May 12, 2004
University of Minnesota announces drive
to increase scholarship support
What: Historic U of M scholarship drive
When: Friday, May 14
Where: Board of Regents meeting, 600 McNamara Alumni Center,
200 Oak St. SE
Who: Robert Bruininks, president
Wayne Sigler, director of Admission
Contact: Amy Phenix, University News Service, (612) 625-8510
MINNEAPOLIS/ST. PAUL--University of Minnesota President Robert
Bruininks has announced the largest effort in university history
to raise scholarship support for students. The multiyear drive
will increase by 50 percent the number of students receiving
scholarships and it includes a matching program to encourage
more donors to give to scholarships.
“I want to make sure that all students with the desire
and ability to succeed at the University of Minnesota have
the opportunity to do so,” said Bruininks, who has made
scholarships one of the U’s top fund-raising priorities.
Bruininks will make a formal announcement of the drive at
the board of regents meeting, 9 a.m.-noon, Friday, May 14,
at the McNamara Alumni Center.
The University of Minnesota Scholarship Drive seeks to increase
by 2,250 the number of students who are helped through privately
funded scholarships. The goal is to raise $150 million, making
it the largest scholarship fundraising effort ever undertaken
by the university. Currently, 4,500 students receive scholarships
funded through private gifts to the university.
Minnesota trails other Big Ten institutions and private colleges
in the number and size of scholarships it can offer to entering
freshmen. The University of Minnesota offers merit scholarships
to only 14 percent of new freshmen, placing it last among
the Big Ten.
“We’re losing some of our top students to other
states,” said Wayne Sigler, director of admissions.
“But there are other reasons for increasing scholarship
support. It allows students to focus on their studies and
to graduate on time.” A recent university report shows
that students with scholarships graduate in four or five years
at rates 15 to 35 percent higher than other students.
In-state tuition and fees are projected to be about $7,500
in the fall of 2004; that figure represents a 52-percent increase
over the past four years, due to significant reductions in
state funding for the university.
A new matching fund, the President's Scholarship Match, has
also been created to encourage donors to make endowed scholarship
gifts. Through this program, the income from new endowed scholarships
will be matched by funds from the university, doubling the
impact of donors’ gifts. When donors create endowed
scholarship funds, about 5 percent of the market value is
paid out to students as scholarship awards. Under the matching
program, the benefit to students will be doubled.
“By creating this matching program, our goal is to increase
endowed scholarships,” said Bruininks. “Endowed
funds are important because they provide a continuous and
growing source of revenue far into the future. With more than
half of our students staying in Minnesota after they graduate,
the university is a critical source of talent for the state.
For the good of Minnesota, we need to make sure that we can
continue to attract and keep our talented and motivated students
here.”
The President’s Scholarship Match is open to donors
making endowment gifts of at least $25,000. Gifts may be designated
for a specific college or campus. Employer matching funds
may be used to reach the $25,000 level, which is the minimum
for creating an endowment gift at the University, making it
possible for donors to stretch their philanthropic dollars
even farther. Gifts may be made by individuals or groups of
individuals, and may be paid over five years.
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