A couple who enjoyed the best time of their lives at Eastern Kentucky University has made a generous donation to the school that will support a large number of students as they pursue their own dreams.
Two endowed scholarships totaling $1 million were made to Eastern Kentucky University, according to an article in The Richmond (KY) Register, "Anonymous couple bequeath $1 million to alma mater EKU." One is a $500,000 endowed scholarship to be used for art or art design studio majors who are rising sophomores, juniors or seniors. The students will need to maintain a minimum 3.0 cumulative grade point average, have a financial need and meet certain geographic criteria.
A second endowed scholarship of $500,000 from this same anonymous couple's estate plan will assist elementary education majors who are rising sophomores, juniors, or seniors who maintain a cumulative 3.0 GPA, demonstrate financial need and meet specific geographic criteria.
Both of the scholarships are renewable each semester, and the mysterious donor couple—one of whom is an elementary education graduate and the other an art grad—has requested large awards to cover half- to full-tuition scholarships in any given year, pending available funds.
"Our time at EKU was wonderful, some of the best times in our lives," the couple said jointly in a press release. "We feel so fortunate to be able to pay it forward."
The elementary education graduate said, "It is my hope that someone else fulfill his or her dream of becoming a teacher and become ‘that teacher' who makes all the difference in the life of a young child."
The spouse, who earned a degree in art, said, "Our gift is also in hopes that some budding designer or fine artist has the opportunity to fulfill their dreams, as I was able to do."
Planned gifts like these are useful tools for estate planning, help students who might otherwise not be able to attend college, and send a clear message to potential donors that there are many different ways to give back to a university that can be tailored to their wishes. Speak with a qualified estate planning attorney about how your estate can benefit from planned giving.
Reference: Richmond (KY) Register (April 29, 2016) "Anonymous couple bequeath $1 million to alma mater EKU"