Lake Erie Chapter Trustee ScholarshipWe hit our goal of raising $50,000 towards the endowment scholarship fund! We could not have done it without the help of the entire Penn State Alumni community. Of course, we will not stop there! We will continue to add more money to the endowment which will allow for even more scholarships to deserving Penn State students. Many thanks to everyone for supporting this worthwhile cause!
For more than 20 years, our PSAA Chapter has been granting Robert W. Sparks scholarships to area students attending Penn State. So far our Chapter has donated nearly $100,000 to Penn State. To ensure that we will be able to continue awarding scholarships, we have agreed to create and fund an endowed Trustee Scholarship. Unlike our existing scholarship program, which is subject to our members' ability to raise funds each year, the Trustee Scholarship will generate a guaranteed amount of money annually once it is fully funded. Four reasons you should consider donating to the Lake Erie Chapter of the PSAA Trustee Scholarship are: - The scholarship is permanent. - Double the impact. General scholarships currently generate a 4.5 percent return of the endowment level. For a trustee scholarship the University provides a 5 percent match in perpetuity, so your gifts are generating a return of 9.5 percent. - This scholarship is personal. Gifts to the scholarship are not going into an anonymous fund. They're helping students from Northwestern Pennsylvania who otherwise couldn't afford a college education or would be saddled with loan debt. - This scholarship offers a nearly unbeatable 'bang for your buck.' Penn State is matching the scholarship payments annually, and it is very likely that your employer will match your contribution. You can also deduct your gift from your taxes. There are several ways to give to this Scholarship Fund. You can click on the link below and it will take you directly to the Penn State website where you can donate online. http://GiveNow.psu.edu/LakeErieChapterPSAATrusteeScholarship Another way to give is by filling out an individual pledge form and sending it in to Penn State following the instructions on the pledge form. You may pull up the pledge form with the link below. https://secure.ddar.psu.edu/s/1218/images/editor_documents/Give_Online/fy17_online_contribution_form.pdf Please don't hesitate to contact one of the board members if you have any questions regarding the Trustee Scholarship. |
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Update to Scholarship Fund
As you (hopefully!!) know, in November 2012 the LEC Board of Directors decided to commit our Chapter to funding an endowed scholarship. Officially titled the "Lake Erie Chapter of the Penn State Alumni Association Trustee Scholarship", the major difference between this scholarship and the Chapter's Robert W. Sparks Scholarship is that we must raise $50,000 before June 30, 2017 to fully fund the endowed scholarship. Once fully funded we will be able to offer scholarships to local students each year (regardless of how well our annual fund raising efforts perform) in perpetuity - which is a long time! The endowed scholarships offer some very attractive incentives to those who choose to fund them. First, the University matches the contributions made to the fund at a rate of 4.5%. That is an excellent rate, especially considering where interest rates have been for the last couple of years. Also, the University will contribute 5% of the face value of the Scholarship to our "bank account" each year (even after the scholarship is funded), which means we can award at least $2,500 in scholarships annually to deserving local students. The first two of these scholarships have been awarded to local students. The "Thank You" notes received clearly show how important this aid is to these students and how thankful they are to have been selected as the recipients.
You can contribute in a couple of different ways: cash payments, credit card payments or electronic fund transfers. To make your gift, simply return the contribution form below with your donation, or go to: GiveNow.psu.edu/LakeErieChapterPSAATrusteeScholarship to give online.
You can contribute in a couple of different ways: cash payments, credit card payments or electronic fund transfers. To make your gift, simply return the contribution form below with your donation, or go to: GiveNow.psu.edu/LakeErieChapterPSAATrusteeScholarship to give online.