Building a Legacy at Oakwood University
The mission of Oakwood University’s endowment is to preserve the institution and to provide continuous improvement to support the people, programs, and activities of the university for generations to come. Over the years, growth of the endowment through investment return and charitable giving has enabled the university to provide scholarships to students, hire exceptional faculty and provide them with leadership training and professional growth, launch new programs and research efforts, and support a wide range of critical needs to ensure that students reap the benefits of a quality higher education.
Creating a scholarship at Oakwood University is one way you can assist students and leave a legacy in honor of yourself or a loved one. As the cost of living and college expenses continue to rise, scholarship assistance is increasingly becoming a vital element to students who are committed to completing their higher education. A named scholarship can be a meaningful and lasting way to honor family and friends.
Establishing an Endowed Scholarship
Endowed funds are established with a gift of at least $1500.00. However the funds are not activated until the corpus reaches $25,000.00. Until Such time, all earnings shall become part of the corpus and no earnings shall be distributed.
Distribution of the earnings of the corpus shall be per contractual agreement made with the donor at the time the fund is initiated, and an annual report of the activity of the fund will be presented to the donor. Once these funds are invested, scholarships are awarded from the interest income earned on the principle. An endowment last indefinitely, and the average award is based on market performance.
In the event the endowment fails to reach the $25,000 threshold (within a five-year period), the corpus will revert to a scholarship award for the students of Oakwood University.
If conditions should change in the future influencing the Universities compatibility with the fund, the trustees of the University are authorized to use the income for such purposes that will correspond to the original purpose as nearly as possible, and will serve to honor the memory or dedication of the donor.
Scholarship awards may be started with any amount and the funds are given away each year in accordance with the donor’s wishes. Unlike an endowed fund, the initial contribution is used over a period of time and repeated annual contributions replenish the fund each year.