Faced with inflation, and the requirement that there is money coming out every X months, I believe it's hard for any other outcome to be achieved.
It's not hard. With an investment of 10,000 you can put it in a high yield savings account and get a few % / year, akin to 100/y. So A million is 10,000 / y. That's a very nice fellowhip "for free" just from a large donation. These aren't actual numbers, they're just a proof of existence of perpetual money from a one-time investment.
inb4 inflation: reduce the yearly outlay by enough to reinvest so the yearly fellowship matches inflation. Your investment just needs to grow faster than inflation.