Establishing a Scholarship
Creating a named scholarship is an easy and rewarding experience. Scholarships can be established at any time during the year. Scholarship donors can serve on the Allocations committee, will receive recipients' thank you letters, and can meet and talk with their recipients at the annual Scholarship Awards Breakfast.
Simple Steps to Establishing a LCC Foundation Scholarship:
- Decide the type of support you wish to provide. Tuition, fees and books for a typical full-time LCC student costs an average of $3,000.
- A scholarship endowment, which will provide scholarships in perpetuity, can be established for $25,000. The initial gift is invested, and scholarship awards are determined each year by the Foundation Board of Directors. With "growing" endowments, a donor may take up to five year to build the endowment to $25,000. Interest earned during the growing period is added to principle to help it grow.
- An annual scholarship can be established for $2,000. Annual scholarships are funded on a year-by-year basis by the donor. Often, donors wish to build an endowment, but also want to help students right away. Many endowed scholarship sponsors choose to make two gifts each year until the endowment is self-sustaining - one to help grow the endowment, and the other to be awarded immediately as a scholarship. This solution is a satisfying way to immediately enjoy the benefits of being a scholarship sponsor while building an endowed fund that will support scholarships for generations.
- The Foundation will assist you in developing the scholarship criteria. For example, the criteria might include a specific major, graduates of a specific high school, or students who are single parents. Ideally, scholarship criteria should be kept as broad as possible to attract a solid pool of applicants. Donors may use this Criteria Selection Questionnaire to help them decide how to set up their scholarship fund.
- The scholarship can be named in honor or memory of an individual or family.
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309 N. Washington Ste. 201
Phone: (517) 483-1985
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