SCHOLARSHIP PROGRAM

 

Kewanee Schools Foundation and the Kewanee School District awards over $100,000 in scholarships annually to graduating seniors of Kewanee High School.  With increasing tuition costs, these scholarships provide financial assistance needed by students to help reduce their overall college expenses.  Scholarships assist local students by improving their lives through higher education.

Kewanee Schools Foundation accepts donations to establish both endowed and annual scholarships.  A scholarship can be established for students pursuing a specific major or career, attending a specific college or university, maintaining a certain GPA, or other criterion established by the donor.  Scholarships are typically applied to tuition, fees, textbooks and/or other college expenses as determined by the donor. Naming a scholarship in memory or honor of a loved one, friend or colleague, is a great way to carry on their legacy for many years to come.

ENDOWED SCHOLARSHIPS

A minimum of $10,000 is needed to establish an endowed scholarship, where the principal is invested and only the interest earnings are utilized for scholarship awards.  As such, endowed scholarships will continue to provide scholarship awards in perpetuity as the principal in never invaded.  Endowed scholarships are held for a period of one year before awarding the first scholarship(s), in order for investment earnings to grow.  Some donors choose to add an additional amount to their initial donation in order to immediately fund one or more scholarships to students during the first year while the scholarship fund is earning interest. The Foundation determines the percent of earnings that are awarded from endowed scholarship funds, which typically ranges between 3% - 4% annually.  The following table shows various endowed scholarship donations with the corresponding annual award(s) available at these percentages after one year:

                                                                       Annual Award(s)

Donation                       3% of Earnings                 4% of Earnings

$1,000,000                           $30,000                                 $40,000                                

$   750,000                           $22,500                                 $30,000

$   500,000                           $15,000                                 $20,000

$   250,000                           $  7,500                                 $10,000

$   100,000                           $  3,000                                 $  4,000

$     75,000                           $  2,250                                 $  3,000

$     50,000                           $  1,500                                 $  2,000

$     25,000                           $     750                                 $  1,000

$     15,000                           $     450                                $     600

$     10,000                           $     300                                $     400

 

ANNUAL SCHOLARSHIPS

 

Annual Scholarships are established when the donor wishes to disburse the donated principal amount over a period of one or more years.  Once the principal in the fund is depleted, the annual scholarship is no longer awarded unless the donor(s) wishes to supplement the fund for an additional period of years.   The minimum donation to establish an annual scholarship is $500 for one year.  The following table shows an example of an annual scholarship fund, with $500 awards distributed each year for a period of five years:

 

                   Donation               Annual Award                      Balance

                                                               

Year 1                        $2,500                       $500                                  $2,000

Year 2                                                           $500                                 $1,500

Year 3                                                           $500                                 $1,000

Year 4                                                           $500                                 $   500

Year 5                                                           $500                                 $       0

 

For more information on the Kewanee Schools Foundation Scholarship Program, or to establish a scholarship fund, please contact Jeff Johnson, Executive Director at 309-856-8702 or jjohnson@ksf229.org.

 

 

Thank you for your interest in the Kewanee Schools Foundation Scholarship Program!