Create a New Scholarship for Students
Memorial’s ability to offer financial aid to students
within the School of Nursing helps students focus their attention
on achieving excellence in rigorous academic studies and clinical
practice. Supporting an award is a very personal experience; the
following questions have been prepared to help provide guidance on
donating to student awards.
How can I support student awards?
You can direct your donations toward general student scholarships
or to a specific award. If you wish to have your donation help
students at the School of Nursing, please specify “School of
Nursing Scholarships”.
What types of awards can I establish?
Scholarships recognize the achievements of a
student in an academic field. Scholarships can be presented to
students who have attained excellence in a certain class, research
area, or other merits. Scholarships can be awarded at the
undergraduate and graduate levels.
Bursaries are created to ensure that students who
are in financial need can gain access to higher education and
training. The value of a bursary can have a significant impact on
the lives of students who are struggling financially to pay tuition
and other living expenses.
Awards are a wonderful way to celebrate the
accomplishments of students who are excelling both within the
classroom and in the community. An award can recognize criteria
such as community service, leadership, or special needs.
Fellowships ensure that graduate students can
continue to conduct cutting edge research in addition to funding
their programs. The ability to offer fellowships helps to attract
the top students in the field of nursing studies.
How can I create a named award?
Awards can be created by single or multiple donations from an
individual, groups or people wishing to support a shared cause.
Named awards are often created to honour the memory of a friend or
family member and are usually supported by friends, family and
colleagues. Once the award is established, future contributions can
increase the size or number of awards that are offered.
When can I create an award?
You can create an award at any time of the year and our staff will
help to guide you through the establishment process.
What is an endowed award?
An endowed award wisely invests the entire amount of your donation.
Each year, we distribute a portion of the investment income on your
donation in the form of your award and another portion is
re-invested to protect the value of your original gift against the
effects of inflation. Not only is the value of your original
donation maintained, but it is also guaranteed to generate an award
in perpetuity for students at the School of Nursing.
For example if a person wanted to establish a endowed scholarship
worth $1000 annually, this is how it would work. Given Memorial
University's current spending policy, an award of $1,000 would
require an endowment value of $22,225.
This is because we pull 90% of the funds (0.9 X 22,225 = $20,000)
and restrict their use so they can never be touched. The remaining
10% (0.1 x 22,225 = $2,225) is used to pay the first two years of
the award while the restricted portion earns revenues that will
then pay the award in perpetuity. The spending rate (5% currently)
is always applied only to the amount in the restricted (90%)
portion. Hence, in this example, 5% of 20,000 is $1,000.
What is an expendable award?
An expendable award dispenses the entire amount of the gift to
award recipients over a finite period of time. As time progresses,
the award amounts diminish unless additional gifts to the award are
received.
What size of award should I establish?
The size of the award is at your discretion, as is the award
criteria surrounding the distribution of the award. Currently, the
average annual costs for a student in the Bachelor of Nursing
program, including tuition, books, uniforms and living expenses, is
approximately $12,000.
For example every $500 annual bursary award requires an initial
endowed investment of $11,000. For an annual scholarship award of
$1,000, an initial investment of $22,225 is required.
Are gifts to the university tax deductible?
Yes, all gifts to Memorial are tax deductible. Memorial University
of Newfoundland is a registered charity and will provide a
charitable receipt upon receiving your gift.
Will I be notified of who has received my
award?
Yes, the Scholarships and Awards Office or the School of Nursing
will send a letter to the donor outlining who has received their
award for each year that the award is given. In addition, we
encourage each of our student recipients to write to our
donors.
For more information on supporting student awards or for help in
establishing an award, please contact:
Darcy McMeekin
Development Officer
School of Nursing
Memorial University of Newfoundland
St. John's, NL
Canada A1C 5S7
mcmeekin@mun.ca
tel. (709) 777-8977
fax. (709) 777-7044
