An endowment is an investment in the future of the Union College. Your gift is invested to provide support for a specific purpose you choose, such as a scholarship or award, or the College’s general fund. The investment ensures the principal amount of your gift grows. Your original principal is never spent, only the return on investment (interest) up to a defined percentage. Any remaining interest income is put back into the fund so it continues to grow.
Each year, endowed scholarships provide assistance to hundreds of students. These scholarships aid in recruitment and retention of students by supporting those who demonstrate academic promise, interest in a certain field of study, and/or financial need.
Over the years, donors have chosen to honor family members, faculty, or other individuals through endowed scholarships. In some cases, members of a particular class or group have pooled gifts to create a special scholarship. The minimum required to establish an endowed scholarship is $10,000.
Endowed awardsprovide funds for recognizing students with superior academic performance in particular fields of study or areas of interest, talent or leadership. The minimum level to endow a named award is $5000.
Another example of an endowed award is a Book Fund endowment to assist students with the purchase of needed textbooks.
For more information or to learn about other institutional priorities in need of funding, contact the Advancement Office at 606.546.1619 or via e-mail at firstname.lastname@example.org.