Over 75 percent of students enrolling at SUNY Cobleskill are in need of some form of financial aid. One of the most meaningful ways to help students build a foundation for a lifetime of success is to endow a scholarship.
An endowed scholarship is one established through a gift placed in a permanent fund. That gift is invested by the SUNY Cobleskill Foundation. Each year, the majority of the interest income from the fund is used in the manner designated by the donor. A small portion is returned to the fund to ensure its value keeps pace with inflation. Donors know that their endowments will provide the same benefits decades from now as they did when created.
You may choose to name your endowed fund for yourself, or in honor or memory of a loved one. Students receiving such scholarships receive information about the donor and the person or persons for whom the endowment was established. Each year, donors are invited to a special breakfast where they are honored for their contribution, and given an opportunity to meet the students who are benefiting from their endowment.
Benefactors may choose the focus of their endowment, designating the funds for a particular area of study. Or they may play a role in determining criteria for the scholarships. Of course, the greatest benefit is achieved by establishing criteria that allow the college to apply funds were need is greatest.
Endowments may be funded over a period of up to five years, and may be funded by multiple donors. Endowed scholarships can also be established through an estate plan, using a bequest, charitable trust or life insurance. Currently, the minimum amount necessary to establish an endowed scholarship at SUNY Cobleskill is $10,000-the higher the level of giving, the greater the amount of the annual award, or the number of awards that can be made. For example: a $10,000 endowment funds an annual scholarship of $500; $20,000 funds a $1,000 annual scholarship; and $100,000 funds an annual scholarship of $5,000, two annual scholarships of $2,500, or five annual scholarships of $1,000.
The financial benefits of endowing a scholarship can be as attractive as the altruistic ones. You receive a tax deduction the year the gift is made. If the gift is made via appreciated securities, you may deduct the full market value, avoiding capital gains tax. Endowing a scholarship through your estate can also reduce your estate taxes.
To find out more about endowing a scholarship at SUNY Cobleskill, contact the SUNY Cobleskill Foundation office at 518-255-5524.
