By Jenny Boylan

The UK Development Council met Friday to discuss a new President’s Scholarship Initiative that will launch next summer, its goals and why the initiative is important.

The initiative aims to give the “finest educational program to every capable and promising student regardless of his or her financial situation,” according to the initiative pamphlet.

Susannah Denomme, development director, was responsible for guiding the initiative.

The initiative is the university’s pledge to find more ways of bringing in money to maintain student scholarships, Denomme said.  Endowment values have dropped, causing a decrease in the interest the university has available to use for scholarships, she said.

Denomme said the Development Council is working to find other sources of money to supplement the weak endowments. One strategy the council will implement to generate greater donations is matching funds, she said.

Denomme also said the council will turn to previous donors in hopes for larger gifts and individual colleges will continue to raise funds to enable unique scholarships specific to their discipline.

Provost Kumble Subbaswamy said scholarships are a crucial ingredient in the future prosperity of the U.S.

Subbaswamy said when students who did not complete their degrees at UK were asked their reason for not returning, “the single most-cited answer was difficulty paying for college.”

“We will no longer be the most educated country in the world if we continue at this rate,” Subbaswamy said.

A four-year undergraduate degree for Kentucky residents is approximately $81,200 including all expenses and $115,600 for non-residents, according to the initiative pamphlet.

“The case for scholarships is a compelling case. It’s a case that makes itself,” Subbaswamy said. “The less restrictive the better. The more [restrictive], the less it will reach those who need the funds the most.”

Student Government is supporting the initiative. Joe Quinn, SG Deputy Chief of Staff for Programming, announced that SG would set aside $25,000 of its budget for the campaign.

“In the past, Student Government has given $6,000, but this year we want to create a larger impact on campus,” Quinn said.

The Development Council will announce its ultimate fundraising goal next summer when the plan launches.