Our alumni and friends have generously provided the resources to assist financially burdened students in their quest to turn their dreams of an ACPHS education into reality. We are grateful for the generosity of these individuals, families, and corporations who have made commitments to provide much needed support to deserving students.
The information on this page explains the process for endowing a scholarship. Click the following link to view a list of the College's endowed alumni scholarships and awards.
FAQ's on Establishing an Endowed Scholarship
Generous donors have helped make Albany College of Pharmacy and Health Sciences the outstanding educational institution it is today. We invite you to support future ACPHS students by making a gift to establish an endowed scholarship at the College.
Creating an endowed scholarship fund is easy to establish, and it lasts indefinitely. When you endow a scholarship with Albany College of Pharmacy and Health Sciences, you are not only providing students with a bright future, you are creating your own legacy.
What is the minimum gift needed to establish an endowed scholarship fund?
A minimum gift of $25,000 with an initial gift of $10,000 is required to establish an endowed scholarship fund. This payment can be contributed in full at the outset or payable over three years. The principal of the fund is invested to produce income, and an annual award is given to a student based on established criteria. The principal remains intact, allowing the endowment to last in perpetuity.
How are scholarships named?
The major benefactor of a scholarship establishes the scholarship name. You may establish a scholarship in your own name or choose to name it for a friend, family member, organization, or a favorite faculty member.
How is the selection criteria established for the scholarship I am establishing?
You can aid in establishing the scholarship criteria by expressing your intentions for the award. The College will draft the scholarship criteria according to your specifications and present a Memorandum of Understanding (MOU) for your approval. The MOU will outline how the scholarship will be funded and awarded over time. The criteria may be based on:
- Academics (e.g., academic major, grade point average, etc.)
- Class (e.g., fourth professional year, first year student, etc.)
- Region (e.g., New York)
- Extracurricular activities (e.g., member of an athletics team or fraternal organization)
How are scholarships awarded?
Scholarships for current students are published on the College’s website and in the College catalog. Students my apply for financial aid by completing the Free Application for Federal Student Aid (FAFSA). Typically, the Office of Financial Aid carefully reviews each application and selects the most deserving recipient(s) based on the established criteria and financial need.
Can I choose the recipient?
No. IRS regulations prohibit donors from selecting the student who will benefit from their scholarship. The Financial Aid Office makes these determinations based on the scholarship criteria.
Will I receive updates on the status of my scholarship?
Each fall you will receive a Donor Impact report. This report will include:
- Recipient's name, class year, academic major, and residency
- Market Value-Fund Balance
You will also be invited to attend our Scholarship Dinners which are held annually in Albany and Vermont. Both events are held in the fall and provide a wonderful opportunity for donors to meet scholarship recipients and for recipients to thank donor(s) for their support.
What information can I receive about my recipient?
The Family Educational Rights and Privacy Act (FERPA) allows students to keep their personal information private. If a student agrees to release their information, you will learn their name, class year, academic major, and residency. This information will be provided in your Donor Impact Report.
We also encourage students to write thank you notes and to share information about their backgrounds, life goals, and personal interests.
For more information about endowing a scholarship, contact the Office of Institutional Advancement at email@example.com.