POLICIES AND PROCEDURES FOR ESTABLISHING A SCHOLARSHIP
For Students of Thaddeus Stevens College of Technology
FUNDING A SCHOLARSHIP
There are several ways to fund scholarships at Thaddeus Stevens College of Technology. They include gifts of cash, stocks and securities, bequests, trusts, life insurance policies and memorials.
TYPES OF SCHOLARSHIPS:
1. NAMED ENDOWED SCHOLARSHIP
Established to honor or memorialize an individual, to create a corporate presence, or to promote the needs of Stevens College students, an endowed scholarship provides a permanent funding base from which scholarships can be awarded. A Named Endowed Scholarship may be established with an initial gift of at least $25,000 or through gifts totaling $25,000 or more over a period of up to four years. An endowed scholarship will be awarded when the fund has sufficient earnings to reach at least $1,000 for an annual scholarship award, unless specified otherwise by the donor. The donor or other interested parties may make gifts to the fund at any time. Donors who create a Named Endowed Scholarship will be recognized at the annual Scholarship Dinner, where they will have a chance to meet the student recipient(s).
2. THE ANNUAL NAMED SCHOLARSHIP
An Annual Named Scholarship may be established by individuals, businesses or organizations who prefer contributing a gift on a yearly basis to provide scholarship awards. This type of scholarship requires $5,000 per year for a minimum 3-year commitment. This is a designated (not endowed) named scholarship fund. Donors will be recognized at the annual Scholarship Dinner, where they will have a chance to meet the student recipient.
3. GENERAL SCHOLARSHIP FUND
Contributions of less than $5,000 designed for student scholarships are important as well. These contributions will be placed in the Thaddeus Stevens Foundation General Scholarship Fund and pooled with other scholarship contributions to the fund to achieve a meaningful award to a qualified student. All donors to the General Scholarship fund will be recognized in the College/Foundation Annual Report.
It is recommended that scholarship criteria be as non-specific as possible in order to benefit a wide range of qualified students. Criteria that is too restrictive may not be able to be awarded in a given year.
PROCEDURE FOR ESTABLISHMENT OF A SCHOLARSHIP
All requests from donors for information on establishing one of the scholarship types listed above will be referred to the Foundation Administrator for follow up.
COMPANY TUITION REIMBURSEMENT
If a company wishes to fund a student’s tuition (all or in part) in exchange for an employment agreement, this is defined as tuition reimbursement, not scholarship. Tuition reimbursement involves a contract between a company and a student of their choosing, and monies will go directly to the College’s tuition account. The Foundation will not be involved in this process. The company and student will not be recognized at the annual Scholarship Dinner, but other options for recognition (i.e., at the program’s advisory meeting) will be offered. Requests for information on tuition reimbursement will be referred to the Director of Career Services and/or the Director of Financial Aid.