Donors can make a significant impact on students' academic journey by providing financial scholarship support for students’ educational pursuits. Named Scholarships may honor or memorialize individuals, families, organizations, or groups while supporting Parami University's commitment to accessible and high-quality education.

Scope

This is the administrative procedure, affecting all University community members.

Referenced Laws, Regulations, and/or Policies 

This is the University procedure.

Procedure

Step 1: Choose the Scholarship Funding Type

Donors may determine what type of scholarship support they would like to provide:

• Current Named Scholarships: Provide immediate support to students through a one-time gift that is fully utilized within the current or following academic year. Current Named Scholarships can support tuition, stipends, or special programs, depending on the donor’s preference. A minimum gift of $500 is required to establish a Current Named Scholarship. Scholarships can be created at any time during the year. 

• Annual Scholarships: Provide support to students through a multi-year annual gift or pledge.  Annual Scholarships can support tuition, stipends, or special programs, depending on the donor’s preference. A minimum gift or pledge of $500 per year, with a two-year minimum commitment, is required to establish an Annual Scholarship. Scholarships can be created at any time during the year and will be distributed during the following academic year. 

• Endowed Scholarships: Create a permanent fund in which the principal is invested, and only the earnings are distributed. Endowed Scholarships can be created with a one-time gift or a two-year pledge, which enables Parami to award a minimum student scholarship of $500 per year. Endowed Scholarships create a lasting legacy for Parami’s students, and the first distribution will take place one year after the gift or pledge is made. The University will invest the funds in safe, high-yielding fixed income accounts such as certificates of deposit (CDs).  If the annual earnings on the Endowed Scholarship are less than $500, the entirety of the earnings will be distributed as the scholarship. If the annual earnings are greater than $500, the minimum of $500 will be distributed as the scholarship, while the amount over $500 will be reinvested as principal. Donors can make subsequent contributions to the Endowed Scholarship, which will be added to the principal. As the principal increases over time, the lasting impact will also increase through the amount and/or number of annual awards.

Step 2: Choose the Scholarship Purpose

Donors may choose to establish a new named scholarship for areas of the highest financial need or designate it for the following purposes.

• Tuition Scholarships: Assist students by covering part or all of their tuition fees.

• Stipend Scholarships: Support students with living expenses, textbooks, educational materials, and technology needs.

• Special Program Scholarships: Provide funding for cultural exchange, internship programs, or emergency assistance, in discussion with the University, depending on current university priorities and student needs.

Step 3: Decide on the Scholarship Name

Scholarships may be named to honor an individual, family, organization, or cause. Donors may also choose to remain anonymous. The scholarship name should be discussed and approved by Parami University to ensure alignment with the institution's values and to maintain a positive public image for all individuals and organizations involved.

Step 4: Define Scholarship Criteria

Donors may work with Parami University to establish specific eligibility criteria, which can include academic performance, financial need, field of study, leadership potential, demographic, or other values important to the donor. These criteria will guide the University's selection of scholarship recipients.

Step 5: Finalize the Scholarship Funding

Once the scholarship type, name, purpose, and criteria are determined, donors will complete the process by signing a formal agreement with Parami University to establish the named scholarship. Funding must then be delivered to a specified Parami University account. Upon receipt of the full funding commitment, the University will initiate the scholarship administration process according to the agreed terms.

Scholarship Duration

The duration of scholarship support depends on the scholarship purpose:

• Tuition Scholarships: May support students over a two-year program for Lower College (Associate Degree) or the final two years for Upper College (Bachelor's Degree - Junior and Senior Years).

• Stipend Scholarships: Typically awarded for a minimum of one academic year.

• Special Program Scholarships: Duration will vary depending on the length of the specific program or initiative being supported.

Scholarship Administration

Parami University is responsible for managing the entire scholarship process, including promoting opportunities, reviewing applications, selecting recipients based on established criteria, disbursing funds, and monitoring student progress. The University ensures that every scholarship is administered in alignment with the donor's original intentions and institutional policies.

Stewardship and Recognition

Parami University is committed to stewarding donor generosity. Donors will receive annual stewardship reports highlighting the impact of their scholarship and student success stories. Public recognition will be provided through the University website, donor reports, and special events, unless anonymity is requested.

Additional Giving Opportunities

For donors who prefer not to establish a new named scholarship, there are still meaningful ways to make a difference. Donors may choose to:

• Contribute to the General Scholarship Fund, supporting students with the greatest financial need.

• Support the Student Emergency Assistance Fund, offering aid to students facing unexpected financial hardships.

• Support the Student Experiential Learning Program Fund, enabling opportunities such as cultural exchange trips, internship programs, research projects, leadership conferences, and other hands-on learning experiences.

• Support Parami University's General Operations, helping sustain the institution's mission, academic programs, faculty development, and student services.

In addition to cash gifts, the University’s Advancement Office can work with donors on planned giving opportunities, including donor-advised fund gifts, charitable gift annuities, estate bequests, etc. In addition, Parami is able to accept gifts of appreciated securities as well as Qualified Charitable Distributions from qualified retirement accounts.

Review

The Office of Institutional Advancement is responsible for ensuring compliance with this policy in various offices of the University.

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