Establishing an Award
The University of Winnipeg Foundation
The University of Winnipeg Foundation is happy to co-ordinate the creation of new student awards with generous University of Winnipeg donors, families and friends.
Establishing an award at The University of Winnipeg is easy and is done in consultation with the Student Awards and Financial Aid office and any applicable department or faculty to ensure that the awards are established within the University's guidelines and that the terms of reference articulate the wishes of the donor and the needs of the University.
There are several types of awards and funding options that are described herein. Development Officers at the University will help donors draft the terms of reference that will guide the selection of award recipients. A template is available from our Donor Stewardship Officer, Michelle Kauenhowen, by email at firstname.lastname@example.org or by phone at 204.786.9999, to help donors in considering terms for their award.
Once terms are developed and agreed upon by the donor, they go through a formal approval process to ensure that the needs and objectives of all concerned are met and, in particular, that the award can be made on a consistent basis.
An award can have one recipient, regardless of the value of the award, or provide for as many students as the fund allows. Terms may propose criteria based on academic merit, on financial need and academic merit, or on other measures of participation, effort, leadership and support in programs, departments, faculties or the University as a whole. Development staff at the University and within the Foundation work with the donor to develop these terms of reference.
To ensure that an award involves a reasonable award value consistent with the type of award, the University has established minimum levels for endowed, named awards. These funding levels may be achieved with the receipt of a one-time gift or a pledge over several years.
Awards can also be established as non-endowed, in which case the donor pledges to provide a minimum annual donation to be awarded for at least three consecutive years, subject again to terms established with the University and its Foundation.
To establish an endowed award, a donor or group of donors sets up a fund through the Foundation to support the award in perpetuity. The University uses only a portion of the investment income generated by the capital to provide the annual award. In this manner, the fund continues to build for the future, enabling the University to increase the value of the award over time. To establish this type of award, the Terms of Reference must be agreed upon by the donor and by the University, laying out the framework in which the fund will be administered.
Donors often choose to endow new awards at levels which address the expenses students must face annually for tuition fees, text books, and living expenses. Donors may also initially establish an endowment at lower levels and then add to it over time until it increases to provide an ever-higher level of award support.
Annually Funded Awards - Current Trusts
Some donors choose to fund their awards on a year-to-year basis with an annual gift or multi-year pledge of current monies. These funds are held in trust until the annual award is made to the student.
It is possible to fund an award on an annual basis, at say $1,000 per year, while also making additional gifts to build an endowment fund over time, with the goal of eventually having the annual award fully supported by endowment income.