The original goal for the Jennifer Lauren Farrell Endowed Scholarship in 2002 was to raise $300,000. Back in 2002 this amount at 7% interest per year would generate enough interest each year ($21,000) to put one out-of-state student through one year at Clemson University. This funding mechanism (assuming 7% interest) would continue ad infinitum.
Well, times have changed! Today it takes approximately $30,000 per year to educate one out-of-state student at Clemson University. Additionally, the Clemson Fund (which manages our donations) has been averaging approximately 8.5% interest since we have associated with them. Assuming that the Clemson Fund continues that annual return, we would need to raise approximately $355,000 to generate enough interest to pay for the annual cost of sending a your person to Clemson University today.
Our Planning Committee met in July 2012 to discuss which direction we wanted to take our fund raising energy. We were very close to our original goal of $300,000 and the decision to continue our efforts or stop them was discussed in great detail. After much discussion and careful thought, the committee decided to continue our fund raising and to set a new goal of $355,000. We set a time line of 5 more years to achieve this goal. This decision was made in keeping with our original goal of being able to pay for one year of out-of-sate tuition using the interest from your donations.
We are re-energized and so excited about this NEW CHALLENGE! We hope all of you are as well!! Jennifer would be amazed and overwhelmed by your love and commitment to her memory in this way! Thank you for your many years of support to this endeavor and the Farrell Family! It is truly, truly appreciated. Hope to see you at next year’s tournament!!!