Endowed fellowship agreements
Fellowships are awarded at the graduate or post-graduate level and cover expenses related to research and teaching responsibilities. They can cover tuition, and they can provide teaching stipends, research stipends, or funds for travel, living, or research expenses—or some combination of any of these. Fund agreements should clearly specify the use intended for the fellowship fund.
Fund agreement template for endowed fellowships
Things to remember when writing a fellowship agreement:
- All fellowship endowments must be approved by the Trustees
- The minimum fellowship endowment level is $100,000
- The full tuition fellowship endowment level is $1,000,000
A fellowship fund can benefit students university-wide or be directed to students at a specific school or college. Keep in mind that less restrictive criteria makes it easier to select recipients and helps ensure that the fellowship can be awarded in perpetuity. Donors should be encouraged to state their restrictions as “preferences.” Preferences might include:
- students in a specific major, department, or school/college
- students from a particular geographic region
- student characteristics that can be evaluated from an administrative level, such as “high achieving” or “demonstrates leadership.” Steer clear of preferences based on specific GPAs.
The financial clause in paragraph 2 and the alternative use clause in paragraph 4 are standard inclusions in every endowed fund agreement at Boston University. The alternative clause language does not give the University an “out” to use the fund however it wants. It provides for future flexibility—if, for example, BU ceases to offer a program or major designated in the agreement—and, at the same time, holds the University accountable for meeting the donor’s overall intentions and objectives in establishing the fund.