The UNLV Foundation manages more than 70 academic scholarship accounts for the university. Those include memorial scholarships, business oriented support, assistance for under-represented ethnic groups, athletics, and a wide variety of programs for students pursuing specific degrees such as engineering or the arts. Scholarships vary from one-time donations to those renewed annually or established as endowment funds. In most cases the scholarships are awarded to students based on criteria set jointly by the donor and the university. The main difference between a single donation scholarship and an endowment fund is that the principal or donation to an endowment is invested and only the earnings are used.
Scholarships are just one of many uses for endowment earnings.
The Rick Parks Memorial Scholarship Endowment Fund created by Castle is typical of endowment accounts that provide annual earnings to support one or more students. UNLV has a complex system for collecting, managing and awarding scholarship money. Judy Belanger, director of student financial services, is responsible for managing the scholarship awards system and all other financial support activities for the University. Some scholarships are managed and awarded directly by student financial services. Others are managed through a cooperative effort between student financial services and the specific college, school or department for which the scholarship was established.