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Endowed Gift

Q: What is an endowment fund?

A: An endowment fund is a permanently restricted, self-sustaining source of funding. Endowment assets are invested. Each year, a portion of the fund’s earnings are paid out to support the scholarship program. Earnings in excess of this distribution are used to build the fund’s market value. In this way, an endowment fund can grow and provide support for its designated purpose in perpetuity. When you establish an endowment fund, you create a permanent legacy granting scholarships in your name.

Q: How much money does it take to fund an endowment?


A: There are two key types of endowment, each with different participation levels:  

  • Scholarship in Perpetuity - $150,000 will establish a named endowment, allowing you to designate specific scholarship-granting guidelines. This will grant at least one scholarship every year, forever. Scholarships are selected by an internal Blue White Scholarship Foundation review committee, based on your scholarship-granting guidelines.

  • Family Legacy Fund - $500,000 will also establish a named endowment, but this fund will grant approximately three Scholarships each year. Additionally, with a Family Legacy Fund, you and multiple generations of your family may participate first-hand in selecting each Scholarship, including reviewing Scholarship applications.


Q: Do I need to fund my endowment in one payment?

A: No! We can accept pledges for up to five years, or you can create an endowment through a planned gift (will, trust, life insurance policy). You can even invite friends and family to donate to your endowment! Initially. However, we require an endowment agreement to create the fund. This agreement between you and Blue White Scholarship Foundation permanently defines the Scholarship-granting parameters of the fund. 

Longtime supporters Anne Terranova and Terry Terranova '52 wanted to ensure that the Blue White Scholarship Foundation continues to flourish well into the future. Terry's wife wanted to memorialize his passing through a gift to Blue White, so she made a $25,000 donation to the Blue White Scholarship Foundation endowment fund.


Each year, a portion of the income from the invested money will be used to support our mission in honor of the Terranova Family. The remainder of the income is reinvested in the fund. That is what allows it to support our scholarship program into the future. Anne received a Federal income tax charitable deduction on her taxes because she made a lump-sum gift.

Naming Rights and Endowed Scholarships

For families that wish to create a true legacy and keep future generations involved with the perpetual award of scholarships, we offer Naming Rights with legacy benefits. Your heirs remain involved with the applications for scholarships funded by your endowment. The amount of these annual scholarships is calculated based on the earnings attributable to the amount of your endowment gift.  


  • Consult your financial or legal advisor.

  • Contact Kate Cellucci at 610-519-0777 or for additional information on bequests or to discuss the options available. 

  • Include Blue White Scholarship Foundation in your plans, using our legal name and Tax ID.

Legal Name: 

    Blue White Scholarship Foundation


    PO Box 412. Villanova PA 19085

Federal Tax ID Number: 

    EIN # 23-3095631

Information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in examples are for hypothetical purposes only and are subject to change. References to estate and income taxes include federal taxes only. State income/estate taxes or state law may impact your results.

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