By STEVEN SPEARS
(WARRENSBURG, Mo., digitalBURG) — Funding for student scholarships and academic programs is up nearly 8 percent from fiscal year 2017, meaning financial assistance will be available to more students.
The University of Central Missouri Alumni Foundation Board of Directors approved a $1.4 million payout from its endowments for fiscal year 2018. This marks the sixth consecutive year of increasing payouts, according to a university news release.
Jason Drummond, executive director of the UCM Foundation, said the gradual increase in payouts by the Foundation is by design. He said the increase is to help the scholarships they offer maintain their purchasing power.
“We know there’s going to be points in time where the stock market is going to go down or the state’s investment in education is going to go down and what the Foundation is trying to build up to is that you as students never feel that,” Drummond said. “So, if tuition goes up say 2 percent, we want to make sure our scholarship payments go up at least 2 percent. Because, if not, your scholarship doesn’t maintain its value.”
Drummond said the payout, which goes into effect July 1, rolls over into the next fiscal year if it’s not all used this year.
“We have a pretty strong push to make sure that all the money in our expendable accounts – especially in scholarships – are expended out within this year or next year,” he said.
Drummond said the Foundation’s ability to increase its payout comes down to three factors: more donor support, strong expertise on its board and good investment returns. He said the payout is divided up into two primary buckets.
“The largest bucket being student support and scholarships,” Drummond said. “The other bucket are programmatic needs. Programmatic needs would be study abroad trips or whatever the donor’s interest was at the time which they set up to fund.”
Students can apply for UCM Foundation scholarships through MoCents at https://ucmo.academicworks.com. To make a donation to the foundation, visit ucmfoundation.org.