Penn90
Masters Student
Posts: 575
Reg: 11-22-04
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03-23-06 08:08 PM - Post#18654
In response to T.P.F.K.A.D.W.
President Gutman's entire fundraising pitch is centered around building the scholarship endowment, which is smaller than every other Ivy, Stanford and MIT.
More than 40% of undergraduates receive financial aid from the University. For FY'06, only 12% is covered through income from Penn's scholarship endowment. The remaining $70.4 million is funded from Penn's general operating budget. By comparison, Princeton's scholarship endowment covers 100%.
Pardon the pun, but Gutman is putting a full-court press on alums, offering a match deal: you endow a scholarship for approximately $365K and tailor it the way you want, i.e., make it for a student from the DC area or a nursing major, etc. Theoretically -- and correct me if I am wrong -- an alumni-endowed scholarship could be for a student who wants to compete in a sport.
Possible legality of the endowed scholarship aside (I like the idea of Andreas Schreiber being the Penn90 Scholarship winner for a freshman who intends to play men's hoops), there's a logistical problem that makes it less attractive than your standard athletic scholarship. That is, some poor schnook in Admissions must pore over every kid who will attend Penn, examine their financial needs, and then match it with the scholarship that fits best. Tedious, to say the least. And not as quick-and-easy as an an athletic scholarship.
Again, I have no idea if you can endow a men's hoops scholarship, but within five years Penn's scholarship endowment will be much closer to Princeton, Harvard, etc., than it is now.
Based on the above press release, it sounds like Penn is making progress in the fundraising drive.
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