What Are Endowed Scholarships?

An endowed scholarship enables you to combine thoughtful estate planning with a desire to give back to the pharmacy profession. By creating a scholarship, you can direct funds toward a worthy cause and fund the future of pharmacy in Texas!

Leaving a Legacy

Create a lasting legacy to impact the lives of future student pharmacists and influence the pharmacy profession for generations to come! With an endowment, the gift continues in perpetutity.

Who Can Create an Endowed Scholarship?

Individual Texas pharmacists are encouraged to establish an endowed scholarship as a way of giving back to their profession. You don’t have to be a college dean, a pharmacy owner, or a pharmacy association leader to form an endowed scholarship! Anyone may do so.

In addition, a group of individuals with a common bond or a shared interest may choose to form an endowed scholarship. For example, a group of friends, colleagues, or alumni could pool their resources to fund a scholarship. If there are multiple pharmacists in your family, consider forming a family scholarship to honor them and support future pharmacists.

Benefits for TPF Endowed Scholarship Donors

There are several potential benefits for donors who choose to establish a TPF endowed scholarship.

Tax Advantages

Incorporating an endowed scholarship into an estate plan can have significant tax implications; income tax deductions and reducing taxable estate for the contributions to the scholarship fund can be a long-term investment strategy. The donation can receive a charitable deduction of up to 50% on your adjusted gross income.

Recognition

Donors will be recognized annually for their generous contribution and have the opportunity to meet with scholarship recipients.

Required Minimum Distributions

If you are 70½ years old and have a 401(k), money can move directly from your retirement account to your TPF endowed scholarship TAX FREE and count toward your annual required minimum distribution (RMD).

Establishing an Endowed Scholarship

Texas Pharmacy Foundation staff will help guide you through the process of establishing an endowed sponsorship.
Endowed scholarship guidelines include:

Initial contribution shall be at least $10,000 for the TPF Board of Trustees to consider naming the scholarship.
$25,000 is the minimum amount of contributions for an endowed scholarship to be continued after 5 years.
From the date of the Foundation Board approval, the scholarship has 5 years to reach the $25,000 level.
The initial scholarship award amount, as determined by the TPF Board of Trustees, will be awarded when the realized investment earnings have reached the award amount.
Initiator(s) of the endowed scholarship assume the responsibility for completing the full $25,000 contribution level by the end of the 5-year window.

Learn More

For more information about TPF’s endowed scholarship program, contact TPF President RoxAnn Dominguez at 512-615-9147.

About the Texas Pharmacy Foundation

The Texas Pharmacy Foundation (TPF) is a non-profit organization with a mission to advance the profession of pharmacy through research and scholarships. Specifically, its goals are to:

Elevate the profession and advance the practice of pharmacy.
Enhance the visibility and vitality of the Foundation.
Promote, finance, and award scholarships and financial assistance.

History

The Foundation was chartered by the State of Texas in 1970 by a petition from charter members and past presidents of Texas Pharmacy Association. Since then, TPF has pursued innovative means to fund scholarships and special projects to support quality health care and the profession of pharmacy.

Volunteers and Association Support

The volunteer members of the Foundation are committed and actively involved in the management of the Foundation and its investments. The Board of Trustees meets regularly and provides staff with direction to address the Foundation’s goals. By sharing staff with the Texas Pharmacy Association, the Foundation has access to excellent talent, relationships, and resources to fulfill its mission.

Texas Pharmacy Foundation (TPF) is a 501(c)(3) non-profit corporation (TIN 23-7100717). Contributions to TPF are deductible to the extent of the tax law. You will receive no goods or services for your contribution.

This information is provided for informational purposes only and should not be considered as formal tax advice. Please consult with a qualified tax professional regarding your specific circumstances before making any financial decisions.