Endowment funds allow Andrews to offer a better education to more students. These funds directly relate to the success of the Andrews experience. There are three types of Endowment funds:
Endowed Scholarship Funds
Endowed Scholarship funds allow countless students to be a part of Andrews University every year. This type of endowment opportunity means Andrews can award scholarships that help worthy students who need financial assistance. These funds provide a valuable asset both for recruiting new students and helping current students along their course toward completing their degrees.
Endowed Chairs are funds that allow Andrews to continue to attract, retain, and honor distinguished faculty members. These funds provide long-lasting financial stability as well as a permanent commitment to quality education. The recipients, who are chair-holders, are recognized for their personal achievements in their fields. These funds offer assurance that Andrews supports quality teaching.
Endowed Programs help to fund a specific program and allow Andrews to offer cutting-edge academics. These funds assure a quality education at Andrews.
How to Establish an Endowed Fund
The more you give, the more students will benefit. Here are a few steps to help explain the process. Please feel free to contact Dorothy Carscallen at 269.471.3124 for assistance.
- You will be given an endowed scholarship agreement to fill in the blanks as you see fit. The form is returned to the Office of Development upon completion.
- After receiving the agreement, it is typed and given to our attorney to review. Then, you are sent the completed document. Please know you have the option of re-editing it to suit your intentions. If it is acceptable, you should sign and return it to the Office of Development in a reply envelope provided for your convenience. The attorney and president will sign it.
- After the agreement is fully signed, a copy is sent to you, and a scholarship file is made for our office. The original document is kept in a fire proof vault in the Financial Records department. Also, the appropriate department or school administering the award will receive a copy.
- Only the endowment income is used for scholarship funds. The principle always stays intact. A donor may take up to five years to reach the minimum activation level. For endowed scholarships, this amount is $15,000. For endowed chairs and programs, it is $1.5 million. Once activated, the principal is invested for a year to accrue interest and the awards are made to student recipients. Monies will not be distributed until after the first year the fund is fully endowed. Donors may add to the endowment anytime and anyone is welcome to donate.
You and your family will know the great satisfaction that comes from fostering the education and development of generations of Andrews’ men and women. Your gift will make a world of difference for our church and society.