Q: What decisions does a donor need to make to create a scholarship?
To make a gift to create a named annually funded scholarship, we will ask a few questions by phone, email, or during an in-person meeting with the Director of Development or Associate Director of Development.
The questions will include:
- The name of the scholarship – i.e. the “John Smith Scholarship” or “Abington Finance Scholarship.”
- We will ask for the source of the funds you plan to use to make your gift/pay your annual pledge to Abington, and this will be documented in the written Guideline Agreement (see next section). For example, you may give via check or credit card or transfer securities to Penn State. These options and more are discussed on Penn State’s central giving page, raise.psu.edu/make-my-gift
- For information on making a gift via an IRA Charitable Rollover, designating a grant from your Donor Advised Fund, and more, visit pennstate.planmygift.org
- If you are making an annual pledge, you may designate what month would you like to receive your pledge reminder.
Q: Is there a written agreement for how my gift will be used:
Yes! To memorialize how a donor wishes their gift to be used, and for our records, Penn State creates drafts in these documents you have stated your intention to make a specific gift.
- Guideline agreement: A formal, written guideline agreement of about two to three pages is drafted by the Office of Gift Planning for every new annually funded or endowed scholarship, award, or program fund. Donors are always given the opportunity to review the draft before being asked to it sign electronically via Adobe e-sign.
- Publicity consent form: Each donor is asked to sign this document to inform Penn State as to whether they are open to any publicity about their gift in a Penn State news article. These articles may be posted to the Abington website, Philadelphia Regional News email, Penn State Today, and the monthly Penn State Philanthropy news.
- Pledge form: If a gift commitment will be paid in two to five years of annual installments, we will create a simple pledge form and request your signature when you sign the guideline and publicity consent documents.