Endowments & Scholarships
Types of Scholarships
There are two types of scholarships at LCSC:
* Annual Scholarship: No minimum amount for an annual scholarship. The scholarship can be funded on a yearly basis or can be a one-time scholarship.
* Endowed Scholarship: A minimum of $25,000 to establish an endowed scholarship. Scholarships are awarded based upon 4% of the 5 year moving average of the market value as of December 31 of each year. New endowments must be a part of the consolidated investment pool for at least 18 months prior to making a distribution. The donor can make an additional annual scholarship donation during the 18 month time period.
Who Can Donate Towards the Fund?
Anyone can make a donation towards your scholarship at any time by referencing your named fund on a check, online credit card gift, or over the phone.
Why a Gift Use Agreement?
A gift use agreement formally establishes the named fund with the Foundation and the Financial Aid Office. Once a gift use agreement is established, the Financial Aid Office will share information about your scholarship with the student body. Eligible students will have the opportunity to apply for your scholarship through our centralized application process.
Donors who have established gift use agreements for their scholarships receive a thank you letter from their scholarship recipient, are invited to our annual scholarship luncheon, and receive regular updates about our scholarship program.
Distribution of Funds
Scholarships are distributed based off donor criteria and time frame. Annual scholarship distribution can be placed on hold if the donor requests or if funding prevents a distribution.
Can I Change My Gift Use Agreement?
Scholarship criteria and names of scholarships can be changed by requesting an amendment to your gift use agreement.
When Does My Annual Scholarship End?
Annual Scholarships are “closed” when funding is no longer available and the donor no longer wishes to fund the scholarship on a regular basis. Annual Scholarships can be re-established at any time.
Can I Make My Annual Scholarship an Endowed Scholarship?
Yes. Please inform the LCSC Foundation if you are interested in transitioning your annual fund into an endowed fund. We can provide you with regular account updates at your convenience.