Endowed scholarship funds are designed to be permanent and perpetual and can be created with gifts totaling a minimum amount of $25,000, with an initial commitment that is added to over time until the endowment level of $25,000 is attained. The principle of the fund is invested to produce income, and an annual award is made to a student/s. The principle remains untouched, so the endowment can last into perpetuity.
As a scholarship donor, you choose the name of the scholarship as well as the criteria. The Office of Institutional Advancement staff is available to help you create the criteria for your scholarship. Endowed scholarships at Bacone College are awarded to deserving students based upon area of interest, geographical origin, leadership potential, merit, financial need, academic achievement and/or other criteria.
Typically, a selection committee carefully reviews the scholarship applications submitted by students and selects the most deserving recipient(s) based on the donor-established criteria. Additional option includes donor participation in selecting the student(s).
Major contributors of a scholarship fund will be notified annually when the scholarship recipient(s) has been selected and are informed of the name and hometown of the recipient, as well as the amount of the award. Recipients may write a thank you note to the donor, and in some cases, the recipient and donor are able to meet.
An outright gift in the form of cash or appreciated securities will allow you to receive immediate tax benefits in the year you make the gift to Bacone College. You can also provide for your scholarship in your estate plans. Estate gifts or planned gifts are an easy way to establish a scholarship without affecting your current income or assets.
Creating a named scholarship at Bacone College Muskogee, Oklahoma is one way you can assist students and leave a legacy to the institution. It is a very meaningful way to honor and memorialize family and friends.