University receives $2 million from Catholic Healthcare Partners for nursing scholarships
Endowed fund provides $5,000 scholarships to four students a year who need financial help to study nursing
03/02/07Catholic Healthcare Partners donated $2 million to Xavier University on Friday, March 2, for the creation of an endowed scholarship fund that will provide scholarships to students seeking nursing degrees. The scholarships, which are for as much as $5,000 per semester, are to be awarded annually to two undergraduate and two graduate students in nursing starting with the 2007 fall term.
In addition to tuition assistance, the program also offers the CHP scholars development opportunities at CHP facilities as well as possible career opportunities within the CHP system once they’ve graduated.
“CHP is very pleased to partner with Xavier University to offer the CHP nursing scholarship program to students who need financial help in order to pursue their dream of a nursing career,” says Michael D. Connelly, president and chief executive officer of CHP. “Not only will these deserving students benefit but so will CHP facilities, which are looking for well-prepared, diverse and values-driven nurses who can deliver excellent health care.”
The selection of the CHP scholars is made on the basis of academic qualification and desire to pursue a career in nursing, with priority given to students with the highest financial need and underrepresented racial minority students. Recipients are eligible to maintain the scholarships as long as they remain in good academic standing in the nursing program.
CHP scholars also have ongoing opportunities to meet CHP employees and visit CHP facilities, and Xavier’s department of nursing is also working with CHP to establish opportunities for undergraduate students to complete internships and preceptor requirements at CHP sites.
“Xavier University is very appreciative of CHP’s generosity in establishing the CHP nursing scholarship program,” says University President, Michael J. Graham, S.J. “By offering these nursing scholarships, we will be able to recruit more lower income and minority students, thereby increasing the diversity of our nursing program and helping to alleviate the region’s nursing shortage. This supports Xavier’s mission of promoting and celebrating a diverse campus community.”
The $2 million donation establishes an endowed scholarship fund. Each year, 4.5 percent of the endowment is used to fund the scholarships. The CHP nursing scholarship program is part of an ongoing effort by CHP to make direct investments in organizations and projects that promote access to jobs, housing, food, education and health care for low-income and minority communities.
“CHP’s direct community investments are intended to make a positive impact by promoting human dignity, social justice and better health, and this new nursing scholarship program will further those aims,” says Jerry Judd, CHP’s vice president of treasury.
More scholarships can be awarded if selected students require less than $5,000 per semester, or if the value of the endowed fund is increased through additional investment and/or growth in its market value. Because the scholarships are renewable, the number of students in the program will grow annually. Based on current projections, the program will mature by 2011, after which at least 12 students will benefit each year.
Catholic Healthcare Partners consists of more than 100 organizations that serve the health care needs of persons in Indiana, Kentucky, Ohio, Pennsylvania, Tennessee and contiguous states. Nine CHP regions oversee integrated health systems, acute care hospitals, long-term care facilities, housing sites for the elderly, home health, hospice, outreach programs, wellness centers and other organizations that provide diversified health care services. CHP provided $240.6 million in community benefits in 2005.