Educating students is the reason for the existence of Immaculata University. However simple that statement may appear, the reality is that students often do not have the resources to attend college. Keeping in mind the university’s mission of education, funds from Immaculata’s endowment fund support student scholarships and educational journey.
Meet Kelly Gross ’18
When someone from Immaculata University’s Admissions Department called to inform Gross that she had been selected to receive the Presidential Scholarship, she was at a basketball game with her teammates at Holy Spirit High School in Absecon, NJ. Kelly’s mom was so excited about the news—that she drove to the gym and motioned for Kelly to come over to where she was standing.
“I was thinking, ‘I’m on the line right now, I can’t,’” she remembered. But her mom was insistent. When she told Kelly that she had received the scholarship, they were both ecstatic. “We didn’t really have a chance to celebrate until after the game,” she stated.
This May, Kelly will graduate from Immaculata University debt-free. The Presidential Scholarship is a full- tuition scholarship awarded to a select number of students with a record of academic excellence and funded by Immaculata’s endowment.
As an exercise science major in the 3+3 program with IU and Thomas Jefferson, Kelly will finish her undergraduate degree and will receive her diploma from Immaculata with the class of 2018. When she completes her studies at Jefferson in 2020, she will receive a doctoral degree in Physical Therapy.
Every year, several students are awarded full tuition benefits as recipients of the Presidential Scholarship. Dozens of other students receive endowed scholarships made possible by donors to the endowment fund.
The Immaculata endowment represents university assets that are permanently invested of which a portion of the annual earnings are distributed each year to support university initiatives as designated by the donor. A university’s endowment is a permanent, consistent, and vital funding source to provide annual support of university initiatives. A robust endowment will provide Immaculata with financial stability and allow the institution to provide exciting new opportunities for students and the Immaculata University community
Simply put, endowment funding is critical to helping carry out the university’s mission forever. Contributing to an endowed fund is a perfect way to create a lasting legacy.
The amount of funding required to establish an endowed fund varies depending on the endowment purpose. Donors may use varied methods for donating funds ranging from an outright single gift or the establishment of an Endowment Agreement which outlines the total gift and the annual gift to build the endowment principal over multiple years (usually 3-5 years) until the full gift is achieved. Endowment funds may result from a charitable trust, a remembrance of Immaculata in one’s estate plan, a gift of stock, or other financial arrangements.