Proposed Idaho College of Osteopathic Medicine creates endowment through Idaho State University Foundation for tax reimbursement incentive scholarships
October, 5, 2016
The proposed Idaho College of Osteopathic Medicine and the Idaho State University Foundation jointly announced the establishment of the ICOM Scholarship Endowment Fund Oct. 3..
The endowment will be managed by the Idaho State University Foundation and will provide annual scholarships to Idaho residents who will attend ICOM once ICOM achieves accreditation. The ICOM Scholarship Endowment will be funded by the tax reimbursement incentive money ICOM will receive from the State of Idaho.
“The proposed ICOM is committed to the future of medicine in Idaho, and we are proud that we will reinvest 100 percent of the tax eimbursement incentive credit back into the state in the form of scholarships for the students of Idaho,” said Dr. Robert Hasty, founding dean and chief academic officer of ICOM.
ICOM will complete annual contributions to the ICOM Scholarship Endowment Fund of approximately $400,000 each year for ten years. Each year after ICOM achieves accreditation, one half of the gift will fund immediate scholarships, and the remaining half will be endowed to ensure the fund can sustain ICOM scholarships in perpetuity.
Once accreditation is achieved, preference for ICOM scholarships will be given to students who completed their undergraduate degree at Idaho State University. Students must have achieved a minimum 3.5 GPA in their undergraduate work to qualify for consideration. Recipients will be selected by a committee including representatives from ICOM, the Idaho State University Foundation and other members of the Idaho educational and medical communities.
Dr. Kent M. Tingey, vice president of institutional advancement at Idaho State University, believes this partnership will benefit Idaho in a variety of ways.
“Idaho State University and the ISU Foundation are pleased to partner with ICOM to provide critical scholarship assistance to the students of Idaho who seek a degree in osteopathic medicine. These students are extremely important to health care in our state, and very deserving of this support. We commend ICOM for having the foresight to invest in Idaho students,” Tingey said.
The ICOM Scholarship Endowment Fund will grow through additional private contributions from organizations and individuals. Those who wish to contribute may do so by contacting the Idaho State University Foundation at 208-282-3470.
Checks payable to the ISU Foundation for the ICOM Scholarship may be sent to the ISU Foundation, MS 8050, Pocatello, Idaho 83209. Tax deductible gifts to the ICOM Scholarship Endowment may also be completed online at http://idahostatefoundation.org/give-now/ by referencing ICOM in the gift field.