At USC our passion is. . .
- Scholarships and Fellowships
- Faculty support, retention, and recruitment
- Research funding
- Facilities and technology improvements
- Unrestricted resources that can be used wherever the need is greatest
Donna J. Walker, Class of 1979
“I would like to ensure other pharmacy students have the opportunity to develop their own skills and encourage them to be leaders in our profession. We must attract and educate promising student leaders with high potential to grow professionally in order to best serve patients and solve today's pressing health care issues.”
Marvin Hyatt, Class of 1959
"My education at USC shaped my professional life and because of that I support South Carolina’s pharmacy education programs through a scholarship. It’s important to me to give back."
Ares Artemes, Class of 1954
“I am passionate about my profession and the education I received at USC. The effect that pharmacists have on the health and well being of our neighbors and citizens is critical. My gift to the College is a way I can help continue the strong pharmacy program in South Carolina.”
What is an Endowment?
An endowment is a gift that establishes a permanent fund of support for the purpose you specify – and on the campus you specify. The principal of your gift is invested in a manner that protects it from inflation and grows over time, with only interest from the fund providing financial support to the projects and programs you specify.
By establishing an endowment within the College of Pharmacy, you help support the best education for tomorrow's leaders through.
Currently, the USC campus has 65 endowments that enhance the quality of the College’s teaching, research, and public service programs, and provide resources for our students. Your gift can establish an endowment for:
Scholarships and fellowships
Support for promising students to develop their talents
- Professorships and chairs
Essential to attract and retain outstanding faculty and maintain excellence in teaching and research
- Research, programs, or other purposes
Key elements in keeping South Carolina at the leading edge of knowledge and discovery
- Unrestricted use
Applied by the College Executive Dean and Campus Deans, or college or department chair, wherever needs are greatest
Creating an endowment
Before you establish an endowment within the College of Pharmacy, ask yourself “What would I like to accomplish with my money that is meaningful to me and my family? By posing that question, and looking at opportunities to assist the College of Pharmacy, we believe you may find the right program or project that meets your philanthropic goals.
There is a great need to provide financial assistance to our professional students. Through our current scholarship programs, approximately fifty percent of our students receive merit-based awards.
A scholarship, fellowship, professorship, lectureship and other endowments are established to provide resources for our students, faculty, programs and facilities. Endowments provide the College with perpetual financial assistance, as the principal is never touched – only the interest in utilized to support the designated purpose.
Endowments are relatively easy to establish – outright gifts or planned gifts may be used to finance the endowment, and the College works with you to design the Gift Agreement – the compass of the plan that lays out how you want the funds to be utilized. A minimum of $25,000 is necessary to establish a fund, and you may make your payments over a five-year period.
Types of endowments
The University has established a variety of endowment types with distinct purposes and minimum funding levels.
Through a gift of $100,000, a “Designated Scholarship” may be established to meet criteria determined by you or your family and cannot be used in any other manner, only as identified in the Gift Agreement that you and the College design and would allow you and/or your family to apply specific preferences to your scholarship.
At 2007 rates, a Designated Scholarship with a principal gift of $100,000 would generate approximately $4,500 for scholarship purposes. Through a five-year pledge, you may make payments of $20,000 per year. When your fund reaches $25,000, it is then endowed, will begin accruing interest, and a scholarship may be awarded the following (interest must accrue prior to a scholarships being awarded). Your Gift Agreement would define the parameters of the gift, and amount awarded. As the fund matures and it accrues interest, additional awards may be distributed, or the scholarship amount may be increased. Only interest – or expendable funds - is utilized for scholarships; the principal is maintained and grown to perpetuate the gift.
A “Named Scholarship” may be established with a $25,000 gift. As with the Designated Scholarship, you may add gifts of any amount to the existing endowment to continue its growth.
Bequests and other deferred gifts, including those that provide life income to you or another beneficiary, may also fund endowments. The University of South Carolina has exceptionally qualified staff with specialized gift planning knowledge who can assist you or your financial or legal advisor to explore a variety of funding options.
A Distinguished Professorship is bestowed on faculty members who have outstanding accomplishments in their research and/or teaching that have had a significant impact on the pharmacy profession, our students and programs. In addition, a Distinguished Professor must have demonstrated outstanding performance in at least one other area of faculty responsibility: 1) teaching and advising, 2) professional practice, or 3) institutional service.
A Named Professorship would provide a salary stipend to an outstanding faculty member. A Named Professorship not only assists in recruiting and rewarding faculty members for exemplary performance in their faculty activities, but also provides a financial supplement for salary, research, travel or publishing. A Named Professorship would honor the very best of our faculty.
The USC Foundation
All gifts in support of programs and initiatives at the USC Campus of the South Carolina College of Pharmacy should be payable to the USC Educational Foundation.*
The USC Foundation has five entities - the USC Educational Foundation, the USC Development Foundation, the USC Alumni Association, the USC Business Partnership Foundation, and the South Carolina Research Foundation – which are dedicated to helping the University achieve its mission and goals. These five entities are unique in their missions, functions and governing boards, yet share the common goal of making the University better for those it serves today and for those it will serve in the years to come.
The Foundation is committed to lawful and ethical behavior in all of its activities and requires that its directors, employees, and consultants conduct themselves in a manner that complies with all applicable laws and policies.
The Foundation has a fiduciary responsibility for protecting its resources and spending its funds in accordance with the gift agreements signed by donors.
The USC Educational Foundation is a non-profit corporation that operates within the provisions of Sections 501(c)(3), and 509(a)(3) of the Internal Revenue Code of 1986, as amended. It is a sole-support Foundation for the University of South Carolina. The mission of the USC Educational Foundation is to support the University of South Carolina in all of its educational, research, instructional, scientific, literary, service, charitable, and outreach endeavors.
The funds held by the USC Educational Foundation are either restricted or unrestricted. A restricted fund receives gifts for a specific purpose or area within the College. Unrestricted gifts are used to meet critical, but unbudgeted, priority needs. These two types of funds may be either expendable or endowment in nature. With an expendable fund, all gifts received, as well as the investment income earned, may be used at any time for the stated purpose of the fund. With endowment funds, only the investment income may be used. Only a portion of investment income is expended, so that the foundation's endowment funds will grow over time. The corpus is never invaded, thereby ensuring existence of the endowment fund in perpetuity.