The worldwide downturn in financial markets has resulted in serious reductions in the endowment of the Rhode Island College Foundation as well as those of all public and private institutions, large and small. The investment income from endowments at RIC is the source of our privately funded annual scholarships, and this income has been seriously impacted by the recent declines.
As a result, the College will be unable to provide annual scholarships for the 2009-2010 academic year that are funded by the RIC Foundation (see list below). However, this reduction is less than 1% of the total financial aid available to students from public and private sources, and thus the College will maintain over 99 percent of all student aid for the 2009-2010 academic year. In addition, all multiple-year scholarships that have already been awarded will be maintained if the awardees remain eligible. The scholarships listed below are awarded annually, so there are no students who have been anticipating the awarding of those scholarships in their personal budget planning. These scholarships will be restored in the first year that the Foundation’s investments start to return income.