One of the most common ways that donors wish to contribute to Carey is by supporting or starting a scholarship. Student scholarships come in two basic forms, restricted and endowed funds.
Restricted scholarship funds require no minimum investment and are awarded directly to deserving students based on donor-advised criteria. These scholarships provide support to students in the exact amount donated in a given year and are not perpetual in nature. Donors to restricted scholarships must contribute each year in order to maintain a fund.
Endowed scholarship funds require a minimum corpus of $10,000 for establishment using two basic selection criteria OR $15,000 for more specific selection criteria. The corpus of each scholarship is invested with the Mississippi Baptist Foundation and awarded at an estimated 4.5% rate of return from the investment. For example, on average a corpus of $10,000 will produce a $450 scholarship each year. The benefit of endowed scholarships is that they are perpetual in nature and will deliver scholarships to student indefinitely.
*All university-based scholarships are housed by a selection committee that accepts student applications and determines eligibility of the awards.
For more information on restricted or endowed scholarships, contact us at 601.318.6542 or firstname.lastname@example.org.