Why are scholarships such a high priority right now?
Students have an urgent need right now because state funding for higher education is so low and because parents can provide less support because of the country’s recent financial difficulties. You can read many more details and statistics about costs, the ability of students to pay their own way, and the much higher debts students and their families must take out, at Why Scholarships Matter.
Where does the money for the match come from?
UIS’ Chancellor Susan J. Koch will be using one-time discretionary funds from each fiscal year of the match period to provide a 1:1 match for qualified scholarship gifts.
What if I give an endowed scholarship using a five-year pledge?
To qualify for the match program, UIS will need to receive all of the pledged money within five years of when you first make the pledge (even if the beginning of the pledge occurs in 2014, the last year of the Access Illinois scholarship initiative).
If I add to an existing Access Illinois scholarship (see the list here), will my gift be matched as well?
If you are the donor who created the matched fund, you may add a gift in any amount, and UIS will match your gift as specified. If you are not the donor who created the fund, your gift adding to the fund must be at least $2,500 in order to qualify for a match.
Will my corporate match count toward the minimum required amount ($2500 for current-use or $25,000 for endowed)?
Yes. Your gift and your company’s match together will need to add up to the minimum requirements above.
I already have an endowed scholarship gift account. May I rewrite the criteria so that it now qualifies for the match?
Yes, but you will need to add at least $2,500 or more to the fund and rewrite the criteria to meet the requirements above. The income from your scholarship would then be matched for ten years.
I would prefer to spread out my gift over several years. How long would I have to complete a pledge?
If you pledge to give a current-use scholarship for the next five years, your scholarship will be matched with a second scholarship each of the five years that you give (but each year’s pladge must be for at least $2500).
You may also take up to five years to complete an endowed scholarship pledge (for a total of at least $25,000). Once the endowed scholarship fund reaches at least $25,000, income from the endowment will be matched for the next ten years.
May a group go together to create a scholarship for the match?
Yes, if the scholarship meets the criteria above. Donors must indicate that they are part of the group and the name of the scholarship fund. Each donor will then receive a gift receipt and donor gift credit. The group will be invited to choose two people to attend the scholarship luncheon.