Permanently restricted scholarship/tuition assistance funds are created through a donation of at least $10,000, as one gift or over several contributions. This fund is invested by Newman Catholic Schools. The principal value remains intact in perpetuity and annual awards are provided through interest and earnings generated by the invested funds. Only the benefactor can specify if the donation is to be permanently restricted. If a donor makes no specific designation, the fund will be treated as temporarily restricted.
Temporarily restricted scholarship funds are the largest source of annual Newman Catholic Schools scholarships. The funds are invested and may only be used for scholarships, but the principal is not guaranteed to remain intact. Annual scholarship awards are not based on earnings but on a specified dollar amount or percentage of the value, as established or approved by the donor. This award value is maintained, even if it the fund goes under the original donation total. If unspecified, the NCS finance committee has established the rate of disbursement as 5% of the established value on December 31 of the year prior to the announcement of awards. In the event that a temporarily restricted fund no longer has enough funds to grant the specified award, the named fund will be closed and any remaining balance will be moved into the general scholarship fund.
Annual donations are the result of funds given one time or on an annual basis and are awarded to students in the next tuition aid cycle. These funds are not invested, but are used immediately to help current students and/or graduates. Annual scholarships to graduates (seniors) are typically made directly to the graduate or his/her account at a post-secondary institution. If funds are given to NCS for a post-secondary scholarship, the awardee is responsible to provide the NCS Advancement office with name/address of bursar’s office, proof of registration and student identification number in order to forward the funds directly to the post-secondary institution. Funds for current students are made to Newman Catholic Schools, which then credits the tuition account of the chosen student(s). Once a gift is expended or the annual contribution ceases, the award is no longer given out.