Consider making a charitable gift to the Western Foundation and help a student "reach their goals and dreams."
Types of Scholarships
Not sure what type of scholarship to create? The Western Foundation has three options available to help you meet your needs.
Endowed Scholarships
Endowed scholarships are funds that have been donated:
- In memory of an individual(s);
- In honor of an individual(s);
- By an individual, organization and/or business.
The minimum of $10,000 is required to establish an endowment fund and will be designated as the principal. This can be established over a period of time. (i.e. $3,333 for three years) The principal will remain untouched, guaranteeing the endowment in perpetuity at Western Technical College.
Disbursements from the net investment income earned in a 12-month period will be utilized for the scholarship awards.
The first scholarship will be awarded after the principal amount earns interest for one year. At the time the endowed scholarship is established, the donor may decide to offer a scholarship prior to the required 12-month interest-earning period. If so, the initial amount must include the scholarship award for the base year. For example, if the initial donation were $10,000, the donor may decide to contribute $10,500, out of which $10,000 would be the principal and $500 would go toward a scholarship award for that year.
Money donated after the fund is established will be added to the principal unless otherwise agreed upon by the donor and the Foundation.
Based on an average 5% annual pay out rate, $10,000 would pay out $500. Any remaining investment income would be reinvested with the established fund to provide on-going growth for the endowment fund.
The donor and the Foundation agree upon the criteria and the name of the scholarship.
General Scholarships
General Scholarships are funds that have been donated:
- In memory of an individual(s);
- In honor of an individual(s);
- By an individual, organization and/or business.
Funds for General Scholarships are donated yearly. The recommended amount is a minimum of $500 for each scholarship awarded. The total amount is awarded to the student.
The donor and the Foundation agree upon the criteria and the name of the scholarship.
Donor Selected Scholarships
Donor selected scholarships is when a donor makes a scholarship available to students, selecting and awarding funds independent of the Western Foundation. A separate application is required.
These students are not formally recognized at our annual scholarship awards reception.
