Virchow, Krause & Company, a public accounting and consulting firm, headquartered in Madison, Wis., has donated $114,000 to the University of Wisconsin Athletic Department to establish the Virchow Krause & Company Scholarship Fund. Virchow Krause is the first business to establish an endowed scholarship fund to benefit Wisconsin Athletics.
The endowed fund, managed and invested by the UW Foundation, will provide scholarship support each year to a student-athlete pursuing a Business Degree at the University.
Kevin Heppner, Managing Partner for the Greater Wisconsin Region of Virchow Krause explained, The University of Wisconsin system offers so much to the communities in which we reside. This is our opportunity for us to give back to an institution that offers quality education to our young people. Heppner continued, We are strong believers in investing in academic opportunities for our collegiate student-athletes. Their hard work and determination has already made them a success in the world of sports. Through this scholarship fund, we hope they take those same skills and become a success in the business world.
Barry Alvarez, Director of Athletics at the University of Wisconsin noted, We couldnt be more appreciative of this gift as it demonstrates a commitment to and belief in the University and our athletic programs. With the support of individuals and businesses like Virchow Krause and Company, our student-athletes gain support and resources that will help them pursue their ambitions, both on and off the field.
Virtually all athletic scholarships within the Division of Intercollegiate Athletics are funded by generous gifts from loyal alumni and friends either via the Divisions annual fund or individual endowed funds. Through the generosity and commitment of such supporters, the Division is able to provide full or partial scholarships to approximately 425 student-athletes at a cost of about $8.5 million annually.
Endowed funds provide a wonderful opportunity for individuals to fund scholarships in a particular sport or other area of interest in perpetuity, said Associate Athletic Director for Development Marija Pientka. Each and every endowed fund has its own particular story, all of which are quite heartwarming and play an important role in the heritage of Wisconsin Athletics.
An endowment may be established through a single gift or through installments pledged over a period of time agreed upon by the donor and UW representatives. Gifts to endowed funds are 100 percent tax deductible. The gift is invested through the UW Foundation and a portion (4.75%) of the annual earnings from the endowment are distributed to athletics administrators for use in accord with the wishes of the donors. The remaining earnings are added to the principal and reinvested for future use.
Current endowments provide the Division with nearly $1,000,000 in spendable income per year, representing our strongest assurance for a permanent and predictable income source in this critically important area.
To learn more about establishing an endowed fund, please contact the Badger Fund at 608-262-1000 or firstname.lastname@example.org.