Create a New Scholarship for Students
Memorial’s ability to offer financial aid to students within the School of Pharmacy 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 Pharmacy, please specify “School of Pharmacy 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 pharmacy 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 Pharmacy.
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 Pharmacy program, including tuition, books, structured practice experience travel costs and living expenses, is approximately $13,000.
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 Pharmacy 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:
School of Pharmacy
Memorial University of Newfoundland
St. John's, NL
Canada A1C 5S7
tel. (709) 777-8977
fax. (709) 777-7044