Cambridge Australia Scholarships is funded entirely by private philanthropy. As a result, we are exceptionally grateful to receive all donations and bequests.
CAS and its partners are the only entities associated with the University of Cambridge able to offer tax deductions to Australian tax residents who wish to support the university.
For the reasons set out below, we encourage major donors wishing to establish a long-term named scholarship to establish an endowment of around AUD500,000.
CAS offers both full and half scholarships for Masters degree study at Cambridge. An endowment for half scholarships can therefore be established for around AUD250,000.
Given our funds-matching arrangements with the Cambridge Trusts, an endowment of this magnitude is expected to generate sufficient income for CAS to be able to offer a named Ph.D or Masters degree scholarship to one scholar at a time (that is, one award every three years or thereabouts for Ph.Ds, and one per annum for Masters scholarship recipients, whose degrees typically last one year).
Endowed scholarships and major donations may be named after the donor, or at the donor's direction.
CAS will also gratefully accept large sum donations to be disbursed over an agreed number of years, and will work with donors to establish an endowment via progressive multi-year donations.
(Unless donors specifically request it, CAS will generally aim not to disburse the capital sum of a scholarship fund. Rather, in the event that insufficient income is available to fund an award, CAS will invite donors to 'top up' income or may determine not to make a further award until sufficient income has accumulated. The CAS board maintains the ultimate discretion on whether to disburse any part of an endowment's capital sum, noting that it would only do so in consultation with the donor (if living) and always having regard to the overall best interests of the scholarship scheme and the donor’s expressed wishes.)
The current (2013) full cost of a CAS scholarship is around £30,000-35,000 per annum depending on the course of study. This includes tuition fees, College fees, a stipend, and incidental costs such as an airfare. Scholarship costs vary depending on the course being funded.
The costs of providing scholarships are not fixed. They fluctuate based on changes in foreign exchange rates, changes to University fees, changes to College fees, and changes to maintenance costs arising from, e.g., inflation. Income from our endowment funds also fluctuates based on market performance.
Most scholarship funds are currently invested with the ANU Endowment (Cambridge Scholarships) Fund, and CAS envisages that this arrangement will continue. The ANU Endowment has set, as its current investment objective, achieving a minimum return of CPI plus 4.0 per cent over rolling five year periods and ensuring a negative annual real return occurs less frequently than once every six years on average.
In its planning, CAS has assumed:
- a long run cost increase of 5% per annum, in line with the Cambridge Trusts’ own planning assumptions;
- a conservative return on donor funds in line with the ANU Endowment's investment objectives set out above