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Creating a Scholarship Fund
The
Dickinson State University Foundation provides various options to
assist the students at Dickinson State University through the establishment
of a scholarship fund. The following are the usual options that donors
use to establish their scholarship fund.
-
Endowed Scholarship Fund
An endowed scholarship requires a minimum principal balance of $5,000 to establish this fund. The initial balance would generate income to be used to fund the scholarship on a yearly basis with 5% being allocated for scholarship funding (For example, a $10,000 endowment will generate a $500 scholarship per year.) Remember that the principal balance will not be touched to fund the scholarship as it is protected for perpetuity. -
Annual Scholarship Fund
An annual scholarship can be established through an annual commitment (for example: $500 per year), or can be funded by a large amount up-front for the Foundation to award over a period of time (for example: a $2,500 gift provides a $500 scholarship per year for 5 years.) -
Annual Fund leading to an Endowed Fund
This option allows you to award annual scholarships while building
your fund to the minimum endowed principal of at least $5,000.
The Dickinson State University Foundation will work together with the donor to determine specific scholarship selection criteria that are agreed upon by both parties.
| $1 - $249 $250-$499 $500-$999 $1,000-$2,499 $2,500-$4,999 $5,000-$9,999 $10,000-$24,999 $25,000-$49,999 $50,000-$99,999 $100,000 + |
Bronze Club Silver Club Gold Club Presidents Club University Club Builders Club Founders Club Benefactors Club Cornerstone Club Diamond Club |
$5,000-$9,999
|
1918 Society (Named in honor of the first year classes were held at Dickinson State.) |
| $10,000-$24,999 | Stickney Society (Named in honor of the first building constructed on the Dickinson State campus.) |
| $25,000-$49,999 | Klinefelter Society (Named in honor of the first registrar and business manager, Maude Klinefelter.) |
$50,000-$99,999
|
Wienbergen Society (Named in honor of longtime coach and athletic director, Harry Wienbergen.) |
| $100,000-$249,999 | Scott Society (Named in honor of the longest serving president of Dickinson State, Charles E. (Edgar) Scott.) |
| $250,000-$499,999 | May Society (Named in honor of the first president of Dickinson State, Samuel T. May.) |
$500,000-$999,999
|
Travers Society (Named in honor of the first donor to reach this level, Alyce B. Travers.) |
$1,000,000 +
|
To be named in honor of the first donor to attain this level. |
Giving to the Dickinson State University Foundation can be done in a variety of ways. Donations can go to support the Foundation’s annual fund, a new or established academic or athletic scholarship, cultural and artistic events on our campus, or towards a specific department or fund. Unrestricted gifts allow the Foundation the greatest flexibility as those dollars go toward the established funding priorities, which support the areas where funding is needed the most. The Foundation accepts the following types of gifts in compliance with its established Gift Acceptance Recommendations.
-
Cash, Check or Credit Card gifts
-
Stock or Securities Transfer
-
Real Estate or Mineral Deeds
-
Tangible Personal Property
-
Bargain Sales
-
Pledges of support for up to 10 years
All donors will be in listed in the Dickinson State University Foundation’s annual report. Annual Giving Club members, Cumulative Giving Society members and Legacy Society members will receive the special recognition or benefits accorded to each club or society.
For more information about giving to the Dickinson State University Foundation, please contact us at (701) 483-2004. Your may wish to consult with you tax advisor to review the tax advantages of giving to Dickinson State University.
The Dickinson State University Foundation also accepts deferred
type giving. The Foundation provides professionals to assist you
in planning your gift. Recognizing the highly private nature of such
planning, all inquiries and communications are held in strictest
confidence. Types of deferred giving accepted by the Foundation include:
- Bequests
- Life Insurance
-
Life Income
- Unitrusts and Annuity Trusts
- Gift Annuities
- Personal Residence with Retained Life Estate
- Bequest - When a donor decides to leave assets to the Dickinson State University Foundation in their will, they are making a bequest. The donor's estate will receive a charitable estate tax deduction at their death, when the gift is made to the Foundation.
- Gift Annuity - A gift annuity is a contract between the Dickinson State University Foundation and a donor. In return for a donation of cash or other assets, the Foundation agrees to pay a fixed payment for life or a specified time period to the donor. The donor also can claim a charitable tax deduction. Income from a gift annuity can be deferred for a period of years. Deferred gift annuities are often set up by younger donors to supplement retirement income.
- Charitable Remainder Trust - This trust makes payments, either a fixed amount (annuity trust) or a percentage of trust principal (unitrust), to whomever the donor chooses to receive income. The donor may claim a charitable income tax deduction and may not have to pay any capital gains tax if the gift is of appreciated property. At the end of the trust term, the Foundation receives whatever amount is left in the trust.
- Retained Life Estate - A donor may make a gift of his personal residence or farm to the Dickinson State University Foundation and retain the right to live there for the remainder of his or her life. The donor receives an immediate income tax deduction for the gift. At the donor's death, the Foundation can use or sell the property.
For more information about these and other types of planned gifts, please call the Office of Development and Alumni Relations at (701) 483-2004 or visit with your financial consultant or attorney.
This society is established to recognize those who have included the University in their wills, or as a beneficiary of an insurance policy or trust. A revocable gift of a remainder interest or other contingent gifts will also qualify the donor for membership in the Legacy Society.
All donors will be in the Annual Report that is published by Dickinson State University and its Foundation. Annual Giving Club members, Cumulative Giving Society members and Legacy Society members will receive the special recognition or benefits accorded to each club or society.
