The Foundation, under a new distribution plan approved earlier this year, will allocate $6.8 million to YSU for student scholarships next academic year, up from $5.1 million this current academic year. That’s a 33 percent boost in funding.
“I want to thank the YSU Foundation for its continued generosity and this historic increase in scholarship support for our students,” YSU President Cynthia E. Anderson said. “Students will feel the impact of these changes immediately and where it counts – in their wallets.”
The funding will help students attending graduate school and also will target the more than 1,300 undergraduate students receiving merit-based Scholarships for Excellence from the university. For example, recipients of the university’s President’s Scholarships will receive $4,000 next academic year, an increase of $1,500 from this current year. That means that over the course of four years, recipients of the President’s Scholarships will get $6,000 more in funding. The same is true for the Deans’ Scholarships (up $1,000 a year for a total increase of $4,000 over four years) and the Red and White Scholarships and Trustees Scholarships (up $500 a year for a total of $2,000 over four years).
In addition, nearly 1,500 other Foundation-funded scholarships will be increased by 4 percent for next academic year.
The increased funding is the result of a change in the way in which the Foundation distributes money to the university. In the past, only the income from the Foundation’s endowment holdings was distributed. The new plan allows for 4 percent of a three-year rolling average of the endowment’s market value to be distributed annually to the university.
“This new distribution plan puts the YSU Foundation more in line with other university endowments nationwide and allows us to provide an even higher level of assistance to YSU students facing increasing educational costs,” said Thomas Fleming, chair of the YSU Foundation Board of Trustees.
Founded in 1966, the YSU Foundation is a private, non-profit corporation independent from the university that supports YSU exclusively, mostly through scholarships for students. Earlier this year, the Foundation announced that it has surpassed the $200 million mark in assets and is now among the top third of university endowments in the nation.
Elaine Ruse, YSU director of Financial Aid and Scholarships, said the changes in the Foundation’s allocations will reduce the cost of education – right now – for qualified students.
“This increase in funding from the Foundation makes YSU’s scholarship programs more competitive,” she said.
Garry Mrozek, vice chair of the YSU Foundation Board of Trustees, said the Foundation looks forward to continuing to work with the university to help students. “We want to provide YSU and its students a strategic advantage, allowing them to pursue their educational goals and professional dreams,” he said.