Scholarships
Creating a scholarship fund is the best way to honor the past and invest in the future. You can establish your own scholarship fund or you may invest in one of Farmingdale’s many scholarship funds. Creating a legacy in your name or to honor a family member, colleague or friend is a wonderful way to support talented students at Farmingdale State College.
What is a scholarship endowment?
An endowment is held in perpetuity and invested by the Farmingdale College Foundation. The return on the investment provides a perpetual source of income for scholarships or programs that are designated by the donor.
How do I create a scholarship endowment?
An endowment may be created with an outright gift, a pledge over a few years, or with a gift from your estate or other charitable gift plan. Because of the perpetual nature of an endowment, a written gift agreement or provision in your will or trust is required to to ensure that the purpose of the fund is clear. If you want to create an endowment during your lifetime or you want to include a gift for an endowment in your estate plans, please contact the Office for Development and Alumni Engagement at 934-420-2142
Is there a minimum requirement to create a scholarship endowment?
A scholarship endowment can be established with a minimum gift of $30,000 and may be funded over a period of 3 years at $10,000 annually.
Who decides the purpose of the scholarship endowment?
As the donor, you decide the purpose for the fund you create. However, the purpose must support the mission of the College and be compatible with established laws and SUNY policies. Whether the purpose is for scholarships, professorships, programs, research, or some other purpose, the Foundation recommends fewer restrictions to allow for flexibility in the use of the endowment over time.
What is a term scholarship?
An term scholarship requires a minimum donation of $10,000 and a signed gift agreement. Unlike a permanent scholarship endowment which is invested by the Farmingdale College Foundation, a term scholarship is temporarily restricted and expended in its entirety over a course of one to three years.
For information about how to create a scholarship, please contact Jennie Fiocca, Director of Development at 934-420-5776 or fioccaj@farmingdale.edu