Scholarship Gifts at MassArt

Thank you for considering a scholarship gift to the Massachusetts College of Art + Design Foundation! We appreciate that donors may want to establish a scholarship to honor or in memory of a student, alumnus/a, faculty member, or staff. Below are some guidelines to assist you:

If you have further questions, please contact:

• Karin Blum, Director of Major Gifts and Planned Giving
  617-879-7080 kblum@massart.edu
• Richard MacMillan, Executive Director of the
  MassArt Foundation
  617-879-7045 rmacmillan@massart.edu

Endowed scholarships may be established with a minimum gift of $25,000. (Cash and cash equivalent gifts below the minimum, which are designated for scholarships, will be placed in the general scholarship endowment, unless a pre-existing scholarship is designated.) MassArt staff will work with donors to establish appropriate criteria for such scholarships.

Donors may accumulate gifts toward minimum funding of an endowed scholarship with a gift of one-fourth the required minimum ($6,250) and a signed scholarship agreement. Accumulations toward the minimum must be completed within five (5) years from the date of agreement. If this minimum is not reached, development staff will contact the donor, and come to an appropriate resolution. In general, gift amounts will be placed in the Foundation’s general endowed scholarship fund.

Scholarship payments to student recipients will not be made until the minimum for the endowment has been received, the scholarship agreement is signed and approved, and sufficient income has been generated for distribution. Donors accumulating gifts toward minimums may provide for an annual stipend in the agreement when that stipend is supported by an annual gift.

Scholarships may be established with estate or planned gifts. Such gifts also require the minimum of $25,000.

Scholarship funds received by the Foundation through a will or other planned gift, which are less than the required minimum funding at the time of distribution, will be placed in the Foundation’s general endowed scholarship fund. If this proves legally impossible, the Foundation reserves the right to decline the gift.

Scholarship agreements shall be signed by the donor and by a member of the Foundation Executive Committee.