Start a Scholarship
Scholarships and Awards are critically important to the College and to our students. Scholarships motivate students, provide incentives and create an enhanced learning environment by encouraging a greater diversity of students. Finally, these awards set an example to students of giving and support that will stay with them for a lifetime. Many people remember the scholarships and awards they received as students, and realize how much it helped them on their path to success.
Creating scholarships and awards is easy through the LCCC Foundation.
Here’s how you can do it:
- Decide what you want to accomplish with your scholarship or award. Are you providing support for those with financial need or rewarding those who achieve above average status? Are you doing this to honor someone, remember a loved one, or for another reason?
- Decide how much to contribute. Will you make a donation every year (a term award) or perhaps create an endowment fund that will be a legacy to you and your purposes, and generate income for the future? Endowments and larger term funds may be paid in installments for up to five years.
- Write your check to “LCCC Foundation” and contact the Foundation to set up a fund. The paperwork is simple, short and easy to understand. And we will help you craft your fund to the particular purposes you hope to achieve.
- Give again, and encourage others to support your fund.
- If you choose, the LCCC Foundation can arrange for you to meet the recipients of your scholarship, so you can learn first-hand the impact you have made.
Types of Scholarships and Awards
Make A Term Award Gift.
Gifts up to $499 a year may be designated for use as awards to students. (A scholarship begins at $500.) The Foundation will add your gift to the General Scholarship Fund and make the award in the designated amount each year in which there are sufficient funds to do so. You may select a criterion for the award (merit or financial need) and even a discipline (for example, Nursing, Business or Technology.)
Make checks payable to “LCCC Foundation” and put the name of the award in the Memo section. We will complete a simple, two-page agreement that will open the award fund, to which you and anyone else may contribute throughout the year.
Make A Term Scholarship Gift.
As little as $500 given each academic year can be used to set up a term scholarship. You may choose the amount of the scholarship to be awarded and how many students will receive it each year. You may also choose the criterion (merit or financial need or both) and other details depending on the purpose and amount of your gift.
To continue the award each year, the fund will have to receive sufficient donations, from you or others, on or before a giving date that we will agree upon.
Term scholarships usually fund tuition and fees for the coming semester. Special term scholarships in larger amounts can also help with books, supplies and equipment for disciplines that require special purchases, like the healthcare and art programs. Gifts can also be made to the Foundation’s General Scholarship fund to support the $75,000 in annual scholarships provided by the Foundation to LCCC.
Make checks payable to “LCCC Foundation” and put the name of the award in the Memo section. We will complete a simple, two-page agreement that will open the award fund, to which you and anyone else may contribute throughout the year.
Make An Endowed Scholarship Gift.
An endowed scholarship is a fund that pays awards from interest income only, retaining the principal in perpetuity. Endowed scholarships support themselves. The initial gift (a minimum of $10,000) is invested, and the scholarship awards are paid each year from a set amount agreed upon when the fund is established. Depending on the value of the fund, this can either be a set amount, such as $500 on a fund of $10,000, or a set percentage of the income of the fund, such as 5% of the income form funds valued at $20,000 and over. The LCCC Foundation handles all investing and return administration and there is NEVER a fee for this service.
ALL of your contributions are used to generate scholarships either directly or through their earnings. Revenue from endowed scholarships is not available for awards until one year after the minimum investment amount has been reached, so donors usually make an additional gift of the first year’s award, although this is not required.
Meet Your Students.
The LCCC Foundation encourages scholarship donors to meet or correspond with their awardees, to learn about the people whom you have impacted with your gracious giving. Many students wish to thank their benefactors for their generosity and spirit of support.
