Table of Contents
When making a gift, payment or bequest, please indicate any special designation and always use the full name of the Foundation: University of Wisconsin-Platteville Foundation or UW-Platteville Foundation, Inc.
Endowed funds are established by alumni, faculty, community members and other University friends. Often, family, friends and colleagues combine their donations to establish a fund in honor or memory of a special individual. There can be many purposes for an endowed fund. At UW-Platteville the most common purpose is for scholarships. Many individuals choose to fund an endowment by remembering UW-Platteville in their wills. Individuals who make a bequest to the UW-Platteville Foundation, Inc. are advised to set up criteria for the endowment in advance by working with the Foundation staff. This will ensure that the funds will be used in accordance with the donor's wishes.
The endowed gift or principal is perpetual. Only the earnings are spent to fulfill the wishes of the donor. This means that the fund will never "run out" of money. The UW-Platteville Foundation Board of Directors sets a recommended spending level for endowed funds, based on investment performance. The current spending level is four (4) percent. Thus, a $12,500 fund would support a $500 annual scholarship. Additional contributions increase the principal and, therefore, the annual earnings. Endowed funds are assessed an annual administrative fee of two (2) percent. The minimum amount to endow a fund at the UW-Platteville Foundation, Inc. is $10,000.
An endowment is established with a gift of at least $10,000 and written direction from the donor to endow the gift as well as instructions for its use. A donor can create an endowment by making a lump-sum gift of $10,000 or more, or by making several payments over time until the minimum endowment amount is reached. By establishing an endowed fund the money will provide a sustainable source of revenue for the intended beneficiary(ies) at the university. The department, university program or scholarship fund the donor supports through an endowment will be able to count on the funds annual support when planning for the future. The UW-Platteville Foundation staff will assist in developing award criteria that reflect the interest of the donor while effectively meeting the greatest needs of the university.
A Named Fund may be directed toward any number of particular concerns chosen to reflect someone’s interests, or those of the person, business or organization to honor.
There is no maximum level for an endowed fund, and additional donations can be made to the fund at any time. Often relatives, friends and associates who share the donor’s interests also add to these funds.
Personal Stories
Jill Pamperin, Electrical Engineering, Class of 2003, has established the Jill Pamperin and Miles Hill "Lab Rat" Scholarship. "Most scholarships are made on behalf of someone that has died, in honor of a teacher's years of commitment, or by a company. As a student who benefited from many years of scholarships, I wanted to help other students without waiting for an unfortunate illness. I knew that I didn't have the money for a full endowment right out of college, but I wanted to start contributing right way. UWP's ability to donate over the course of many years to establish an endowment allowed me to start helping students immediately while working towards a scholarship that would continue for many years to come. Each year, I contribute enough for the current year’s scholarship and then a bit more to go into the endowment. Donating $25,000 dollars to make a $1,000/year scholarship sounds like an impossible amount if you had to donate it all at once. But, over the course of a few years, it is amazing how fast that endowment grows."
Erin Ralph, Mechanical Engineering, Class of 2003, along with her siblings has established the Ralph Family Scholarship. "As a student, I received numerous scholarships which only helped me stay focused on my studies to achieve success in the classroom and activities to gain leadership skills. It's important to reward students who succeed beyond academics - this includes on campus activities, athletics, and community service. The UWP student experience includes each of these aspects which make the UWP graduates some of the most outstanding. As much as I appreciated the financial gifts, while I was a student, now, as an alum, I want to directly contribute, encourage, and reward successful students with the Ralph Family Scholarship."
Darren Detloff, Class of 2009. "Thank you so much for your generosity through the Milton and Thelma Longhorn Scholarship. I am so grateful to have been selected as the recipient of such a great scholarship. The support is greatly appreciated and I can not express my thanks enough."
Scholarship assistance is critical to many UWP students as they work toward their educational and professional goals. With 80 percent of our students receiving financial aid, the demand for student assistance exceeds the available supply of dollars - projections show this trend will continue. At UW-Platteville, students need additional scholarship support to help fill the gap, which generally falls back on students and their families. The number of UW-Platteville students applying for grant and scholarship support has risen steadily. To ensure the opportunity to become a UWP graduate, the development of scholarship programs at the University is one of our top priorities. Individuals, companies and organizations have demonstrated their understanding of the importance of helping students, our future in the workforce, by establishing scholarships.
The state has approved increases in higher education funding. However, the additional funds have not been sufficient to offset the rising cost of higher education.
Scholarship support from private sources is one solution to helping students who need and deserve the most life has to offer.
An outright gift in the form of cash or appreciated securities will allow you to receive immediate tax benefits in the year you make the gift to UW-Platteville Foundation, Inc. In the case of appreciated securities, you may also avoid capital gains taxes.
You can also provide for your scholarship in your estate plans. Estate gifts are an easy way to establish a scholarship without affecting your current income or assets.
Scholarship criteria may be as liberal or restrictive as the donor wishes. However, it is important that the criteria are not so narrow that it is difficult to find applicants who qualify for the scholarship. Donors may choose from many different approaches in defining the students who are eligible for their scholarships. Recipients may be selected based upon:
*Note: NCAA regulations prohibit awarding scholarships based upon participation in athletics.
Some scholarships have unique criteria of special interest to their donors. Awards may be limited to those students graduating from a certain high school or residing in a particular community or state. Other scholarships are offered to single parents or students who perform volunteer work.
A selection committee is composed of individuals from the department or area of study for which the scholarship is awarded. When scholarships are not defined on the basis of major or college, the General Scholarship Committee consisting of representatives from the each of the colleges, the Financial Aid Office and the UW-Platteville Foundation often play a part in the selection of award winners. Scholarship donors with a desire to participate in the selection process are invited to serve on the committee. IRS regulations prevent donors from designating family members as scholarship recipients or from selecting the recipients.
Most scholarships are applied toward tuition expenses. Those with large monetary awards are often split, with half of the amount awarded each semester. Some scholarships, especially those awarded to graduating seniors, are given to the student before they graduate.
Once a donor selects criteria for a scholarship, a draft of the criteria agreement is prepared by the Foundation for the donor's approval. The donor is free to add, delete or modify criteria and a revised agreement is then prepared. This process is repeated, if necessary, until a final agreement is developed. The donor, a department chair, Dean (if the scholarship falls within a certain college or department) and the Foundation Executive Director sign copies of this final agreement and a copy is returned to the donor for his or her records. The Foundation must follow the guidelines established in this document in future administration of the scholarship. Scholarship criteria may only be changed with the donor’s approval.
A brief statement or background is often incorporated into the agreement (if the donor wishes), describing the motivation of the donor in establishing the scholarship or recognizing the individual(s) in whose honor or memory the scholarship is being established.
Non-endowed Scholarships are funded with annual contributions or by creating a restricted fund. The entire balance of these funds is available for scholarship awards. These funds do not require a minimum balance, do not earn interest and are not subject to an administrative fee.
To receive further information please contact the UW-Platteville Foundation office toll free at 877.395.11 or 608.342.1186.
When making a gift, payment or bequest, please indicate any special designation and always use the name of the Foundation: University of Wisconsin-Platteville Foundation or UW-Platteville Foundation, Inc.