More than 85% of the Wofford student body receives some type of financial support (including loans, scholarships, grants, and work study); 51% receive need-based financial aid. The majority of Wofford students would be unable to attend Wofford without aid.
In addition, gifted faculty members are at the heart of an outstanding liberal arts college, and Wofford professors are stellar examples of extraordinary teachers. For over 150 years Wofford has received accolades as an exceptional teaching and learning institution. Wofford expects to remain in the top quartile of undergraduate liberal arts colleges in the nation, but the college must have the resources to attract and retain outstanding faculty by offering competitive financial and academic incentives. Endowed professorships and chairs can help us achieve this goal.
Once a donor creates a scholarship, professorship, or chair by making a gift to Wofford, that gift is invested with the college's endowment. Most gifts come in the form of cash, which is immediately deposited in the endowment fund, or securities, which are sold so that the proceeds may be invested in the college's endowment. As the original principal appreciates and dividends accrue, the endowed fund builds. When the fund reaches the threshold level, a portion is used to provide support for a Wofford student, professor, or department chair.
Yes, these endowed funds are as permanent as Wofford College itself. Since its founding in 1854, Wofford has been a pillar of academic and fiscal integrity. With solid, permanent support from its friends and alumni, Wofford will continue to be one of the top-tier private colleges in the country.
May I restrict a scholarship or professorship?
Certainly. Remember, however, that establishing a named scholarship or professorship means setting a standard that will last for centuries. With that in mind, donors wisely write some flexibility into the scholarship fund agreement to enable maximum long-term impact. Using a phrase such as, "Preference is given to...," both informs the Selection Committee of the type of recipient that should be considered first, then allows some flexibility in the rare event that an exactly recipient cannot be found.
The Scholarship Selection Committee chooses endowed scholarship recipients. This committee, appointed by the president of Wofford College, reviews scholarships and recipients and allocates endowed scholarships according to the wishes expressed in the scholarship fund agreement signed by the donor. Review by this committee ensures the accurate and equitable distribution of all endowed scholarship funds.
The president of the college and the dean of the college work together to select department chairs. Professors are selected by the president of the college and the dean of the college along with the department chair.
Yes. Donors often honor a loved one or link their own name permanently with Wofford through a named endowed scholarship, professorship, or chair.
Yes. Each year the donor or the person appointed by the donor is informed of the recipient's name. The college encourages acquaintance between donors and recipients, and offers opportunities each year for recipients and donors to meet.
The college offers two opportunities to establish an endowed scholarship:
1. A minimum of $50,000, payable over five years, establishes a named permanently endowed scholarship.
2. A commitment of $25,000, payable over five years, coupled with a documented estate/insurance plan for an additional $100,000 establishes a named, permanently endowed scholarship. This option offers the donor the opportunity to establish the scholarship with a lower initial gift when it is combined with a generous planned gift.
The college offers the following opportunity to establish an endowed faculty position:
1. Endowed Professorships
Gift level: $1,000,000
2. Endowed Chair
Gift level: $1,500,000
The sky is the limit on the upper end: the greater the fund size, the greater the benefit. Recently Wofford has awarded 4.5% of the market value of each endowed fund and each fund has grown by a similar percentage annually.
What is my next step?
Call the Office of Advancement at Wofford college at 864-597-4200 and ask to speak to a gift officer. Our staff will help develop a pledge or gift agreement and then draft a fund agreement.