LSSU Gift Acceptance Policy
- Name of the scholarship
- Purpose of the scholarship
- Amount of initial donation
- Custody of funds
- A statement stating that recipients will be chosen by the LSSU Financial Aid Committee based on scholarship selection criteria
- A statement stating that every effort will be made to find students who meet the criteria of the scholarship and if this cannot be met then the LSSU Financial Aid Committee will be given the authority to award the scholarship based on need or merit as they determine.
- A statement encouraging the continual giving and enhancement of the scholarship.
- Permission to use name or photo for publicity purposes.
It is the intent of the Foundation and the University to award every scholarship every year. The Foundation will develop scholarship agreements that promote inclusively and ease of execution of donor wishes.
All scholarship gift agreements must be consistent with stated Foundation policies:
“If, it is determined by the Lake Superior State University Foundation, Inc. Board of Directors or its successor, or the Board of Trustees of the Lake Superior State University upon transfer of the gift that all or part of the earnings of the fund (or the fund itself) cannot be usefully applied to the purpose designated (or in the manner requested), the Foundation Board or the Board of Trustees may use the same for any purpose within its corporate powers to decide or any other purpose which, in its opinion, will most nearly accomplish my purposes, wishes and intent.” - Agreement 2.3.11
All scholarship gift agreements will have a statement of disclosure.
- secure, solicit, and negotiate scholarship agreements
- seek to establish scholarships and awards criteria that streamline the stewardship and awarding of available funds
- invest and oversee the funds
- coordinate appropriate recognition for the gift and the benefactors according to established policies and procedures outlined in the Foundation’s Gift Acceptance Policy
- provide continuing stewardship
- track and file appropriate reports to the IRS and other entities as necessary.
In general, Financial Aid Office will:
- determine need, through the Financial Aid Committee and select the recipients based on criteria
- the Financial Aid Office with authority of the Financial Aid Committee also is responsible for the amount of award and assuring that there are sufficient funds to cover any offered awards
- notify the recipient(s) of award
- monitor acceptance of the award
- maintain compliance with state and federal regulations as it pertains with financial aid
- will meet the criteria as established by the donor
The University strives to award all scholarships every year. Scholarship agreements, whenever possible, will provide flexibility and alternatives in award criteria, with the written permission of the donor.
The Financial Aid Committee will follow donor criteria to find a student for a scholarship award. If the Committee can not find a candidate to meet the criteria, the Committee will seek to make a scholarship award as close to scholarship criteria and/or donor intent as possible. The Financial Aid Office will notify the LSSU Foundation of the award selection. The LSSU Foundation will notify the donor as to the determination of the award.
The LSSU Foundation in consultation with the LSSU Financial Aid Office and the LSSU Business Operations will establish a deadline for receipt of all donations for annual scholarships. Generally, all donations for annual scholarships will be received by April 1st of each year. These scholarships will be eligible to be awarded in the fall of the following academic year. This deadline includes all scholarships to be awarded during the spring semester of the academic year. (For example, annual scholarships to be awarded during the 2004/2005 academic year must have donations at the Foundation no later than April 1, 2004.) The LSSU Foundation will notify donors of annual scholarships in writing the level of the award and the date of awarding.
The LSSU Business Operations in consultation with the LSSU Foundation will determine the amount to be awarded from endowed scholarships interest and earnings no later than April 1st for the following academic year.
The LSSU Foundation will notify living donors of their endowed scholarship level to be awarded in writing. Donors will reserve the right of supplementing their endowed scholarship awards levels with new donations within 14 days of the writing of the notice of scholarship level.
The LSSU Foundation will solicit both annual and endowed scholarships. The LSSU Foundation will solicit scholarships at the following levels:
- Minimum award near twenty-five percent (25%) of the cost of tuition.
- Second level award near fifty percent (50%) of the cost of tuition
- Third level award near one hundred percent (100%) of the cost of tuition.
- Fourth level award near the full cost of tuition, and room and board costs.
- Endowed scholarships will be determined at each of the four levels.
2002 – 2003 levels adopted by Foundation Board:
|Size of Scholarships
|Level 1: 25% of tuition
|Level 2: 50% of tuition
|Level 3: 100% of tuition
|Level 4: Tuition, Room & Board
The amount of scholarship awards will be reviewed every three years following the adoption of this policy. (Next Review: 2005/2006)
The donor will determine ultimate levels of scholarships. As with any gift, the LSSU Foundation or the University reserves the right to decline a gift for any reason.
Donors will be encouraged to give an initial gift to fund the scholarship and through continued regular gifts and planned gifts seek to endow the scholarship. Scholarships must endeavor to keep pace with inflation and the rising costs of higher education.
2/08/2003, approved by LSSU Foundation Board
5/18/2004, revision by Foundation staff to be consistent with University practice