A charitable foundation has established a major endowment with the University of Montana.
The Haynes Foundation has provided scholarship funds to UM before, but Monday's announcement of a $4 million permanent endowment is particularly significant.
At the Haynes Foundation’s request, UM is remaining tight-lipped about who will qualify for the scholarship awards.
UM Foundation President and CEO, Shane Giese, says only:
“It will be used for scholarships; scholarships for deserving students who are Montana students. (These will be) students who have a desire to come to the University of Montana to get a higher education degree.”
Giese says UM will soon start awarding the scholarships to qualifying students.
“We will be awarding students this year and also next year’s scholarships. The Foundation is meant to manage this and to hold it and it will be in perpetuity," Giese says.
Giese adds the $4 million endowment will help the school attract more Montana students.
Enrollment at UM has dropped annually since peaking at over 15,000 students in 2011.