How to Establish a Scholarship FAQ
How can I establish a scholarship?
At any time, if you prefer to speak with someone or would like help with questions related to the online, contact Dr. Russell Hammond, call him at 845-341-4337 or email at firstname.lastname@example.org
How many types of scholarships are there?
There are three scholarship options available to you. The choice you make depends largely on decisions that reflect your individual goals, and how much you wish to donate.
- Named Endowed Scholarships will continue to support SUNY Orange student needs in perpetuity. A minimum gift of $25,000 will be invested by the SUNY Orange Foundation, and each year the Foundation will award a scholarship from the earnings on your named scholarship fund. The payout rate is adjusted annually by the Foundation Investment Committee, based on investment returns.
- Named Annual Scholarships will support SUNY Orange student needs for one or more years, depending on the amount of your gift. In this case, the minimum gift is $500, which will provide a one-year scholarship. If you wish provide a scholarship for multiple years, apply the following formula to determine your scholarship plan.
Annual Scholarship Award $_______ X _______ years = total gift $ _________
- If you wish to make a scholarship gift of under $500, you might consider a gift to the Foundation’s annual fund, the general scholarship fund, or one of the existing named scholarship funds.
With this third kind of scholarship, can I choose to support a specific academic program area and type of student?
Yes, there is a list and description of existing scholarship funds is available for Entering, Current, and Graduating students by clicking links on the left side of the Scholarship web page. When making a scholarship gift of under $500, tell us which fund you wish to support.
Can I honor or remember someone with a scholarship gift less than $500?
This category of scholarship is not “named” in the same sense that the Endowed or Annual Scholarship, nevertheless you may still honor or remember a special individual with this type of scholarship gift. Simply tell the Foundation the name of the individual you wish to honor or remember. If you request it, we will send an acknowledgement, without specifying the amount, to the individual or their family.
To establish a named Endowed Scholarship or Named Annual Scholarship, what forms do I need?
Just one, which is available in two formats:
- a PDF form that you can fill out on the screen, print, sign, and mail in with your contribution or pledge form
- an on-line form that you can complete on line, and automatically submit to the Foundation.
What choices should I consider when completing the form?
- Scholarship Name. This is your opportunity to recognize your family’s commitment to education, or to remember honor someone special in your life, relative, loved one, friend, former SUNY Orange professor, or administrator. Keep it short and concise, e.g., the Smith Family Scholarship, is clear. Remember, the name of your scholarship will be listed in a variety of College publications, so space is an important consideration.
- The type and amount of the scholarship. Choose between and an endowed and annual scholarship, remember the minimum gift for a named endowed scholarship is $25,000 and $500 for a named annual scholarship.
Suggestions when considering the amount of your Endowed Named Scholarship: When planning this type of scholarship, consider how much impact you want your gift to make in the lives of a SUNY Orange student each year, long into the future. At the current payout rate, approximately 4%, an endowed scholarship of $25,000 will provide a $1,000 scholarship. The currents cost estimate for tuition, fees, and books for a full-time student is at least $5,000. Using a similar example, an endowment gift of $50,000 could generate a $2,000 annual scholarship, and help underwrite nearly one-half of a full-time student’s college entire educational experience at SUNY Orange. Alternatively, the same $50,000 endowed scholarship could provide $1,000 scholarships for two students each year. You and your family have that choice.
Suggestions when considering the amount of your Annual Named Scholarship: To have a similar impact with a Named Annual Scholarship, you will need to make a gift of at least $1,000. You can provide a scholarship of that size by simply specifying the amount you wish to have awarded each year, and the number of years you want it to continue. For example, a gift of $5,000 could provide an annual scholarship of $1,000 each year for five years, providing the same impact as the first endowed example above. Alternatively, a $5,000 gift could provide support for approximately one-half the costs of attending, $2,500, for two years, similar to the second endowed example above.
What criteria will you use when awarding my scholarship?
