@prospect1: “only funds earmarked for the purpose of institutional financial aid assistance can be tapped to meet this need.”
Actually – and just to provide you additional, pertinent information – endowments generally are a great deal more specific than “institutional financial aid assistance.” For example:
- Some year’s ago, my wife and I endowed a scholarship at Duke’s Fuqua School of Business that can ONLY provide FA to U S Veterans.
- We also contributed to a scholarship endowment that can ONLY be used to support undergarduates from the Carolinas.
- Similarly, we contributed to several scholarship endowments that can ONLY provide FA to African-American undergraduates.
- And so forth (obviously, there are literally thousands of entirely reasonable conditions that could be specified in scholarship endowment agreements).
I highlight this because it is most unlikely that there is a single, extremely large “undergraduate scholarship endowment” (etc.); rather, there will be thousands of capitalized, individual need-based (merit-based and athletic, too) scholarship endowments – some very sizable and others fairly small – each with their own, highly-specific terms and conditions.