Create a Scholarship

To create a new award to be named after an individual, family or organization there are three options.  

  1. Endowed Sponsor: An initial sum of $10,000 or more will allow the donor to become an Endowed Sponsor. This will require the Sponsor enter into an Agreement with GSA whereby the funds will be invested by GSA and allow GSA to distribute 5% annually of the current market value of the investment as the value of the award to the chosen recipient each year. Criteria and requirements of the award are determined between GSA and the Sponsor upon entering into the Agreement.
  2.  Prepayment Option: A Sponsor may choose to give GSA a  sum to be distributed evenly over a predetermined number of years. The minimum for this category is $5,000 which would translate into a $1,000 award over five years.
  3.  Annual (Pass Thru) Award Sponsor: The final method in which a sponsor may set up an award is to agree to send a check for a specified amount each year. In this situation, the sponsor is required to mail a check to GSA by March of each awards year. The minimum for an annual award is $1,000 to be distributed over a minimum number of 5 years. A check in the agreed upon amount is required to be sent by March of the awards year.

For the sponsor, there are benefits to each option. When the money is endowed an ongoing yearly award is established. The sponsor has no financial obligation after the initial donation. If a lump sum is given for the prepayment option then there is a set number of years that amount will last before being depleted and the award is no longer given. In the final scenario, the sponsor will be asked to replenish the award each year with a new donation.

Most of the awards distributed through GSA are One Time Only awards. This means the student receives the amount once in their graduating year and the money is applied towards their first year of college or university.  

A Renewable Award is when a Sponsor chooses, at the creation of the award, to make their award Renewable for the remaining three years of the recipient’s undergraduate career. The students are asked to “reapply” to GSA in May of each academic year. The data gathered is used to determine whether the student has continued to meet the Sponsor’s award criteria  and if so is awarded the money again for the upcoming year. A Sponsor must take the renewable students into consideration when making an initial financial commitment. It is likely that several students receiving the award will overlap. 

For more information, please contact Maureen Bonanno.