That is essentially up to you and your family. We will work with you to help create your gift, and at the same tome make sure your scholarship truly meets the needs of SUNY Orange students. Here are some options for you to consider.
- Classification of Student – Entering or Current? Do you want your scholarship to help attract a new student to the College or help an individual who never imagined he or she might afford to go to college? Then choose Entering. On the other hand, do you want to recognize the work and accomplishments of a student who has already begun his or her educational journey, and who may be struggling to balance the demands of studying, with those of working a full or part-time job? If that is the case, choose Current Student.
- Enrollment Status – Full-time or Part-time? Form many it is difficult to attend SUNY Orange full-time, since most individuals must also work and frequently raise a family. When they do elect to study full time, your scholarship helps relieve a great deal of pressure. Plus, it helps them achieve their academic and career goals sooner. In that case, choose Full-time. Alternatively, more of our students are part-time, and typically there is less federal or state financial aid available to them. If that consideration is important to you, chose Part-time
- A Need Based Scholarship? Do you want to focus your scholarship on recognizing merit, and reward strong academic performance of a student regardless of financial need? If that is the case, Choose No. Perhaps you want to provide a boost to a student who struggles with paying for college, while doing their best to succeed academically, then Choose Yes. We work with the College’s Financial Aid experts to help determine need, and we can emphasize either option, or balance both need and merit if that is your choice.
- Academic or other Criteria? Through your gift, you can express support for students pursuing an education in a specific discipline, for example engineering or English, or a career choice such as Nursing. You can also add other criteria, such as a student from a certain geographic area, school district, or one who demonstrates certain character or academic qualities, such as strong student leader or honor student.
However, please remember to be flexible, especially with endowed scholarships, over time job opportunities and student needs change, so we recommend being fairly open and flexible in shaping your scholarship. Often use of the word Prefer is the best choice in describing your scholarship criteria. For example, you may indicate you prefer to award it to a student from the Middletown area, or you prefer a student who is an Engineering major or member of the student leadership. In that way, the College’s Scholarship Committee has some latitude to direct your gift to a student who meets similar, if not exact, criteria. If your criteria are too specific or too narrow, the College may not have a student who meets those specifications, and sadly, your scholarship may go un-awarded for one of more years.
How do I know the scholarship is in place?
Regardless of which form you use and whether you submit it by mail or electronically, after the Foundation receives and reviews your form, you will be sent a signed confirmation. If we have any questions about your new scholarship, we will be in contact.
When will the scholarship be awarded?
That depends primarily on when in the year you make your gift. In most cases, it will begin in the next fall semester. In the case of a Named Endowed Scholarship, the fund must earn investment income before the Foundation can make an award. Normally, that is one year after the minimum gift of $25,000 is in the fund, and the investment of the fund has had a chance to develop the necessary income to support the award.
Can a student benefit from a new Named Endowed Scholarship sooner?
Yes – often donors make an additional gift of the proposed amount of the scholarship, which will awarded in the next year. For example, using the previous figures, a gift of $26,000 will enable the Foundation to award a $1,000 scholarship in the first year and invest $25,000. Typically, the investment of the $25,000 will begin generating a $1,000 scholarship in year two and beyond. We can discuss similar ideas if you wish to build an endowed scholarship fund through a pledge over two or more years.
How do I make my gift to fund my scholarship?
Check, credit card, or a pledge of two or more years, normally with a limit of five years. Regardless of whether you used the PDF printable form or the on-line form you submitted directly, you may mail your check to the address on the bottom of this form, you can also make a credit card payment directly from the College website. In addition, if you wish to make a pledge of two or more years, that pledge form is available on the website, also available either as a printable PDF file or electronic submission.
Thank you for considering a Scholarship Gift to SUNY Orange Foundation. Again, if you have any questions or prefer to establish your scholarship with our assistance, contact Russell Hammond at (845) 341-4337.
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