ENDOWMENT UPDATES

The Michigan State University (MSU) Black Alumni Endowed Scholarship was formally established in January, 1985. The scholarship fund is a permanent restricted fund benefiting undergraduate and graduate students enrolled at Michigan State University. Prior to the formal establishment of the Endowed Scholarship Fund the 1980 Homecoming Committee of black alumni submitted $1000 to Michigan State University to begin the efforts of establishing the formal endowment scholarship fund. Almost 40 years later that gift of $1000 has grown into a significant commitment to financially support students and has a market value of more than $2 million. The endowment has 17 named donor endowments under the main MSU Black Alumni ( MSUBA ) endowment.

 

The MSU Black Alumni Inc. Endowed Scholarship fund is held in an interest- bearing trust administered by MSU. MSU may accept contributions to the fund from MSU Black Alumni Inc. and other individuals interested in supporting this endowment. MSU will hold as an endowment and invest all gifts contributed by a donor that are identified as being designated for this endowment. Amounts from the endowment that may be expended for scholarships shall be determined in accordance with the endowment spending policy of the MSU Board of Trustees and applicable law. Expendable amounts that remain unspent at the end of any fiscal year may, in MSU’s discretion either be held to be spent in subsequent years or to be returned to the principal endowment balance. Scholarships are awarded from the interest income of the principal balance of the endowed scholarship fund. The principal will not be utilized for award purposes. As an endowment the fund is subject to the university’s governing expenditure of the accrued interest as it is amended from time to time. A committee composed of a representative from the MSU Office of Financial Aid and MSU Black Alumni Inc. Board of Directors members will recommend scholarship recipients in accordance with the Office of Financial Aid practices and procedures for selection of scholarships in effect at the time of the selection. The administrating unit of the Office of Financial Aid determines the exact number and amounts of awards. Since the 2002-03 academic year MSUBA has provided more than $575,000 in scholarship awards to over 200 students. MSU Black Alumni Inc. in conjunction with the Office of Development/ University Scholarships encourage your support and contributions to this growing legacy.




 

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