What is the goal of this campaign?
- The goal of this campaign is to raise up to $1,000,000 in order to endow a named Jefferson Scholarship at the University of Virginia.
What will the scholarship be named?
- The Delta Kappa Epsilon Scholarship – in Memory of David J. Magoon
Who are the target donors?
- All alumni of Delta Kappa Epsilon fraternity
- The graduating classes of 2000-2006 (i.e. those who directly overlapped at U.Va. with David) have set a goal of providing at least 1/3 of the total funds ($415,000+)
- Other members of the extended UVA community, including fellow Jefferson Scholars
What does it mean to endow a Jefferson Scholarship?
- An endowed gift means that every several years, in perpetuity, an incoming Jefferson Scholar will be attached to the DKE-Magoon named scholarship. The frequency depends on the final size of the endowment and the annual returns achieved by UVA’s endowment (UVIMCO) in managing the funds (currently assumed at c. 5.5%). A $500,000 endowment (the minimum threshold required) would allow us to fund an in-state student roughly every 4 years, or an out-of-state student roughly every 8 years. A $1,000,000 endowment would allow us to fund an in-state or out-of-state student roughly every 4 years, likely ensuring that a DKE-Magoon Scholar would be enrolled at the University at any given time.
What is the timing of the fundraising?
- A substantial effort is already underway and significant pledges have been made; it is envisioned that solicitations will continue through Spring and Summer 2017, with final commitments due by the weekend of September 23, 2017, when DKE will celebrate its 165th anniversary in Charlottesville.
Are gifts tax-deductible?
- Yes, gifts are 100% tax deductible and would be made directly to the Jefferson Scholars Foundation – designated to the DKE-Magoon account.
Do gifts count towards overall U.Va. giving? What about reunion gift drives or other pledges?
- Yes, gifts count 100% towards overall U.Va. giving, and would also satisfy existing pledges to U.Va. made during past reunion cycles, or towards future reunion pledge drives.
When would we fund our first student?
- Whenever the internal Jefferson Scholar account has $500,000 or above, we can begin to fund our first student. Given the five-year pledge structure for most gifts, this will likely be in the 2020-2021 academic year.
Do we have any input into the selection process?
- No, not directly; Jefferson Scholars are chosen through a rigorous selection process, on which donors have no direct impact. That said, donors will have the opportunity to meet and interact with each recipient of the DKE-Magoon named scholarship, which is at the discretion of the donors and the student as to the type and depth of relationship they wish to have.
Is the Jefferson Scholarship need-based or merit-based?
- The Jefferson Scholarship is 100% merit based, and scholars are chosen solely on the criteria of leadership, scholarship, and citizenship. That said, endowed donors are able to express preferences as to what types of students might be attached to their award (i.e. from a certain state or region; male or female, etc). We intend to state a preference that the DKE-Magoon scholarship be attached to a student with demonstrated financial need.
What are the tiers of giving?
- We have set giving tiers at the following levels, which will typically be structured as 5-year pledges: Rampant Lion Circle: $50,000 ($10,000/year) and above
Carr’s Hill Society: $25,000 ($5,000/year) and above
Eta Circle: $10,000 ($2,000/year) and above
Boree’s Circle: $5,000 ($1,000/year) and above
1852 Society: $1,852 ($370/year) and above
While the tiers provide a guideline, gifts and pledges of any size will of course be accepted.
If you have any additional questions, please feel free to contact James, Berkley, Crawford or Marshall:
(434) 284-6779 (o)
(302) 998-4400 (o)
(703) 963-2307 (m)