Establishing a Scholarship
Guidelines for Establishing a Scholarship
Creating a named scholarship though the Cloud County Community College Foundation is one way you can assist students and leave a legacy to Cloud Count Community College. It’s also a very meaningful way to honor family and friends.
Step 1: Determine Type of Scholarship Fund
The first step is to determine whether you would like to establish an “endowed” scholarship or a “continuing” scholarship:
- Endowed Scholarships
Endowed scholarship funds are designed to be permanent and perpetual and can be created with gifts totaling a minimum amount of $10,000, contributed in full at the outset or with an initial commitment that is added to over time until the endowment level of $10,000 is attained. The principal of the fund is invested to produce income and an annual award is made to a student(s). The principal remains untouched, so the endowment can last into perpetuity.
- Continuing Scholarships
Continuing scholarships can be established with an outright gift of $250. An annual commitment of $250 or more per year is recommended, and the annual gift is awarded to recipients each year. Unlike the endowed scholarship described above, a continuing scholarship is not a permanent fund and is awarded only as long as you (or others) choose to contribute to the fund.
Step 2: Establish Scholarship Criteria
As a scholarship donor, you choose the name of the scholarship as well as the criteria. The Foundation Office staff is available to help you create the criteria for your scholarship. Endowed and continuing scholarships at Cloud County Community College are awarded to deserving students based upon area of academic interest, geographical area, leadership potential, merit, financial need, academic achievement and/or other criteria. The Cloud County Community College Foundation must agree to any special award conditions established by the donor.
Step 3: Administration of Scholarship Funds
Typically, a selection committee carefully reviews the scholarship applications submitted by students and selects the most deserving recipient(s) based on the donor-established criteria.
Major contributors of a scholarship fund are notified annually when the scholarship recipient(s) has been selected and are informed of the name and hometown of the recipient, as well as the amount of the award. Recipients often write a thank-you note to the donor, and in some cases, the recipient and donor are able to meet at the annual scholarship reception that both donors and recipients are invited to attend.
- Tax Benefits of Funding a Scholarship
An outright gift in the form of cash or appreciated securities will allow you to receive immediate tax benefits in the year you make the gift to Cloud County Community College. In the case of appreciated securities, you may also avoid capital gains taxes.
You can also provide for your scholarship in your estate plans. Estate gifts or planned gifts are an easy way to establish a scholarship without affecting your current income or assets.