Each year, more than 400 Academy students and 900 Camp students receive financial aid. Of those, nearly 300 young artists have had the opportunity to experience Interlochen because a generous donor supported their potential via an endowed scholarship.
An endowed scholarship provides permanent support for students every year. For those who seek to see their passion for Interlochen live in perpetuity, establishing an endowed scholarship is an ideal way to do so.
An endowed scholarship invests the original charitable gift with the rest of Interlochen’s endowment and then utilizes a set portion, currently 4.3% of the value, to pay into the operating budget to support scholarships for that year. The endowment utilization policy is designed to preserve the endowment’s value over time—net of spending and inflation—to maintain the impact of the original gift.
Camp Endowed Scholarships
A donor can establish a Camp endowed scholarship with a $50,000 minimum gift. With the current set portion of 4.3%, a $50,000 endowment would generate $2,150 each year for a scholarship award. The optimal funding level is $300,000, which funds a student’s full six-week Camp experience.
Academy Endowed Scholarships
A donor can establish an Academy endowed scholarship with a $100,000 minimum gift. With the current set portion of 4.3%, a $100,000 endowment would generate $4,300 each year for a scholarship award. The optimal funding level is $1.75 million, which funds a student for one year at the Academy.
With a Camp or Academy Endowed Scholarship:
- The donor determines the name of the scholarship, and designates up to two selection criteria: choosing either Camp or Academy and the arts area. Since the scholarship is awarded in perpetuity, we encourage donors to keep the criteria broad
- The donor works with a Philanthropy staff member who drafts an endowment agreement that is signed by the donor and Interlochen
- Donors can make a one-time, outright gift to establish the endowment. Outright gifts can be made through check, donor-advised fund, IRA distribution, or securities
- Donors can also commit to pledge payments for up to five years to establish the endowment. Donors who make multi-year pledges are encouraged to make annual gifts while the endowment is building, so we can award scholarships right away and the donor can then hear of the impact their philanthropy has had on students
- Donors can make additional gifts to their endowment after reaching the minimum level so that their scholarship can have an even greater impact. Many donors also decide to include their endowment in their estate plans
- Interlochen lists all endowed scholarships in our Annual Report. New scholarships established within a calendar year are also highlighted
- Donors receive a thank you note(s) from their scholarship recipient(s) and an annual endowment report
For more information about endowed scholarships, contact Philanthropy staff at 231-276-7623 or firstname.lastname@example.org.
It is an abiding joy to meet ‘our’ extraordinary Arts Camp scholars each summer. Knowing that they have the opportunity to experience the magic of Interlochen and become part of its stunningly talented, hard-working community of fellow campers, faculty, staff, and volunteers fills our hearts with gratitude.