Many students look to Student Awards to support the costs of university and to contribute to their success as a student. Donor support is critical in establishing and maintaining these student awards.
Types of Awards
Endowed Awards are created from endowed or invested funds and the amount of the annual award is calculated as the interest earnings from the endowed principal. An inflationary factor is also considered and is reinvested in the endowment to maintain the invested value; this is done to offset 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. This funding level may be achieved with the receipt of a one-time gift or a pledge over several years – typically five years. The endowed minimum donation is $25,000.
Currently, our Endowed Awards are providing funds for the student award recipients at a rate of 4%. The spending decision takes into consideration all objectives of the endowment policy, along with investment fund performance, economic conditions, and other relevant factors.
Non-endowed Awards can also be established, in which case the donor pledges to provide a minimum annual expendable donation of $1,000 to be awarded for at least five consecutive years.
Terms of Reference
Development and Alumni Relations consults with the Student Accounts and Financial Aid or the Faculty of Graduate Studies, along the Department/Faculty concerned where required, to ensure the donor’s requested terms can be satisfied before the terms of reference are confirmed.
Scholarships recognize academic excellence and are awarded on the basis of terms of reference reflecting the donor’s interests and academic priorities. A scholarship is recognized on a student’s academic record.
Bursaries are awarded based on demonstrated financial need and are not recognized on a student’s academic record.
Book Prizes/Awards can be created to recognize academic excellence and a high degree of leadership, commitment, support and participation in specific programs, departments or the University as a whole.
Donors can also give to existing awards that are aligned with their interests.