One of the College of Media & Communication priorities is to increase scholarship funds to support our growing student population. With the help of established scholarship endowments, the college is able to provide academic awards that make attending college possible for many students who would not be able to afford it otherwise. However, the college's record enrollments over the past several years have placed an increased strain on these endowments.
Endowments are permanent funds that generate distributions to fund scholarships, professorships, fellowships, programs, or other purposes specified by the donors who establish them. Endowments offer donors the opportunity to name the fund and create a lasting legacy in the college and at the university. Once an endowment is established, anyone may contribute to the fund, enabling others to be a part of that legacy. Often, family and friends make tribute gifts because they believe in the cause or program the endowment supports.
How to create an endowment
- A donor makes a charitable gift to the Texas Tech Foundation of at least $25,000. This is the endowment principal. Donors may choose to pledge this for up to five years.
- The gift is invested in the $1.3 billion Texas Tech Foundation long-term investment fund. A 0.7% management fee is paid to the company that oversees the fund.
- Every year, the fund generates an average distribution of 4.5%. These earnings become the spendable income of the endowment and are awarded according to the donor's wishes specified in the endowment agreement.
Endowment Funding Sources
Donations come in many forms and are not limited to cash. Examples of gifts are listed below. Donors are encouraged to seek guidance from financial advisors or tax accountants to maximize philanthropic impact.
- Bequests from wills
- Real estate
- Royalty payments
- Retirement accounts
- Donor-advised funds
- Other assets and property such as artwork or historical artifacts
If you (or someone you know) is interested in learning more about how to support the College of Media and Communication and its students, please visit our giving webpage or contact Randy Wade, the college's director of development, at (806) 834-0454.