Setting Up a Scholarship Fund
The Farmingdale College Foundation has helped thousands of students advance their education through scholarships and grants. Please contact Nancy Connors, Vice President for Development at (631) 420-2142 or email email@example.com
Why set up a scholarship fund?
Despite the College’s best efforts to contain costs, tuition and fees continue to rise. Annual tuition now exceeds $6,000 for full time students, and this can be an obstacle for many exceptional students who have a profound and compelling need for assistance. For many of our students, scholarships make the essential difference that allows eager learners the opportunity to pursue their dreams.
Establishing a scholarship fund will provide a source of funding for deserving students in need while bestowing a valuable sense of recognition and accomplishment. These awards have a tremendous and lasting impact on the lives of students
How are scholarship funds awarded?
Need based scholarships are awarded through the Office of Financial Aid. Merit based scholarships are awarded with the assistance of the appropriate academic departments.
Types of Scholarship Funds
Gifts to Scholarship Funds are completely tax-deductible, and can be made on an annual basis or can be permanently endowed.
- An Annual Named Scholarship provides direct funding which is renewable from year to year. Restricted scholarship funds require a minimal commitment of $2,500. These gifts are awarded in full in the year they are donated.
- An Endowed Named Scholarship can establish a fund that will provide ongoing support. A minimum donation of $25,000 will provide ongoing scholarship support each year. Gifts at this level and higher will establish a named fund in perpetuity with specific criteria.