An endowed scholarship is tuition assistance that is permanently paid for with the revenue of an endowment fund specifically set up for that purpose. An endowment scholarship is an opportunity to provide a gift of perpetuity in memory of a family member, friend or teacher or to tribute a living family member, friend or teacher. Endowments may also be established to commemorate a special occasion such as a milestone birthday, anniversary or retirement.
An endowed scholarship is established with a tax deductible gift of $25,000. The endowment may be pledged over an agreed period of time; however, it is not awarded until the endowment reaches $25,000.
The principal or an existing endowment may be increased at any time and the amount awarded will therefore be increased as a result.
As a result of this interest, we would like to respond to several of the questions frequently asked about endowment scholarship opportunities.
Q. What Amount Should Be Donated to Create An Endowment Scholarship?
A. Endowed scholarships are established with a tax deductible gift of $25,000. Your gift is vested in the Cardinal Mooney scholarship endowment and the proceeds are used annually for scholarships.
Q. Does the $25,000 Have To be Donated At One Time?
A. No. The endowment may be pledged over an agreed period of time. The scholarship is not awarded until the endowment reaches $25,000 level.
Q. Can You Increase The Principal Amount After An Endowed Named Scholarship Is Established?
A. Yes. The principal can be increased at any time and the amount awarded will be increased as a result.
Q. If I Fail To Fulfill My $25,000 Commitment, What Happens To My Donations?
A. If you are unable to fulfill your commitment your donations will be added to the permanent Cardinal Mooney scholarship endowment.
As the cost of operating Cardinal Mooney High School has risen, financial aid has become a major factor in enabling students to seek a Catholic high school education.
Today, our students receive some form of financial aid in the form of academic scholarships, grants, endowments, family scholarships that are awarded based on economic need. The source of these funds is the generosity of our alumni, parents and friends. Your contributions indicate your support and confidence in Cardinal Mooney’s ability to provide academic opportunities for students today and throughout the 21st century. Please feel free to call our Advancement Office at (330) 788-5007 for details.