September 16, 2016
With college costs on the rise, donors who are looking for ways to make a direct, measurable impact have increasingly turned to helping people further their education as an avenue for charitable giving.
“Individuals with high net worth understand the importance of higher education,” says Scott White, Trust Product Owner, U.S. Bank Wealth Management. “A lot of them have seen the benefits — they’ve been promoted through the ranks, or they’ve started businesses — and they want to pass on those benefits to others with a similar background or future generations from their hometown.”
The average cost of tuition and fees, room and board, books and supplies, transportation and other expenses for the 2015-16 school year was $47,831 for private colleges and $24,061 for an in-state public college, according to College Board’s Trends in College Pricing, 2015. For many students who understand the value of a college education, this cost is a considerable financial burden.
The Private Client Reserve can work with your tax and legal advisors to help donors establish and administer all aspects of an endowed scholarship, giving them opportunities to make a difference in college students’ lives today and create a legacy that can potentially benefit future generations.
Establish an endowed scholarship
Endowed scholarship funds are designed to be permanent and perpetual.