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Endowed Scholarships Awards When an individual or organization establishes an endowed scholarship award, the gift is set aside as principal to be invested in perpetuity. Only the income from the principal is distributed as scholarship awards. Endowed scholarships must be established with a minimum gift of $11,000. The larger the endowed scholarship fund, the greater number of scholarships the Foundation can award. A 10% administrative fee is assessed on payments to the fund, and a 2% management fee is assessed annually on the endowment fund balance. The Foundation encourages the establishment of endowed scholarships. For individuals, it's a lasting tribute in honor or memory of loved ones. For organizations, it's an opportunity to provide continuous support for students at St. Cloud Technical College. Flow-Through Scholarship Award Flow-Through awards are established as short-term or one-time gifts. When a donor establishes a flow-through scholarship, the gift, less a 10% administrative fee, is awarded to students. Flow-through scholarship awards can be established with a minimum gift of $550. When donors make annual flow-through scholarship gifts, we encourage them to consider establishing an endowment. Often donors ask that part of their annual gift flow-through to students as a scholarship and a portion be set aside to build an endowment. Establishing Criteria The SCTC Foundation Scholarship Award Committee selects student recipients based on the following criteria: commitment/interest in program, extracurricular activities/community service, educational background, and application effort. Other criteria can be included at the donor's request. Financial Management The Board of Directors of the SCTC Foundation supervises all the Foundation's funds. The Foundation's books are audited annually and a copy of the latest audit is available upon request. The endowed funds are managed by the Central Minnesota Community Foundation. Their view piece is also available upon request. To make a tax-deductible pledge to the SCTC Foundation, simply fill out and mail a pledge form.
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St. Cloud Technical College 1540 Northway Drive St. Cloud, MN 56303 |
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Phone: (320) 308-5000 Toll Free: 1-800-222-1009 Email: enroll@sctc.edu |
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