FAQs
What is the Northern Ontario School of Medicine Bursary Fund?
The Northern Ontario School of Medicine Bursary Fund is a collaborative effort between Lakehead University and Laurentian University, the School of Medicine, and donors.
Donations to medical student bursaries are received by Lakehead University and Laurentian University and held in an endowment at the respective campus. Under the umbrella of the NOSM Bursary Fund, donors can make contributions of any size to the unrestricted NOSM Bursary Fund or establish a named bursary.
How are named or commemorative medical school bursaries established?
Bursaries may be named in memory of, or in honour of, a loved one or the donor:
- A named endowed bursary is established with a minimum investment of $10,000. Interest earned on the capital will be used to pay out the annual award in perpetuity. Donors may add to their endowment at any time. A donor may contribute less than the $10,000 required for endowment, pledging to contribute more until the minimum amount is reached.
- A named non-endowed bursary may be established for purposes similar to an endowed fund except that the gifts do not live on in perpetuity. This is an annual minimum gift of $500 committed for four consecutive years. Non-endowed funds do not generate investment income and are totally distributed.
Can I make a gift of any size towards bursaries given to those in most pressing financial need?
The Northern Ontario School of Medicine General Bursary Fund is a growing endowment created from unrestricted bursary fund contributions in any denomination. Income from the fund will be dispersed annually through a financial aid process.
Can specific granting criteria be stipulated for named awards?
Lakehead University and Laurentian University work with the donor and the School of Medicine in setting up the terms of reference for named annual awards and endowments within policy guidelines.
How will donors to the Bursary Fund be recognized?
It is important to the Northern Ontario School of Medicine that donors receive lasting recognition for their generosity. Every gift is appreciated and really does make a difference. Donors will receive a personal “thank you” letter and charitable tax receipt. Depending upon the contribution and the wishes of the donor to receive public recognition, some other forms of acknowledgement could include: donor publications, being included on the School's donor wall, and invitations to special events such as an awards evening. An Advancement professional working with the School of Medicine fundraising team would be most appreciative of the opportunity to consult with donors to ensure gift recognition is appropriate and meaningful.
Can I make a gift over a period of time?
Pledging over a period of time, up to five years, is most welcome. This method often allows donors to give more generously than they may have originally thought possible. Pledges made now in honour of our current students will create a legacy for future students.
What is the financial impact of medical studies on an individual?
Graduating medical students could potentially face debt loads of over $100,000, with repayments to begin immediately in residency after undergraduate education is completed. The average first year income in residency is $40,000. The cost of servicing a debt of $100,000 is $14,000 a year, which works out to nearly half of their take home pay. One of our greatest concerns is that, based on fears of economic hardship, an ideal candidate for northern and rural practice could be discouraged from applying or decline our offer of acceptance or, once enrolled, withdraw from continuing studies. The School is appealing to donors for assistance to ensure that accomplished students are given every opportunity for a bright future in Northern medicine.
What happens to my gift after it is received?
Your donation is transferred to a designated account at one of the host universities. If you prefer your award to be available to students of either campus despite which university receipts the funds, the award agreement will be written such that students registered through either Lakehead University or Laurentian University can benefit.
Is it possible for my gift to remain anonymous?
We are mindful that many individuals prefer that their gift be anonymous. We will certainly respect your wishes in this regard. Recognizing that anonymity may be different for each individual, Advancement staff will consult directly with you to establish the level of privacy that would be most appropriate.
Will I receive a tax receipt?
Individuals making a charitable donation are eligible to receive a tax receipt from the university which handles the funds.
Where do I go to make a gift?
- Give By Phone
Make your confidential gift by Visa or MasterCard or Amex by calling 1-866-376-1718.
- Give By Mail
Mail your cheque (made payable to either Lakehead University – NOSM or Laurentian University – NOSM ), along with a completed copy of our pledge form. Please do not send cash by mail.
- Give Online – Lakehead University Campus Only
Go to https://webserver1.lakeheadu.ca/donate/ to make a gift using a secure online form. Please note gifts received this way will be deposited at the Lakehead campus. Please be clear if you intend the funds to benefit students of either campus or if you wish the funds to benefit a student of NOSM's West Campus.
- To speak with someone about the various options:
Please contact Advancement at NOSM at 1-866-461-8777 or nosmadvancement@normed.ca.
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