Recipients can be restricted to a specific academic department or program such as international studies or the honors program. While donors may have input, IRS regulations prohibit donors from selecting the individual to receive their scholarship. All gifts to support scholarships are treated as contributions to the university. There is no specific dollar requirement to establish a scholarship. The balance of the scholarship's earnings is reinvested back to the principle to allow for growth and inflation.
Endowed scholarships are self-sustaining and maintain their own identities for reporting purposes.
All scholarships are listed in the university catalog. Since the university operates on a July-June fiscal year most payments are made to the university in the spring of each year. This allows the university to budget for the coming year and to identify students in time for the award to be announced and processed. Gifts of stocks and property are often used to fund scholarships. The University Foundation is prepared to assist with these types of gifts.