Investing in Futures
Fayetteville Technical Community College Foundation, Inc. administers 120 scholarship funds created with contributions from generous donors who wish to help those who are 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'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 http://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; the donor usually makes an annual contribution so the scholarship can be awarded every year.
|Updated by: FTCC Foundation@faytechcc.edu|