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Scholarships Enrich Student's Lives
Scholarships help financially but they also spark gratitude and pride in knowing that someone was willing to invest in their future. Through the power of education scholarships are a gift that will benefit a student for the rest of his or her life.
Scholarships are the number one priority for Black Hills State University and the BHSU Foundation. Scholarships enable professors in the various academic disciplines and admissions staff to recruit a wide range of students. Donors may choose to support students based on need, on high academic standing and/or on specific areas of study. Unrestricted scholarship gifts allow the university to select the recipients in areas of high priority.
At Black Hills State the estimated annual cost to attend is $17,351: $9,009 for tuition and fees, $1,200 for books and supplies, $3,608 for room and $3,534 for the meal plan. For many students covering these costs is quite a challenge.
A gift of $25,000 or more will endow a scholarship in perpetuity. The BHSU Foundation invests the gift (the endowment principal) and the income is paid out annually for a scholarship or scholarships. Endowments can be established with a cash gift or through an estate gift. You may wish to give your own name to the endowment: John and Jane Doe Scholarship. Some donors choose to memorialize a loved one or honor a favorite professor with their endowment name. You can Give Now or talk to the Foundation staff about your wishes.
Annual Gift Scholarships
If you give an annual gift to BHSU you can designate it to be used for scholarships and it will be pooled with other gifts to provide important support for students. Some donors choose to sign a pledge to provide an annual gift for a certain number years, for example five years, which is substantial enough to fund a scholarship, for example $500 or $1,000. For the duration of their pledge the scholarship can carry the donor’s name.
Estate Gifts for Scholarships
Many donors choose to designate a gift to Black Hills State University as part of their estate planning that will focus on scholarships. This might be in the form of an endowment. The BHSU Foundation staff can provide information that will help you achieve this goal. A document of agreement that spells out your wishes insures that your estate gift will be honored in the way that you envision.
Creating an Endowment
The gift of an endowment creates an investment in the future of Black Hills State University. The principal of the endowment is invested in perpetuity and a portion of the annual earnings is spent according to the donor’s wishes. The rest of the earnings are added to the principal so that the endowment will grow and endure through the years to come.
The minimum cash gift to create an endowment is $25,000. Many donors continue with annual gifts to grow their endowment over the years. Another way to create an endowment is through a bequest in a will.
You may wish to leave the use of the endowment income unrestricted or you may wish to designate the use to a special purpose such as scholarships, lectureships, specific programs, etc. The BHSU Foundation staff will work with you to write a fund agreement that will spell out your intentions for use of the endowment income.
The endowment is your living legacy. You may wish to put your name on the endowment or you may wish to honor another person by naming the endowment for them.
The principal of endowed funds is never spent. The Foundation invests the pooled principal from numerous endowments to produce earnings to support students, faculty and programs in accordance with the various donor’s wishes. The Foundations financial activities are audited annually.
For a minimum gift of $500,000 an endowment to support a named Professorship can be established. It is a great honor for a faculty member to hold a named Professorship. Endowment income will be available to the professor to support a variety of professional activities such as travel to professional conferences, research activities, teaching resources, student assistants, etc. A portion of the income from the endowment may be used to recruit or retain outstanding faculty members by supplementing their salary.
For a minimum gift of $1,000,000 an endowment to support a named Chair can be established to honor and retain one of the most gifted and distinguished professors among the BHSU faculty or to recruit an outstanding faculty member to an area of special strength at the university. Income from the endowment will be available to the recipient for a variety of scholarly activities to enhance their capacity to excel. A portion of the income may be used to supplement the recipient’s salary.
Planning and Estate Gifts
When we think about Black Hills State University we think about young people arming themselves with knowledge that will guide them through a lifetime. We think about the impact that a university education has had on our own lives. We think about our legacy.
An excellent way to include support for future students at Black Hills State University in your legacy is through a bequest in your will or a planned gift during your lifetime. You need not have great wealth to have great impact.
Building a Legacy for the Future
The BHSU Foundation staff can provide general information about a variety of options for planned and estate gifts that may be helpful to you as you work with financial advisors or attorneys. Estate planning need not be daunting. It is critical for ensuring that your wishes for your family and for your philanthropic goals are achieved.
You can support Black Hills State University through a bequest in your will or through a life insurance or individual retirement account beneficiary designation. Many donors work with the BHSU Foundation to create a governing fund agreement to spell out the intended purpose of their bequest and to designate a name for the fund.
Planned gifts that are implemented during a donor’s lifetime include gifts that pay you income and may offer tax advantages. Examples include gift annuities and charitable remainder trusts. You can learn more about these options by talking with Steve Meeker or Shauna Junek at the Foundation (605) 642-6385.
For BHSU donors who wish to work out a detailed plan to present to their financial and legal advisors for finalizing, the Foundation offers complimentary appointments with estate-planning attorney John Griffin. John will custom design an estate plan that meets the giving needs of you and your family. To set up an appointment call the Foundation at (605) 642-6385.
If you choose to include Black Hills State University in your will without consulting with Foundation staff the following wording is suggested: I leave (% of my estate or $ amount or the residue of my estate) to the Black Hills State University Foundation, a not-for-profit corporation (Tax ID 23-7428348) located in the State of South Dakota, to support Black Hills State University (may add intent of your gift).
Estate Planning Attorney
John is a specialist in estate planning and offers his services through the BHSU Foundation. He will custom design an estate plan that meets the giving needs of BHSU donors and their families. Donors can take the plan to their personal attorney for finalizing.
To set up an appointment call the Foundation at (605) 642-6385.