$7.4 million scholarship support sets record for YSU foundation - 21 News Now, More Local News for Youngstown, Ohio -

$7.4 million scholarship support sets record for YSU foundation

Posted: Updated:

YOUNGSTOWN, Ohio - The Youngstown State University Foundation says it will allocate a record $7.4-million in scholarship support to YSU next academic year.

A news release from the foundation says the support will help ease the rising cost of education for thousands of students.

Over three years, the YSU Foundation's scholarship allocations to the university have increased by $2.6 million, from $4.8 million in 2011-12 to $7.4 million in 2014-15.

"During this time of increasing costs, we are pleased to raise the amount of financial support available to students pursuing their educational goals at YSU," said Tom Fleming, chair of the YSU Foundation Board of Trustees.

A year ago, the Foundation board completed a five-year strategic plan that included changes to the way in which the Foundation distributes money to the university. In the past, only the income from the Foundation's endowment holdings was distributed.

The new plan allows for 4 percent of a three-year rolling average of the endowment's market value to be distributed annually to the university. The change is the primary reason for the increase in available funds over the past two years, as well as growth of the Foundation's assets.

This current academic year, nearly 3,000 YSU students received scholarship funding from the YSU Foundation. "Generous support from the YSU Foundation will be integral to attracting, retaining and increasing the number of highly-qualified students who can be successful at the university," said Gary Swegan, YSU associate vice president for Enrollment Planning and Management.

Established in 1966 by long time Youngstown College President Howard Jones, the YSU Foundation, with assets of $215 million, is the largest foundation between Cleveland and Pittsburgh. The Foundation is independent from YSU yet exists solely to support the university and its students.

"So many of our board members, like me, are YSU graduates and remember the days of financing their college education," said Garry Mrozek, vice chair of the Foundation board. "Generous donors make it possible for the foundation to help students reach their educational goals, despite the increasing cost of higher education."

  • More From wfmj.comMore>>

  • Group honors third Kennywood coaster as 'landmark'

    Group honors third Kennywood coaster as 'landmark'

    Monday, July 28 2014 9:07 AM EDT2014-07-28 13:07:05 GMT
    The group American Coaster Enthusiasts has named the Thunderbolt a "Coaster Landmark" - the third roller coaster to be so recognized at the Kennywood amusement park near Pittsburgh.More >>
    The group American Coaster Enthusiasts has named the Thunderbolt a "Coaster Landmark" - the third roller coaster to be so recognized at the Kennywood amusement park near Pittsburgh.
    More >>
  • Ohio offers extra hunting days for mourning doves

    Ohio offers extra hunting days for mourning doves

    Sunday, July 27 2014 1:45 PM EDT2014-07-27 17:45:29 GMT
    Ohio will allow extra days for hunting mourning doves this year.More >>
    Ohio will allow extra days for hunting mourning doves this year.
    More >>
  • Ohio authorities say 2 killed in small plane crash

    Ohio authorities say 2 killed in small plane crash

    Sunday, July 27 2014 1:38 PM EDT2014-07-27 17:38:30 GMT
    FINDLAY, Ohio (AP) - Authorities in northwest Ohio say two people have been killed in an overnight small plane crash. The Hancock County sheriff's office says the crash apparently occurred at about 1 a.m. EDT Sunday. Investigators were still at the scene Sunday and little other information was available immediately. The plane crashed near a county road just northeast of the city of Findlay. The city has a small general aviation airport, but authorities were still investigating where the plan...More >>
    FINDLAY, Ohio (AP) - Authorities in northwest Ohio say two people have been killed in an overnight small plane crash. The Hancock County sheriff's office says the crash apparently occurred at about 1 a.m. EDT Sunday. Investigators were still at the scene Sunday and little other information was available immediately. The plane crashed near a county road just northeast of the city of Findlay. The city has a small general aviation airport, but authorities were still investigating where the plan...More >>
Powered by WorldNow
All content © Copyright 2000 - 2014 Worldnow and WFMJ. All Rights Reserved. For more information on this site, please read our Privacy Policy and Terms