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RFU is leveling the playing field by ensuring access to healthcare education. Our commitment to student scholarships increases the diversity of our student body and of eventual professional cohorts. We’re meeting population health head on by counteracting health inequities across communities and we are fulfilling the occupational demand of urgent healthcare needs. By establishing a scholarship, you become partners with RFU in this mission.
Establishing Named and Endowed Scholarships
There are two types of named scholarships at RFU: Temporarily Restricted Scholarships and Named Endowed Scholarships.
Named, Temporarily Restricted Scholarships
- Scholarships of this type are temporarily funded scholarships that remain active as long as minimum funding exists. Scholarships of this type can bear honorary or memorial names and typically support merit or need within the university or one of its schools or programs. Scholarships of this type are established with a gift or signed pledge agreement (of no more than five years). Once established the fund remains active until its resources are exhausted.
- The minimum amount to establish a named, temporarily restricted scholarship is $25,000 and must include a signed scholarship agreement.
- Example: A donor contributes $100,000 to establish the A. Donor Honorary Scholarship to support one yearly $20,000 scholarship to be given in support of an RFU student who has financial need. In this example, this scholarship will be awarded and recognized for five years. At the end of the five years the scholarship fund will be exhausted and will be retired unless it is replenished by the donor or other donors.
Named, Endowed Scholarships
- Scholarships of this type are funded by the establishment of a perpetual, restricted scholarship fund. This fund can be created by a donor or multiple donors with a gift or signed pledge agreement (of no more than five years). Scholarships of this type can bear honorary or memorial names and typically support merit or need within the university or one of its schools or programs. Scholarship proceeds are determined by the university in accordance with state law and its endowment policy. Annual endowment proceeds fund a single or multiple scholarships as established through a signed endowed scholarship agreement. These funds are restricted and are awarded perpetually as governed by university policy and state law.
- The minimum amount to establish a named, endowed scholarship is $50,000 and must include a signed endowed scholarship agreement.
- Example: A donor contributes $500,000 to establish the A. Donor Honorary Endowed Scholarship to support yearly scholarships to be given to RFU students who have financial need. In this example, this scholarship is fully established once the entire donation is received. One year after the full amount is received, the scholarship will begin to generate proceeds. Proceeds are provided annually and are based on a rate established through the university’s endowment policy. For illustration purposes, let’s assume a rate set to 5% and an agreement that states the number of scholarships can be determined by the university. With these assumptions, we will have$25,000 on an annual basis, generated perpetually, to be distributed to RFU students with financial need.
If you have any questions or care to establish a named temporarily restricted scholarship or a named endowed scholarship, please contact George Rattin at 847-578-8345 or via email at email@example.com