By Cassandra Sullivan
In order to create a $5,000 endowed scholarship for a student at Boise State, a donor must donate $125,000. An individual donates the principal amount to the Boise State Foundation and the money is invested in a manner that allows four percent to be distributed for scholarships each year while the endowment fund continues to grow each year to cover inflation.
Adam Goduto, senior director of annual giving at University Advancement, explained the situation.
“The Foundation is a separate, non-profit part of the university, to ensure it is transparent. The Foundation’s board of directors are volunteers, they are local philanthropists and business owners. It is a prestigious position,” Goduto said.
Endowments are important to universities and often mark the success of an institution. To put this into perspective, in 2012 Boise State’s endowment balance was $75,966,014. University of Idaho’s endowment was $188,510,902; Harvard University’s endowment was $30,745,534,000. Boise State’s endowment balance as of June 30, 2013 was $83,399,459.
Kaitlyn Bailey, a senior majoring in social sciences, is the president of Boise State’s Student Foundation. The Student Foundation aims to raise awareness to students about endowed scholarship fundraising. In order to accomplish this, members of the Student Foundation are in the process of endowing a student-funded scholarship.
“The endowment became active in December 2013, that is when the clock started and we have to now raise $25,000 over the next five years for the scholarship to become available,” Bailey said.
The Student Foundation will raise awareness about the endowment process while also asking individuals to donate themselves. All funds support the Students Helping Students endowment, a scholarship that will be awarded by the financial aid office. They call this the ‘Boise State Proud’ campaign.
“The campaign will consist of a philanthropy week where we will recognize big donors and supporters of the university and end with a t-shirt drive, asking for $10 or more to the Students Helping Students scholarship fund,“ Bailey said.
While $25,000 is the minimum amount needed to endow a scholarship at Boise State, Bailey hopes they raise even more than that over the next five years.
Ali Johnson, a sophomore majoring in elementary education, participated in scholarship fundraising with her sorority, and supports the Boise State Proud campaign.
“I personally think it is a really great thing, we should be helping other students gain the same opportunity we all have to be in school. Anything we can do to get more people here is a great idea,” Johnson said.
Understanding the endowment process is difficult, especially at the student level. Due to proactive students on campus, it is all becoming clearer.
As Boise State begins its official campaign for scholarship fundraising, and students participate too, the endowment will grow—and Boise State will grow as well.