Annual scholarships are an opportunity to give a yearly gift to The Fine Arts Association and sustain our scholarship program. Annually funded scholarships are those that are funded each year by patrons, friends, alumni, and community organizations. The impact of the annual scholarship is immediate, meaning the funds are disbursed to the student recipient in the fiscal year they are received. Gifts made to annual scholarships are not invested, and do not earn additional income. An annual gift of at least $1,000 with a five-year commitment may be used to provide a scholarship for deserving students. As an annual scholarship donor, you can specify the scholarship name and criteria. Annual scholarships give you the flexibility in cost and commitment. 

Scholarships provide the financial resources that help to fund the difference between FAA’s true cost of education and instruction, and what a student pays in tuition. Annual scholarship funds help FAA attract students who can benefit from an FAA education, improving access to the arts through diversity, equity, inclusion, and acceptance. 

Annually donors are provided information about the students who receive their award and will be invited to a Donor Recognition luncheon where they can meet the student scholars during the summer semester. We strive to provide an opportunity for donors to meet the students who will directly benefit from their commitment. 

Philanthropic support for annual scholarships is critical. Not only does the FAA Greatest Needs fund provide much-needed assistance to deserving students, but the higher the participation by our patrons, friends, alumni, and community organizations, the greater chance FAA has of receiving major grants from local, regional, and national foundations which consider constituent participation an important part of their grant-making criteria. 

The gift of an endowed scholarship provides The Fine Arts Association with a permanent asset from which students can receive support. Just like a savings account, endowment funds generate income from the principal investment. Endowments create the foundation upon which organizations build lasting financial strength and ensure educational quality. Once in place, endowments provide perpetual support for FAA students. 

The minimum principal balance required to establish an endowed scholarship is $25,000. Initial contributions may be made in lesser amounts with no awards made to students until the minimum of $25,000 is reached. A donor may be allowed up to five years to complete the $25,000 gift. Subsequent additions may be contributed at any time in any amount. 

Awards are made annually to deserving students according to donor wishes and current scholarship policies of FAA. While it is preferred that scholarships be unrestricted, occasionally it can be appropriate to specify that the scholarship be awarded to students from a specific instructional focus or geographic area.

Naming the endowed scholarship is an opportunity to perpetuate your own interest in The Fine Arts Association or to recognize or memorialize a loved one, friend, classmate, or business. All students who receive a named scholarship are made aware that others share a commitment to their education.