This is awesome! I do have a question on how this is used though. It says he is donating a "$1 million scholarship." Does that mean it goes towards our 13 athletic scholarships per year (over so many years) or simply a donation that the basketball program can use in any way that they see fit?
This is awesome! I do have a question on how this is used though. It says he is donating a "$1 million scholarship." Does that mean it goes towards our 13 athletic scholarships per year (over so many years) or simply a donation that the basketball program can use in any way that they see fit?
Seems like it's one scholarship, no idea how it works. Maybe it can be used to attract a grad transfer or potential recruit that might have otherwise not looked at SIU for basketball.
Rosser combined two previously established endowments to create a single million-dollar scholarship that will be directed to a men’s basketball player who maintains a 3.0 grade-point average in the field of science, technology, engineering, or math (STEM).
It is a "restricted" contribution to the SIU Foundation. It is restricted in the sense that the annual contribution can only be used for the purpose stated by the donor. The annual distributions are what are paid out every year, somewhere around 4% annually is pretty much what gets distributed. So $40,000 per annum would be sufficient to (under today's tuition) support several basketball students meeting the criteria of the donor. The foundation pays out a distribution every year, which is a requirement under law in order to be treated as a foundation for tax purposes.
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