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.
Once a donor creates a scholarship 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 scholarship principal appreciates and dividends accrue, the endowed scholarship fund builds. When the fund reaches the threshold level, a portion is used to provide scholarship support for a Wofford student.
An endowed scholarship is 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?
Certainly. Remember, however, that establishing a named endowed scholarship means setting a standard that will last for centuries. With that in mind, scholarship 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 Scholarship Selection Committee of the type of student that should be considered first, then allows some flexibility in the rare event that an exactly recipient cannot be found.
The Scholarship Selection 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.
Yes. Donors often honor a loved one or link their own name permanently with Wofford through a named endowed scholarship.
Yes. Each year the donor or the person appointed by the donor is informed of the recipient's name. The college encourages acquaintance between scholarship donors and recipients, and offers opportunities each year for students and donors to meet and talk.
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 sky is the limit on the upper end: the greater the fund size, the greater the benefit to deserving students. Recently Wofford has awarded 4.5% of the market value of each endowed fund and each fund has grown by a similar percentage annually.
Call the Office of Development 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 scholarship fund agreement.