The Millersville University Foundation (MUF) has voted to increase its spending rate to help students during the economic fall-out from the COVID-19 pandemic. At its meeting on May 12, MUF voted to increase the spending rate by a quarter percent to 4.5%.
“The Millersville University Foundation is pleased to be able to increase the endowment spending rate to support Millersville University students during this difficult time,” said Joseph W. Garner ’90, president of MUF. “The thoughtful and prudent investment policy of the board over the years has put us in a position to help students without taking undue risk to the long-term stability of the endowments. It is my hope that this action cushions the economic hardships many of Millersville students face and allows more students to continue their education at Millersville University.”
This increase will mean the award on a $25,000 scholarship will go up on average by $60. In total, the foundation will award approximately $60,000 more in scholarships, funds for academic programs, and student/faculty research.
Susan Lloyd ‘20, a mathematics major from York is a MUF Scholarship recipient. “”The support provided by scholarships has allowed me to take additional courses during the summer and winter sessions in order to add desired concentrations to my major,” says Lloyd. “Scholarships have also allowed me to purchase the necessary textbooks and resources I needed to be successful in these courses as well as take advantage of other opportunities that Millersville University has to offer without having to worry about further financial obligations.”
Garner is serving as MUF president for the second time. He also guided the organization during the financial crisis of 2008-09.
Millersville’s endowment is currently at $38.5 million.
The scholarships for the 20-21 academic year have been funded. The increase in spending will be for the 21-22 academic year.