spin off concerning endowments

[Khan]

Quote:

Direct deposit it to your saving account. Did you go to college? If you did, have your alma mater take the payment out of your account and invest in an endowed scholarship in your name or something....

How much money would it take to create an endowment for a scholarship or a chair or anything else?

[W2R]

It probably depends on the college and exactly what the endowment is to be for. I would suggest contacting the college and talking to them about it! I am sure they would be glad to give you the information you need.

[Meadbh]

If we assume an annual appreciation of 5%, $1m could generate $50K a year. That would not be sufficient to hire a full time prof. Minimum endowment for a Chair varies by university and by faculty. A chair in a medical faculty might be cheaper, because docs earn clinical income.

[Khan]

Quote:

Originally Posted by Meadbh If we assume an annual appreciation of 5%, $1m could generate $50K a year. That would not be sufficient to hire a full time prof. Minimum endowment for a Chair varies by university and by faculty. A chair in a medical faculty might be cheaper, because docs earn clinical income.

I live near a university with a medical college. Wouldn't want to contact them unless I had some idea of what was required.

[haha]

Quote:

Originally Posted by Khan I live near a university with a medical college. Wouldn't want to contact them unless I had some idea of what was required.

You might get more bang for your buck with a scholarship endowment fund. Is your alma mater nearby?

[W2R]

Sometimes Chairs provide substantial partial/additional income to an especially worthy professor to supplement his other compensation. I would still suggest contacting the college near you and making some discreet inquiries.

[bbbamI]

We don't have money taken out of our account for scholarships, we just write the college a check once each year. We donate money to a community college and have the money allocated to jazz students. Since the tuition is low, we can help a couple of kids with $5k.

Perhaps you could check their website.


love your sig by the way

[Marquette]

My alma mater (the one that didn't help a hill of beans with my ability to spell)

Quote:

With an initial gift of $2500 and a commitment for the same amount to be provided by the donor on an annual basis for the next three years (for a minimum total commitment of $10,000 over four years), the establishment of a named annual scholarship will be acknowledged and created by the NMU Foundation.

http://webb.nmu.edu/Foundation/SiteS...blishing.shtml

If you want a building with your name on it, I think a naming gift is $5mm but that might be low (it was $5mm about 6 years ago).

Not sure about establishing a chair.

As has been said, varies by institution... I'm betting $5mm won't even get you a park bench at Harvard.

[eridanus]

Via my U's website, $500,000 to $1.5 million. Chairs and Fellowships supplement a salary.

$200,000 for an endowed graduate scholarship, and $50,000 for an undergrad scholarship.

[soupcxan]

You need to contact the institution, they all have different rules. Why on earth would you be scared to call them an make a harmless inquiry? Bizzare.

At my last school, if you made a sizeable gift they would create a perpetuity at 10% to fund an annual scholarship with your name on it. So if you donated $50,000 that would create an annual scholarship of $5,000 for a student (you could dictate the selection criteria). If you wanted your name on a building, that was $100,000 (and you had to pick from one of the less popular buildings that currently had no named beneficiary). But this was a few years ago, prices may have gone up.

[Nords]

Quote:

Originally Posted by soupcxan You need to contact the institution, they all have different rules. Why on earth would you be scared to call them an make a harmless inquiry? Bizzare.

I know exactly why not to contact the institution. If they figure out that you're considering a substantial endowment then you'll be relentlessly hounded by "help" and offers of "assistance".

This is the reason we donate anonymously through a donor-advised fund. And if we set up an endowment we'd probably do it posthumously.