Out for Education recently created a program for donors wishing to create a lasting legacy for Houston LGBT students. We launched our Endowed Scholarship Program for those looking to invest in the future of our community, and ensure the continued support of LGBT students.
Q: What is an endowed scholarship
A: An endowed scholarship is intended to last in perpetuity, providing a scholarship for every awards cycle.
Q: What is the minimum amount to create an endowment?
A: The minimum threshold for an endowed scholarship is $25,000. The goal is to give out 4% a year in scholarships (but could vary based on rate of return). For example, a $100,000 endowed scholarship will enable Out for Education to give out $4,000 in scholarships each year. The principal is kept in the endowment, allowing it to grow in the future.
Q: How many years do I have to fully fund the endowment?
A: The Endowed Scholarship can be funded over a period of 5 years. The year the endowment reaches $25,000, Out for Education will award a scholarship in honor of the donor from general funds. The year after this threshold is met, the first ENDOWED scholarship will be awarded.
Q: Can I specify certain recipients?
A: Donors can determine scholarship criteria (as long as it meets with board approval and Out for Education scholarship guidelines). For example, the endowed scholarship could be for University of Houston students only, or only engineering majors. We suggest keeping any requested restrictions broad in nature in order to impact the greatest number of students.
Q: Can I establish an endowment in my will or estate?
A: Absolutely. A new endowment can be created, or additional funds can be provided to an endowment you previously established.
Q: Where can I donate towards the John Danielson Endowed Scholarship Fund?
A: Members of the Houston LGBT community are working towards funding an endowed scholarship in John Danielson’s name. In order to contribute, please donate here.