How to Establish an Award
The Office of Development and Donor Relations will co-ordinate the creation of student awards with the donor(s) in consultation with the Student Awards and Financial Aid office and any applicable department or faculty to ensure that the awards are established with the University’s guidelines and that the terms of reference articulate the wishes of the donor and the needs of the University.
The donor can contact the Office of Development and Donor Relations initially to discuss the nature of their award interests. There are several types of awards and funding options that are described herein. The donor will also need to consider the terms that will guide the selection of award recipients. A template is available to help the donor in the development of the terms of reference for the award. Please Note: Section 1 of the Ontario Human Rights Code provides that every person has a right to equal treatment with respect to services, goods and facilities, without discrimination because of citizenship, race, place of origin, ethnic origin, colour, ancestry, disability, age, creed, sex/pregnancy, family status, marital status, sexual orientation, gender identity, gender expression, receipt of public assistance (in housing) and record of offences (in employment). Awards developed at Brock University must adhere to the Code. For more information, please see the Ontario Human Rights Commission Policy on scholarships and awards.
Once terms are developed, they are confirmed by the Director, Office of Development and Donor Relations; the Director, Student Awards and Financial Aid; the Vice-President, Academic and; as appropriate, a Dean or Departmental Chair to ensure that the needs and objectives of all concerned are met and, in particular, that the award can be made on a consistent basis. Terms are then returned to the donor for final approval.
An award can have one recipient, regardless of the value of the award, or provide for as many students as the fund allows. Terms may propose criteria based on academic merit, on financial need and academic merit, or on other measures of participation, effort, leadership and support in programs, departments, faculties or the University as a whole. The Scholarships and Awards staff will work with the donor to develop these terms of reference.
Funds provided for an award are normally endowed. Endowed funds are invested and the amount of the annual award is calculated as the interest earnings from the endowed principal less an inflationary factor that is reinvested in the endowment to maintain the invested value (offset for inflation).
To ensure that an award involves a reasonable award value consistent with the type of award, the University has established minimum levels for endowed, named awards. These funding levels may be achieved with the receipt of a one-time gift or a pledge over several years, or through a planned gift. Please refer to the Brock University Donation Policy for more information.
Awards can also be established as non-endowed, in which case the donor pledges to provide a minimum annual donation to be awarded for at least five consecutive years, subject again to terms established with the Office of Development and Donor Relations.
Named Scholarships may be negotiated with a minimum financial endowment of $25,000, which would provide an annual award of approximately $750 at 3% annual interest*. Scholarships are awarded primarily on the basis of high academic merit and achievement (academic merit is interpreted as a minimum average of 75% as established by the Senate). Non-endowed Minimum annual commitment of at least 5 years will be consistent with the spending allocation as determined by the Board of Trustees. See an example of a named scholarship.
Named Bursaries are established with a minimum endowment of $25,000, which would provide an annual award of approximately $750 at 3% annual interest*. Bursaries are designed to assist academically qualified students who require financial assistance. Non-endowed Minimum annual commitment of at least 5 years will be consistent with the spending allocation as determined by the Board of Trustees. See an example of a named bursary
Named Awards are established with a minimum endowment of $5,000, which would provide an annual award of approximately $150 at 3% annual interest*. Awards are designed to provide for a variety of student achievements and needs in forms other than scholarships, bursaries and book prizes. This could include extraordinary involvement and success in University programs or other extracurricular University activities, research and professional development. Non-endowed Minimum annual commitment of at least 5 years will be consistent with the spending allocation as determined by the Board of Trustees. See an example of a named award.
A named Book Prize can be established with a minimum endowment of $5,000, which would provide an annual prize of approximately $150 at 3% annual interest. Book prizes are awarded for academic excellence and a high degree of leadership, commitment, support and participation in an academic program. Non-endowed Minimum annual commitment of at least 5 years will be consistent with the spending allocation as determined by the Board of Trustees. See an example of a named book prize.
In addition to the award naming opportunity, the University will recognize the donor at the time a gift or pledge is made. Charitable receipts are issued for the fair market value of the gift in accordance with Canada Revenue Agency guidelines. Donors are assigned to a recognition level based on the total value of the pledged gift in the year the pledge is made. Further information about the University’s donor recognition program is available in our brochure, A Lasting Legacy, available through the Office Development and Donor Relations.
Please contact Roseann Conte at ext. 4009 to discuss the nature of your award interests.
* The annual amount available for awards may fluctuate. Please see the following policies: