When Rev. Ortwin Hanson passed away in 2001, his family wanted to find a way to continue the impact he had created in his 88 years on Earth. He was a 1937 graduate of North Central Bible Institute (now North Central University), and his children—most of whom had also attended or graduated from North Central—saw creating a scholarship in his name as an excellent way to honor their dad’s legacy.
LaDon (Hanson ’65) Held, along with her husband, Ron Held ’66, and siblings Paul Hanson ’66, Sharilyn (Hanson ’68) Wilson, and Dawn (Hanson) Fader, set aside a portion of his estate to establish the Ortwin Hanson Endowed Scholarship. The scholarship funds were designated to support students going into full-time ministry or missions.
“My dad was very interested in missions,” LaDon said. My daughter Karmi (Held ’90) Buckley and her husband, David Buckley, had gone to the mission field in 1999, and with Dad being ministry and mission-minded and his grandkids going to the mission field, that’s how the scholarship came about.”
Ron and LaDon noted that the amount used to start the scholarship was modest— around $10,000. When Ortwin’s (second) wife, Catherine, passed away a few years later, the family also increased the endowment with proceeds from her estate.
Ortwin Hanson was an Assemblies of God minister for 64 years. He ministered for many years with his first wife, Emma, until she passed away in 1975. His second wife, Catherine, later joined him in ministry. Hanson’s legacy lives on not only through his children, grandchildren, and great- grandchildren who have attended NCU, but also through students who have pursued ministry and missions, in part due to the endowed scholarship established in his name.
Endowments: Gifts that keep on giving
An endowed scholarship is a financial aid fund established by a donation to an educational institution. The principal amount of the donation is kept intact, while the interest or investment income generated from this principal is used to fund scholarships.
Here’s how it typically works: An individual, group, or organization donates a sum of money to create the scholarship. This initial donation is known as the “endowment.” The investments are usually in stocks, bonds, real estate, or other assets, and are managed to generate income while also preserving or growing the original principal amount over time.
The interest or income generated from the investment is used to fund scholarships. This can cover tuition, fees, and sometimes living expenses for students who meet the criteria set by the donor. The criteria can be based on various factors like financial need, academic achievement, field of study, or other specific qualifications.
Since only the income from the endowment is used to provide scholarships, the fund can continue indefinitely. This makes endowed scholarships a sustainable form of financial aid.
The institution manages the endowment to ensure that it continues to generate sufficient income and that the scholarships are awarded according to the
donor’s wishes.
Endowed scholarships provide a continuous source of financial aid for students, year after year, without requiring ongoing fundraising. They are a way for donors to leave a lasting legacy at an institution and to have a long-term impact on students’ lives.
According to David Duxbury, North Central’s Associate Director of Advancement, endowed scholarships play an important role in providing much needed financial assistance to students.
“Endowments are a form of lasting generosity that many people don’t consider,” Duxbury said. “An endowment that could provide a $500 scholarship to a student every year—for years to come—can be established with a gift of around $25,000.” He noted that while establishing an endowment may not work for everyone, “every gift makes an impact for our students.”
For those who may want to consider the gift of a scholarship, endowment is not the only option. Duxbury noted that one-time gifts may be earmarked for specific scholarship purposes, and ongoing scholarships can be established by those willing to contribute each year to funding in a given amount.
To learn more about the criteria and opportunities for supporting students through named scholarships, contact advancement@northcentral.edu.
