Financing the University
Olivet Nazarene University is an independent liberal arts university related to the Church of the Nazarene. Over 700 congregations in Illinois, Indiana, Michigan, and Wisconsin have individual educational budgets which are paid annually to the University. Last year, funds received from these churches came to more than $3 million.
Gifts from many alumni, friends, businesses, and foundations, along with the church support, enable the University to offer its high-quality education at a tuition charge well below other independent liberal arts colleges in the area. A large number of corporate and foundation gifts are received each year, both in direct gifts and through matching gift programs with company employees.
Tuition, room, board, and fees from students make up a large portion of the operating budget of the University, unlike state universities and community colleges, which receive the major portion of operating funds from tax revenues.
Current Cash Gifts and Securities
Many friends of the University make cash gifts to the University throughout the year. Some gifts are for specific purposes, while others are for general needs. Gifts of securities and properties that have significantly increased in value are not only an asset to the University, but may also be beneficial for the donor in consideration of capital gains and income tax obligations.
All gifts to Olivet Nazarene University are eligible for consideration as income tax deductions.
Gifts for student scholarships may be made in two ways: (1) They may be used directly for student aid during the school year or (2) a capital fund can be maintained through the ONU Foundation, invested so that only the earnings of the gifts are awarded in scholarships each year. Gifts of $10,000 or more may be designated as a scholarship fund named in honor or memory of the donor or a selected individual.
Recipients of these scholarships are determined by the University's Scholarship and Financial Aid Committee.
The ONU Foundation
The ONU Foundation is an endowment fund established from donations made by many individuals over several decades. The assets of more than $22 million are earning interest and dividends which are awarded in scholarships to qualifying Olivet students. Many of these scholarships are named for individuals and families. Applications are received from continuing Olivet students annually, and awards are made based on financial need, academic achievement, and other criteria stated in the scholarship funds.
Bequests, Gift Annuities, and Life Income Agreements
The ONU Foundation has a number of programs designed to assist people who wish to invest a portion of their life savings in education at Olivet. The Director of Development, Director of the Foundation, or Vice President of Finance of the University can give suggestions and counsel, together with a donor's attorney.