For an endowed scholarship to be fully funded, a minimum of $15,000 is required. With your signed endowment proposal, you may make payments within a five year period to reach the funded level.
The endowment must reach the minimum funding level within five (5) years of the date the agreement was signed.
MVNU will roll the contributions into the Christians Helping Others in Christian Education (CHOICE) endowed scholarship or another endowment that closely meets the established criteria.
Yes, the endowment can be named after your favorite professor, a relative or even yourself. It can be named to honor or memorialize someone special in your life.
Yes, but it must coincide with the mission of MVNU.
No. All scholarship awards are made by the Development Office. According to federal guidelines, any money named for a specific student is considered a payment to the student's account and is not tax deductible for the donor. You may, however, specify awarding criteria to assist a broad group of students, for example: male students, students from a certain state, county, or town, or students whose parents are MVNU alums.
Scholarship awards cannot be made until the endowment reaches the $15,000 level with enough interest growth to make the award.
No. The endowed scholarship fund needs an opportunity for investment growth so that when scholarship funds are awarded there is no invasion of the corpus.
Awarding of funds will discontinue until the market value exceeds the amount originally contributed to the endowment.
The Mount Vernon Nazarene University Foundation governs all funds and is responsible for ensuring the integrity of the program and the individual endowments. The MVNU Development office is responsible for managing the establishment of endowments and maintaining communications with the donors.
Gifts of cash, stock, annuities, and charitable remainder trusts may be used to establish an endowment. Real estate, life insurance, and personal property may also be given as long as they meet the requirements as described in the MVNU's Gift Acceptance Policy.
Complete the Endowment Agreement
800 Martinsburg Road
Mount Vernon, OH 43050
FAX to: 740-397-7609
You may also e-mail us at firstname.lastname@example.org or call us at 800-367-9294, option 2.
One of our development officers will contact you to discuss your preferences and options for establishing an endowment.