The FTCC Foundation, Inc. administers 120 scholarship funds created with contributions from generous donors who wish to help those who are helping themselves by furthering their education. The benefactor of an FTCC Foundation, Inc. scholarship chooses the criteria which determines the eligibility of a student for a particular scholarship. As with all other contributions to the FTCC Foundation, Inc., contributions to scholarship funds are tax-deductible donations.
The Foundation staff administers the funds contributed for the scholarship program, under the direction of the FTCC Foundation, Inc. Board of Directors. The FTCC Foundation, Inc. has assets of over $3 million. The majority of these assets are invested in a diversified portfolio with Merrill Lynch. The remainder of the Foundation assets are invested in an interest bearing checking account with a local bank. The Foundation's financial records are audited
annually by an independent auditor. The audit report may be viewed at the Foundation's office upon request. In addition, the Foundation's IRS tax return can be viewed on the Internet at www.guidestar.org.
An endowed scholarship is one in which the principal is invested for long-term appreciation, and only the income from the investment of the funds will be used to award scholarships. The donors of endowed scholarships have the satisfaction of knowing that their gift is perpetual and is used only for the specific purposes prescribed by them. Endowed scholarships are typically named in honor or memory of an individual or in the name of an organization or business.
The FTCC Foundation, Inc. encourages endowed scholarships at a minimum level of $15,000. Donors may make an initial investment below $15,000 with later investments increasing the amount to $15,000 or more. For example, $5,000 might be contributed the first year for the endowment. Each of the following two years, an additional $5,000 might be contributed toward the endowment. After three years, a $15,000 endowment would be established. It is recommended that a scholarship not be awarded until the $15,000 level is attained, unless the donor contributes an annual sum to cover one scholarship.
If the scholarship is not endowed with a minimum of $15,000 within three years of its being established, the funds may be transferred to the Foundation's Endowment fund or awarded as a scholarship based on the direction of the Foundation Finance Committee or its designee; however, this would not be done without first consulting the donor.
These scholarships are established by clubs, organizations, businesses, churches, and individuals. Their values range from $100 to more than $1,000. The donor usually makes an annual contribution so the scholarship can be awarded every year.
How To Establish A Scholarship?
The FTCC Foundation, Inc. welcomes the opportunity to work with you in establishing a scholarship for our students. Please click here to review and complete a scholarship criteria form. To request additional information, please contact Mrs. Zanna Swann telephone at (910) 678-8201 or by electronic mail at email@example.com.