By Bryant Romero –
New Jersey City University has been given a $50,000 donation from the Provident Bank Foundation. The donation will be matched with money from the university’s U.S. Department of Education Title V fund, to institute a total $100,000 endowment for the university’s Provident Bank Endowed Scholarship Fund. This is the second Provident scholarship that has been established.
“We are proud to support the Provident Bank Endowment Scholarship Fund at NJCU and help cultivate excellence in students for years to come,” said Jane Kurek, executive director of the Provident Bank Foundation.
The Provident Bank scholarships will be awarded beginning in the fall 2014 semester. Scholarship recipients will have to be students who are full time undergraduates receiving financial aid who are also majoring in business and have at least a 3.0 GPA or better.
“Provident Bank has been supportive of business students at NJCU since 2007,” said NJCU President Dr. Sue Henderson. “Their gift of $50,000 will be matched with a Title V Grant for Hispanic Serving Institutions to total $100,000. These funds will form an endowment and the interest from the endowment will be used for scholarship funds. The result is that more scholarship funds will be available for students now,” she said.
NJCU has received $1.2 million in matching funds that became available through a 5-year grant (of $9 million) received in October 2011 through the federal Hispanic Serving Institutions program.
The continued support from Provident Bank Foundation dates back to 2003, when the first endowed scholarship was established with a gift of $250,000, pledged over 5 years. That fund awards four scholarships each year to students who are business majors. Recipients must have shown tremendous leadership qualities, performed community service and have strong academic achievements.
Both that fund and this new one will remain open so that they can grow throughout the years. Having these funds will also help enhance the chances of NJCU bringing in additional scholarship funds.
The exact amount of money students can receive from the Provident Bank Scholarship fund is unknown, but according to Dr. Sue Henderson it is usually five percent since it is an endowment. For example, if the total endowment is $100,000, then the amount awarded to a student would be $5,000. The endowment will continue to grow because interest will be accrued each year.
“The funds are permanent and the interest will provide scholarship monies for business students,” said Dr. Henderson. “The gift also shows an increasing interest by Provident Bank in our students and their success.”
Provident Bank has not only been supportive by providing scholarship funds to NJCU since 2003, but it has also been a regular sponsor of various NJCU events. Since its founding, the Foundation has handed out up to $17.5 million in grants for programs in education, wellness, recreation, as well as the arts, social and civic services.
Now in its 10th year of existence, the Foundation continues to strive to enhance the quality of life in New Jersey with support to nonprofit groups, schools, institutions, and other organizations that exist in communities where Provident Bank provides services.
“Since its formation in 2003, the Provident Bank Foundation has demonstrated a strong academic commitment which we feel is crucial for the success of our future leaders in business,” added Kurek. “Provident Bank Foundation’s mission is to support the communities that the bank serves; students at NJCU are part of the community we serve.”
According to Kurek, Provident Bank was founded nearly 175 years ago in Jersey City and has continued to have a strong presence in the city and in Hudson County.