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Scholarships at Morris Brown College
Endowed Scholarships are permanent and are named at the donor’s discretion. The donor provides the principal for the fund. Each year the amount of the award is determined by the interest earned from the total investment. Morris Brown College will award the yield annually to the scholarship recipient (s).
The minimum amount needed to endow a scholarship is $25,000.
Endowed scholarships may, of course, be set up with the entire cash amount payment. Alternatively, a donor may set up a pledge payment plan, which extends the payments over a period of up to five years.
Scholarships are awarded once the endowment reaches the intended amount.
Sponsored Scholarships are non-endowed but may be named at the donor’s request. The donor makes regular payments to the College, and the funds are available in the same fiscal year for scholarships.
A minimum commitment of $1,500 per year, for five years is required.
General Scholarship support is an option for a donor(s) who cannot commit at the level required for an endowed or sponsored scholarship. Donors may contribute either to the general scholarship endowment or current year scholarship support.
Criteria for Setting up a Scholarship
For the endowed and sponsored scholarships, Morris Brown College’s Institutional Advancement staff will work with the donor to set up guidelines for selection of the students who will receive the scholarship. It is recommended that multiple, or narrow restrictions are not placed on scholarships. Such restrictions may result in the scholarship not being awarded in certain years, when there are no students that fit the criteria. For example, using the phrase “preference will be given to…” helps ensure that the wishes of the donor are followed and that the scholarship will be awarded every year.
In order to establish a scholarship fund, it is imperative that you complete a
Memorandum of Understanding for the College to appropriately designate your contribution. You are also required to establish the criteria in which the student awarded the scholarship must meet.
Selection of Scholarship Recipient
Morris Brown College’s Scholarship Committee selects the recipient (s) of the scholarships. Students must apply for the scholarship through the College’s Scholarship Office and meet all criteria by the posted deadline for consideration.
Under no circumstances can a donor choose the scholarship recipient without losing the tax-deductibility of the gift.
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