RCC Foundation Changes Endowed Scholarship Requirements
The RCC Foundation Board of Directors recently voted to increase the minimum amount required to endow a scholarship fund through the Foundation. Currently, endowing a scholarship requires a minimum of $15,000 contributed over a period of up to five years. That figure will increase to $17,500 on January 1, 2016.
“The board moved to increase the minimum to ensure that scholarship funds keep pace with inflation and rising tuition costs,” explained Gaye Clifton, executive director of the RCC Foundation. “The board wants the scholarship program to remain strong and continue providing significant support for deserving students.”
Scholarships may be endowed by individuals, families, estate bequests, community organizations, civic clubs and friends. As before, donors will have five years to endow a scholarship at the new base level once it is started with a minimum gift of $1,000.
“We are grateful when donors choose to memorialize, honor, or recognize someone with a named scholarship. The gift of education can literally changes lives while keeping the named person or group’s spirit alive in the community,” said Clifton. “And we are committed to working with donors interested in providing scholarships that will assist our students,”
The Foundation’s endowed scholarship program invests the principal amount and uses 75 percent of the interest earned annually to provide scholarships. The remaining 25 percent is reinvested in an effort to assure fund growth will keep pace with increasing education costs.
For additional information about the RCC Foundation’s endowed or general scholarship program, call the Foundation Office at 342-4261, Ext. 2201
October 22, 2015