Endowing a named scholarship through the SME Education Foundation is an important, lasting way to aid students. Your scholarship establishes an important legacy of support for future manufacturing engineers and technicians. It's also a very meaningful way to honor family and friends.
Step 1: Establish an Endowed Scholarship
Endowed scholarship funds are designed to be permanent and perpetual. They can also be created with gifts totaling a minimum amount of $25,000, contributed in full at the outset or with an initial commitment that is added to over time until the endowment level of $25,000 is attained. The principal of the fund is invested to produce income, and an annual award is made to a student or group of students. The principal stays untouched, so the endowment can last into perpetuity.
Step 2: Establish Scholarship Criteria
As a scholarship donor, you choose the name of the scholarship as well as the criteria. Experienced SME Education Foundation staff are available to help you develop the criteria for your scholarship. Endowed scholarships from the Foundation are awarded to deserving students based upon area of interest, leadership potential, merit, academic achievement and/or other criteria.
Step 3: Administration of Scholarship Funds
Our selection committee carefully reviews scholarship applications submitted by students and selects the most deserving recipient(s) based on donor-established criteria.
Contributors of a scholarship fund are notified annually when the scholarship recipient(s) have been selected and informed of the name and hometown of the recipient, as well as the amount of the award. Recipients often write a thank-you note to the donor.
Tax Benefits of Funding a Scholarship
An outright gift in the form of cash or appreciated securities will allow you to receive immediate tax benefits in the year you make the gift to the SME Education Foundation. In the case of appreciated securities, you may also avoid capital gains taxes.
You can also provide for your scholarship in your estate plans: estate gifts or planned gifts are another way to establish a scholarship without affecting your current income or assets.
As with any financial decision, we encourage you to discuss your plans with your financial advisor or planner.
Frequently Asked Questions
How are SME Education Foundation scholarships named?
The major benefactor of a scholarship establishes the scholarship name. You can establish a scholarship in your own name or choose to name it for a friend, family member, organization or a favorite faculty member.
How is the selection criteria established for the scholarship I am establishing?
You can aid in establishing the scholarship criteria by expressing your intentions for the award. The SME Education Foundation will draft the scholarship criteria according to your specifications and present it to you for your approval.
How are SME Education Foundation scholarships awarded?
Foundation scholarships for current students are advertised on this site; applications are collected online. A selection committee carefully reviews each application and selects the most deserving recipient(s) based on the established criteria.
Will I receive notification when a student is awarded the scholarship?
Yes. You’ll be notified annually when the scholarship recipient(s) has been selected. You’ll be informed of the name and hometown of the recipient, as well as the amount of the award and status of the fund.
Ready to Get Started?
Leave a legacy to future manufacturing engineers and technicians, while honoring family and friends by creating a named scholarship through the SME Education Foundation. Please fill out the form below and a staff member will be touch shortly.