LSSU Foundation

List of Available Scholarships available through the Foundation

Starting A New Scholarship at Lake Superior State University

Establishing a scholarship is a wonderful way to remember a loved one or to give back to the university that gave you the education that you needed to be successful in life.

Or you may be part of an organization that would like to help a LSSU student through the sponsorship of a scholarship.

Many ways exist 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. With the cost of education at LSSU at nearly $15,000 including room and board for the 2007-08 school year, scholarships and awards make it possible for students to attend the University. When deciding on the size of a donation to a scholarship, remember that the average cost of books for a student is $500 per semester. Reductions in state appropriations to higher education mean the cost of higher education to our students forces them into greater debt without the generosity of scholarship support.

There are two types of named scholarships:

Annual named scholarships begin with an annual contribution of $1,200 or more. The Foundation asks for a minimum of a three year commitment in this kind of support. An officer works with the donor to establish guidelines for the award.

Example: Jane Smith wishes to establish an annual scholarship in honor of her father who was an LSSU English professor. She wishes to assist a student in the English Department with financial need. She gives a gift of $1,200 initially to begin the fund, then $1,200 each year following, as long as she is able. Friends and family of Jane may also contribute to the scholarship.

Endowed named scholarships begin with an initial gift of at least $10,000 and are permanently endowed when the fund reaches $25,000. The principle of these funds is invested and can never be invaded, with only the earnings and dividends used to fund the scholarship. Many donors are establishing an endowed scholarship through a multi-year pledge or an estate gift.  Guidelines are established by the donor and an officer of the LSSU Foundation.

Through solicitations, or subsequent gifts from the original donor made within three years, the fund must grow to $25,000. Once the fund reaches endowment status, awards will be made from the earnings of the fund based on LSSU Foundation spending guidelines. There is currently a 4.5% spending policy, so a fund with a balance of $25,000 would yield one $1125 scholarship. The principle will remain intact and earnings above the 4.5% are applied to the principle. Subsequent gifts to the scholarship are also applied to the principle. As the principle grows, so may the amount and/or number of awards.

Example: John Doe wishes to establish a scholarship to help education students 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 gather a list of prospective donors for the scholarship, mailing solicitations to those who might also be interested in funding such a scholarship. The scholarship is allowed three years to reach $25,000, when it is endowed in perpetuity.

Scholarship funds received under $1,200 will be recognized as donations to either the Greater Lake State Fund for student financial aid or the LSSU Memorial Scholarship Fund in memorial to an individual in the year the contribution was made.

Designing a Scholarship:
In designing the scholarship, the donor and the Foundation create an agreement that delineates all of the criteria for the awarding of a scholarship to a student. The Foundation encourages donors to keep the criteria as broad as possible in keeping with the University policy of awarding scholarships each year. The more restrictive the criteria, the less likely the LSSU Financial Aid Committee are able to make an annual scholarship award to students.

Donors may designate their scholarship to any of the 45 areas of study at LSSU. The donor may define who is eligible for the scholarship based on class rank, financial need, grade point average, or other reasonable and legal criteria.

Look here for a sample scholarship agreement.

For more information, 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
E-Mail: foundation@lssu.edu