From the 1950s through last year, ISMA gave about $6 million in scholarship funds for students at Indiana University School of Medicine (IUSOM). With fluctuating financial markets, tuition increases and the opening of Marian University College of Osteopathic Medicine (MU-COM) in 2013, however, leadership began looking for ways to expand that support and make it more sustainable.

Their outreach and study came to fruition in September, when ISMA presented checks for $500,000 each to MU-COM and IUSOM, to be used for endowed scholarships. Matching contributions from each school bring the total of each fund to $1 million.

“These scholarship funds are a tangible, practical way to help reduce the financial burden of medical school,” said ISMA President Stacie Wenk, DO, RPh, FACP. “We are delighted to work with Indiana University School of Medicine and Marian University College of Osteopathic Medicine in continuing to support Indiana medical students, who are the future of our profession.”

Resolution 17-16, passed by the 2016 House of Delegates, directed that the ISMA Student Loan Fund, Medical Student Scholarship Fund and Medical Education Fund balances be converted into the two $500,000 endowed scholarship funds. It also specified that the remaining funds would go into a new medical student support fund.

“MU-COM is extremely grateful to ISMA for funding our first endowed scholarship, which will provide awards to at least four medical students a year,” said MU-COM Dean Donald Sefcik, DO, MBA. “MU-COM and ISMA share a mission of improving health care in Indiana, especially in rural and underserved areas. This gift underscores ISMA’s confidence in MU-COM’s ability to produce quality physicians for the state.”

At IUSOM, ISMA’s gift will provide financial aid to at least four students a year, with a preference given to Indiana residents, said Jay L. Hess, MD, PhD, MHSA, IUSOM’s dean and IU’s executive vice president for university clinical affairs. He noted that the endowment and matching funds will support future physicians for years to come.

“We are extraordinarily grateful that ISMA has chosen to make its support permanent with the establishment of this new endowed fund,” said Dr. Hess.

“Importantly, the Indiana State Medical Association Scholarship will help ensure that bright and capable Hoosiers remain in Indiana for medical school. We fully expect that many of these scholarship recipients will choose to practice medicine in Indiana, benefiting patients throughout the state who will rely on them for care.”