Berkshire Hathaway Vice Chairman Charles Munger's recent gift of $110 million in stock to his alma mater, the University of Michigan, will provide housing for generations of graduate students and earn him an honored spot in the university's history books. But you don't have to be a billionaire to create a lasting legacy for students. By endowing a scholarship, you can accomplish a similar goal, see the immediate benefits of your gift, and take an income tax deduction to boot.
"I've seen minimum scholarship endowment requirements as low as $10,000 and as high as $100,000," says Nekita Nesmith, director of development at the University of Delaware College of Arts and Sciences. "The minimum dollar requirement is usually based on how the university invests the money."