There are three ways to provide scholarship support for MCAD students: endowed scholarship funds, annual scholarships, and NOW Scholarships.
Scholarships are critically important to the success of MCAD students. More than 95% of MCAD students receive some sort of financial aid; it is the difference between a realized ambition and a deferred dream.
Endowed Scholarship Funds
Endowed scholarship funds at the Minneapolis College of Art and Design are established with a contribution of $25,000 or more. These permanent funds keep giving each year; they also keep growing since only a portion of the income they generate is awarded annually in scholarship support. Often, endowed scholarship funds honor a family member, mentor, or friend of the college and may be funded with a single gift, gifts over a number of years, or a bequest.
Some donors provide scholarship support on an annual basis. Individuals, corporations, and foundations can create named, annually renewable funds by committing $2,000 or more each year for four or more years. These funds will be expended in full each year and therefore earn no income.
Donors may establish award criteria (Minimum GPA, area of study, etc.) or may allow the college to distribute funds based on student need. Contributions to endowed scholarship funds do not qualify for President’s Circle Membership.
Even with financial aid packages that include scholarships, work-study, and loans, some students struggle to cover the remaining costs of the MCAD educations. Juniors and seniors are particularly at risk for falling behind, as they have added expenses associated with projects and exhibitions. In most cases, a one-time NOW Scholarship of $3,000 will enable these hardworking students to continue their academic progress.
NOW Scholarship contributions qualify for the President’s Circle Membership.
Your broker can assist you in making a gift of stock via a direct transfer to MCAD. Giving a gift of publicly traded stock that has increased in value and that you have owned for more than one year may provide greater tax benefits than giving cash. Your charitable income tax deduction is equal to the fair marker value of the stock and you avoid paying the capital gains tax on any increase in the current value over the original cost of the stock. You may also save by not incurring brokerage fees because you are transferring ownership rather than selling the stock.
To endow a scholarship, establish an annual scholarship fund, or provide current students with immediate NOW Scholarship support, contact Cindy Theis, Associate Vice President of Institutional Advancement, at 612.874.3777 or firstname.lastname@example.org.
"MCAD gave me so much more than a scholarship—it gave me the courage to follow my heart. MCAD presented me with an opportunity to become the first in my family to pursue and finish college." Meet Aliyah.
Inspired by the support he received as an MCAD student, Brad Berling now gives back to current students by funding a NOW Scholarship. “My scholarship made a big difference on my career trajectory,” says Brad, who now works as an art director at a Hollywood agency. Meet Brad.
"I wish I could capture the relief students and parents feel when they realize it is possible to attend MCAD. The look on their faces is priceless. I wish I could pass along the hugs I receive from students when everything works out and they can stay at MCAD. Adding a scholarship can have that kind of impact on a student—thanks to you!" Read Laura Link's letter about scholarship support.