Scholarships


Scholarships are important to students at Cornerstone enabling them to pursue higher education. It is also a wonderful stewardship opportunity and a way of connecting with students who benefit from your gift. There are two types of scholarships – endowed and restricted. 

Endowed Scholarships: These scholarships are established in perpetuity to support Cornerstone students. This opportunity enables you to provide scholarships for students into the future. Endowed scholarships must have a minimum of $10,000 in their endowment and may be funded over a five year period. Endowed scholarships are distributed based on 5% of the previous year’s beginning market value balance.

The donor determines the type of gift:

  • Term Endowment – a large sum of money is given and part of the principal and earnings can be used over a period of several years to award the scholarship.
  • Regular Endowment – only the earnings may be used to award the scholarship.

Restricted Scholarships:  A minimum annual cash gift of $1,000 will fund a restricted scholarship award. Payment on restricted scholarships must be made by May 31 of each year to ensure the continuation of the scholarship for the next academic year. Restricted scholarships may be discontinued by the donor at any time and may be made during the funding of an endowed scholarship by the donor.

Criteria Options:  As a scholarship donor, you may name and establish awarding criteria for the scholarship, within University guidelines.

  • Merit Based – These scholarships are generally for students who have a 2.5 GPA, or higher, on a 4.0 scale. They must have demonstrated leadership and involvement in other community and service activities.
  • Need Based – These scholarships are for students who qualify for financial aid through the University financial aid office. Students must complete the FAFSA – www.fafsa.ed.gov.
  • Merit/Need Based (combination) – These are scholarships where the student must maintain good academic standing and demonstrate financial need.

Scholarship Process:  The Scholarship Worksheet must be completed by the donor and reviewed by the advancement and business departments. After approval, an official Scholarship Agreement form will be created which will be reviewed, approved and signed by the donor and the president of the Cornerstone University Foundation. The donor will also complete and sign a Declaration of Intent outlining the scholarship donation schedule. An annual scholarship report will be distributed to the donor and any other individuals who were designated on the Scholarship Worksheet.

Scholarship donors are invited to the annual Legacy event in the fall. This event is a special time for scholarship donors to meet their scholarship recipients. It is also an opportunity to thank donors for their generous contributions into the lives of students.

If you have scholarship questions, please contact Nancy Tigchon at 616-254-1668.