Martin Luther College Endowed Scholarships
At Martin Luther College (MLC), student scholarships play a large role in advancing the cause of Christian education. The college invites supporters to establish endowed scholarships to provide financial assistance to current and future students of MLC. A scholarship is easy to establish and will help provide an education for young men and women for generations to come. As written in Psalm 78:4,� We will tell the next generation the praiseworthy deeds of the Lord.� To establish an endowed scholarship at MLC, complete the sample scholarship form included. Provide a name for the scholarship, and indicate the manner in which it is to be funded. The distributions of the scholarship endowment will go to an eligible student, as identified by the Director of Financial Aid, who meets the criteria as established by the donor. MLC will provide a named scholarship(s), unless the donor requests anonymity. At that time, the scholarship will also be included in the college publications. The scholarship may be named according to the donors wishes, such as in the name of the donor, in honor of a particular individual, or in the name of a business. Each person or group who establishes a scholarship is asked to identify an individual who is to receive reports related to the scholarship, including letters from recipients and annual financial updates.
Purposes of Scholarships By making college more affordable, scholarships encourage young men and women, allowing them to focus on a Christian education at MLC followed by a lifetime of service in the ministry of their choice. In general, such scholarships are not competitive. Competitive scholarships are required to follow a different set of guidelines. Donors may tailor scholarships so they will be awarded first to certain segments of students such as music majors, individuals above a certain GPA, etc. However, such specifications should remain broad enough so that grants in aid can be awarded annually.
Grant-in-Aid Payments Endowed Scholarship funds grow over time through investment and additional contributions. MLC will invest the funds in a separate account established specifically for this endowment.
______________________________________________________________ NAME OF THE SCHOLARSHIP
I. Establishment In thanks to our Lord, and in accordance with the wishes expressed by _______________________________ (NAME) in connection with (his, her, their) gift to Martin Luther College (MLC), MLC herewith agrees to establish the _____________________________________________(NAME OF THE SCHOLARSHIP).
II. Purpose The primary purpose of the Scholarship is to provide encouragement to young men and women who desire a Christian education. It is the specific intent of the donor that the _____________________________________________(NAME OF THE SCHOLARSHIP) be awarded to students who (select one or both): Are in need of financial assistance. Have exhibited scholastic merit. In addition, it is the desire of the donor that preference be given to students who are pursuing the following field of study or activity (select one): All fields of study (no preference) Staff Ministry Pastoral Ministry Music Teaching Ministry Other (specify): _______________ NOTE: MLC participates in NCAA division III athletics. According to NCAA rules, Division III schools may not award scholarships based on athletic participation or merit.
III. Funding Funding for the Scholarship is provided by gifts from _____________________________________________ (NAME OF INDIVIDUAL OR ORGANIZATION) with initial gifts totaling $_______________ beginning on _______________ (DATE). Additional gifts may be contributed to the fund at any time.
IV. Investment and Use of Income Contributions to the Scholarship will be recorded in the financial records of MLC and will be invested according to the MLC Investment of Endowments policy. Distributions will be made according to the MLC Distribution of Endowments policy, which aims to maintain the value of the initial contribution while providing regular scholarship distributions.
V. Administration This fund will continue to serve so long as the designated funds are available, the purpose is not unlawful, impracticable, impossible to achieve, or wasteful, as determined by the Martin Luther College Governing Board in its sole discretion. In such event, distributions from the fund will be used for the purposes consistent with those herein stated, as determined by the Martin Luther College Governing Board in its sole discretion.
VI. Selection of Scholarship Recipients As cited in the section of "Purpose," the primary intent of the Scholarship is to encourage students who have either financial need or scholastic merit to attend Martin Luther College. The donor recognizes the importance of administrative control and expects that the Director of Financial Aid will initiate the scholarship selection process. Scholarships awarded shall be in accordance with established College policies.
VII. Acknowledgment Scholarship Funds are recognized by Martin Luther College in various publications and programs across campus unless the donor has indicated the desire to remain anonymous.
______________________________________________________________ NAME OF THE SCHOLARSHIP
Established by
_________________________________________
Date
Accepted on behalf of Martin Luther College
_________________________________________
Date
______________________________________________________________ NAME OF THE SCHOLARSHIP
FOR THE RECORDS OF MARTIN LUTHER COLLEGE 1. This scholarship is established by the following business(es) or person(s): Name Address City, State, Zip Telephone
Name Address City, State, Zip Telephone
Name Address City, State, Zip Telephone
2. Reports and all correspondence regarding the scholarship are to be addressed to: [ ] Check if same as above Name Address City, State, Zip Telephone
Name Address City, State, Zip Telephone
Name Address City, State, Zip Telephone