Ohio University and The Ohio University Foundation are launching a new scholarship program that will pair University funding with donor support to double the impact of private gifts while providing immediate financial assistance to undergraduate students throughout the OHIO community.
The Current-Use Scholarship Program, approved unanimously during today’s Ohio University Board of Trustees meeting, will provide $1 in funding from the University’s unrestricted financial aid budget to amplify every $1 in donor gifts and pledge payments to accounts that meet established program criteria. This new scholarship program runs through June 30, 2021, with Ohio University pledging up to $10 million to support this effort.
“In creating the Current-Use Scholarship Program, Ohio University is enhancing its commitment to accessibility and affordability by galvanizing our community’s efforts to support and invest in the success of our students,” said President M. Duane Nellis. “We hope this collaborative program will encourage alumni and donors of all means to give to the University in a way that will double their generosity and provide immediate and life-changing assistance to promising young scholars.”
Current-use scholarship gifts are made available immediately to support students, to meet Ohio University’s near-term financial needs and to enhance student recruitment and retention efforts.
The Current-Use Scholarship Program is building on the success of The OHIO Match™, Ohio University’s Undergraduate Scholarship Matching Program. Through The OHIO Match, launched in July 2013, Ohio University has pledged up to $25 million to strengthen its endowed scholarship program by providing $0.50 for every dollar committed to eligible scholarship endowments. The OHIO Match expanded in January 2019 to include regional campuses and specific departments and programs.
As of June 15, 2020, donors had committed nearly $18.14 million in eligible gifts to The OHIO Match, and more than 261 new endowed scholarship accounts have been created, providing more students a pathway to an Ohio University education while establishing a legacy of long-term student support. The OHIO Match will continue to match gifts and pledge payments to eligible endowed scholarship accounts through June 30, 2024.
The new Current-Use Scholarship Program will follow the same eligibility criteria of The OHIO Match, which include:
- Accounts must provide renewable undergraduate scholarship awards that are designated to a campus, a college or University-wide.
- Donors may specify whether awards are based on merit, need and/or talent, with the specifics of those terms to be defined at the University’s discretion.
- Donors may designate a preference for scholarship funds to be directed to particular academic departments, programs or majors.
- Other donor preferences, including geographic restrictions, may be considered on a case-by-case basis.
Under the Current-Use Scholarship Program, individual, named current-use accounts will be established for donor gifts of at least $10,000. Donors of any amount can participate in the program by giving to pooled University-wide, college-wide or regional campus scholarship accounts created for this program.
All new donor gifts and paired OHIO funds associated with this program will be administered centrally and spent prior to general funds being allocated for the same purpose, providing the University greater financial flexibility while meeting donors’ gift intentions and expectations.
Paired funds will be transferred into designated University scholarship accounts as gifts are received by The Ohio University Foundation. These paired scholarship accounts will be supported with University funds being made available University-wide on a first-come, first-served basis.
“The Current-Use Scholarship Program is just the latest example of the culture and community of support that is the hallmark of an Ohio University education,” said Nico Karagosian, vice president for University Advancement and president and CEO of The Ohio University Foundation. “Our faculty, staff, alumni, friends and community partners are unwavering in their mission to provide the best student-centered learning experience that starts by first reducing the financial barriers to higher education. Together, we can ensure that not only are the doors to an OHIO education open even wider but that students are supported in their academic journey and their post-graduate years, positioning them on a pathway to professional success and purposeful lives.”
Donors may make a gift to the Current-Use Scholarship Program by visiting http://engage.ohio.edu/current-use-match.
Checks may be made payable to The Ohio University Foundation and sent to the Foundation at P.O. Box 869, Athens, OH 45701. Questions about making a gift — and eligibility for the Current-Use Scholarship Program — can be directed to The Ohio University Foundation at 800-592-3863 or firstname.lastname@example.org. More information about giving to Ohio University can be found at www.ohio.edu/give.