Endowment Creates a Legacy for the Future
In forming the endowment in 2022, the WSMA Foundation board had a vision for the future—a future where these funds grow and yield returns that could be invested in medical student scholarships.
In establishing the fund, the board also created spending policy guidelines stating that up to 4% of the fund’s market value could be paid out yearly to support scholarships for medical students from underrepresented backgrounds in medicine. The market value is based on a three-year average value of the fund measured on Dec. 31.
After conducting a feasibility study and seeking leadership gifts for seed funding for the WSMA Foundation Scholarship and Diversity Advancement Fund, the WSMA Foundation board committed to a goal of $1.5 million in order to award the first WSMA Foundation Future Physician Scholarship in 2026, while continuing to grow the fund.
Criteria for the WSMA Foundation Future Physician Scholarship applicants:
- Accepted and admitted to a medical school in Washington state.
- Preference given to applicants who are from Washington state.
- Meets the AAMC definition of underrepresented in medicine: “Underrepresented in medicine means those populations who are underrepresented in the medical profession relative to their numbers in the general population.”
- Commitment to advancing health equity.
Partnered with a mentor
In addition to our scholarship, we are committed to ensuring that students are successful and doing so extends beyond financial support. Every WSMA Foundation Future Physician Scholarship recipient will be paired with an experienced physician who will serve as a resource during their medical school journey and throughout their career.
Through mentorship, we will build networks to guide students forward, fostering a culture of leadership and inclusion, and exposing students to different paths within medicine.
Mentorship is proven to:
- Inspire a vision for possibilities.
- Create opportunities for growth, career development, and support.
- Provide knowledge transfer from mentors to mentees.
- Offer guidance, exposure, and encouragement from mentors with similar backgrounds and experiences.