Minimum Gift: $20,000
Endowed scholarships provide deserving students with assistance based on academic or other criteria that the donor may recommend. Endowment funds are invested to achieve a competitive rate of return and provide a stable level of income for scholarships. Earnings on the gift are available to fund the scholarship and the principal of the endowment remains intact and in perpetuity. Earned interest income will accrue over a period of no less than 12 months and the actual interest from the gift will be assessed at the end of the fiscal year to determine the amount of the award to be issued. All gifts are subject to market conditions, investments and inflation; consequently funds available for scholarships will vary. The COM Foundation has a very conservative and diversified investment strategy for these funds. Depending on the time of year the gift is made, the scholarship award may be delayed one academic term (Fall/Spring) to allow the corpus to accrue the interest necessary to fund the award. The donor may assist in designing the purpose and selection criteria for the award.
Establishing an endowed scholarship is a means to memorialize a family name or a loved one permanently and/or perpetuate a company’s community support, while offering benefits to countless generations of future students.
Endowed and Building Scholarships
Special circumstances when the gift has not reached the $20,000 level but is intended to grow to the point where it will be considered fully endowed with enough interest to award a scholarship. Agreements will reflect that these scholarships are in the category of "building" unless the donor elects to make a smaller award based only on interest revenue generated from the investment. It is understood that the corpus will not be used to make awards.
Minimum Gift: $500
A non-endowed scholarship is established when a donor elects to fund a scholarship on a one-time basis or elects to fund an ongoing scholarship annually, without making a commitment for future years. The intent is that all of the funds in the non-endowed scholarship account are to be distributed annually. The donor may assist in setting criteria and may name the scholarship.
Other Funding Needs
No Minimum Gift
Gifts may be made to support non-scholarship needs. There are many other areas of need at College of the Mainland that may coincide with a donor’s area of interest, such as funding the way for Phi Theta Kappa Honor Society students to attend national workshops. Donors may wish to direct their gifts to a special project, a capital campaign, equipment needs, faculty development, dual credit programs, or a particular academic discipline.
The Foundation depends on its community partners for unrestricted donations to be used as the Foundation Director sees fit, such as a downturn in the market which might affect the Foundation’s ability to meet scholarship obligations or when a student’s unexpected need is referred to our office. For instance, a student may find himself/herself in an unexpected financial constraint (a family member loses a job or the main caretaker of the family passes away) at a time when all the Foundation scholarships have been awarded. Unrestricted donations help to ease the burden of such an emergency.
Neither the author nor this organization is engaged in rendering legal or tax advisory service. For advice and assistance in your specific case, you should obtain the services of a qualified attorney or other professional advisor. The purpose of this publication is to provide accurate information of a general nature only. Tax revisions occur often, as do changes in state laws, which govern wills, trusts, and charitable gifts. Please seek advice from your legal and tax advisor when considering these types of contracts. A College of the Mainland Foundation, Inc. representative is available to help serve as an advocate and liaison for you in these matters.