for Establishing a Scholarship 

Creating a named scholarship through University Advancement is one way you can assist students and leave a legacy to Lewis University. 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 Scholarships: Endowed scholarship funds are designed to be permanent and perpetual and can be created with gifts totaling a minimum amount of $25,000, contributed in full at the outset or with an initial commitment that is added to over time until the endowment level of $25,000 is attained. The principal of the fund is invested to produce income, and an annual award is made to a student or students. The principal remains untouched, so the endowment can last into perpetuity.  

Annual Scholarships: Annual scholarships can be established with an outright gift of $2,000 per year with a minimum three-year commitment.  The annual gift is awarded to the recipients over a three-year period. Unlike an endowed scholarship described above, an annual scholarship is not a permanent fund and is awarded only as long you (or others) choose to contribute to the fund.  
  

Step 2:  Establish Scholarship Criteria  

Endowed Scholarships:  As an endowed scholarship donor, you choose the name of the scholarship and the criteria. The University Advancement staff is available to help you create the criteria for your scholarship. Endowed and annual scholarships at Lewis University are awarded to deserving students based upon area of interest, geographical origin, leadership potential, merit, financial need, academic achievement and/or other criteria. The Lewis Office of University Advancement must agree to any special award conditions established by the donor.  

Annual Scholarships:  As an annual scholarship donor, you choose the name of the scholarship and limited criteria.  The University Advancement staff is available to help you create the criteria for your scholarship. Endowed and annual scholarships at Lewis University are awarded to deserving students based upon area of interest, geographical origin, leadership potential, merit, financial need, academic achievement and/or other criteria. The Lewis Office of University Advancement must agree to any special award conditions established by the donor.  

Samples of Scholarship Criteria  

To view a list of our existing scholarships, click here.  

Step 3:  Administration of Scholarship Funds  

Typically, the office of financial aid carefully reviews the scholarship applications submitted by students and selects the most deserving recipient(s) based on the donor-established criteria. 

Major contributors of a scholarship fund are notified annually when the scholarship recipient(s) has been selected and are informed of the name and hometown of the recipient, as well as the amount of the award. Recipients are asked to write a thank-you note to the donor.

Scholarship benefactors have the option to arrange a meeting with the scholarship recipient through a request made to the Scholarship Manager.

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 Lewis University. In the case of appreciated securities, you may also avoid capital gains taxes.  

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.  

Give to an Existing Scholarship  

You may find that a scholarship has already been established for your favorite professor, friend, or family member or one that matches your interests. Give now online.