Creating a Scholarship at Lake Superior State University
Creating a scholarship is one of the most enduring ways to make a difference in the lives of LSSU students. Whatever the reason, you have to establish a scholarship, please know that the impact can be life changing for the scholar and for the benefactor.
There are many ways to fund scholarships at the University. They include gifts of cash, stocks and securities, personal or real property, bequests, trusts, life insurance policies, or memorials. Scholarships are an investment in today’s learners and tomorrow's leaders. Your financial support enables LSSU to keep its commitment to offer a high quality educational experience to its students and provides them the opportunity to succeed in their education and career goals.
Click here to see the current cost of a college education at Lake Superior State University.
There are two types of named scholarships:
ANNUAL NAMED SCHOLARSHIP begins with an annual contribution of $1,200 or more. The Foundation requires a minimum three year commitment.
Example: Jane Smith establishes an annual scholarship in honor of her father who was a LSSU English major. She wants to assist a student majoing in English and Communication with financial need. She contributes a gift of $1,200 initially to begin the fund, then $1,200 each year following. Friends and family of Jane may also contribute to the scholarship.
ENDOWED NAMED SCHOLARSHIP begins with an initial gift of at least $10,000. The scholarship fund is permanently endowed when the fund reaches $25,000 within five years.
Example: John Doe establishes a scholarship to help education majors who show an interest in pursuing a teaching certificate. He makes an initial gift of $10,000 to create the fund, and the LSSU Foundation works with John to create a gift plan to build the fund to the minimum endowment level. The scholarship is allowed five years to reach $25,000, and is then endowed in perpetuity.
Endowment assets are invested. Each year, the fund’s spendable earnings is distributed to support the fund’s purpose, and any earnings in excess of this distribution are used to build the fund’s market value. In this way, an endowment fund can grow and provide support for its designated purpose in perpetuity. When you establish an endowment fund, you create a permanent legacy in support of Lake Superior State University.
Designing a Scholarship
The donor and a member of the LSSU Foundation staff create an agreement that outlines the scholarship eligibility requirements. Donors may designate their scholarship to any of the more than 45 areas of study at LSSU. The donor may define who is eligible for the scholarship based on:
- School or Major course of study
Donors may also incorporate an annual scholarship within an endowment in their fundraising plan - known as an endowment builder. A contribution of $1,200 is donated each academic year while also providing additional funds to build a scholarship endowment.
Look here for a sample scholarship agreement.
For more information to create your scholarship legacy, please contact us at:
Lake Superior State University Foundation
650 W. Easterday Ave
Sault Ste. Marie, MI 49783
Phone: (906) 635-2665
Fax: (906) 635-2856