How to Establish a Scholarship
The HCC Foundation has two types of named scholarships: endowed scholarships and annual scholarships. All scholarship gifts to the HCC Foundation are tax deductible.
Endowed scholarships are established by a gift or pledge that is invested. Scholarships are awarded from the interest earned on the investment. The corpus, also known as the amount of the original contribution, is not spent. The amount of the scholarship varies with the amount of the endowment. The minimum endowment level is $5,000.
Awards of every amount in between are welcome. Some donors establish an endowment and add to the principal each year, thereby increasing the scholarship award. Endowed scholarships may be established as a one-time gift or as a pledge over a three- to five-year period.
The second type of named scholarship is an annual award. Donors give the total amount of the award each year. None of the funds are invested. Many of our corporate donors choose to make awards annually. The amounts vary, but typical scholarships are $500 to $1,000.
Our donors help establish the criteria for endowed and annual scholarships. They may determine stipulations such as:
- grade point average
- program of study
- consideration of financial need
- consideration of academic talent
Once the criteria are established, a College committee selects the scholarship recipients based on the scholarship criteria.
Following are some of the ways in which donors are recognized:
- They are included in our honor roll of donors, which is included on our website and in our annual report.
- They are invited to our donor recognition luncheon in the fall.
- The College will issue a news release about donors' generosity to area media organizations.
- The HCC Foundation will send a thank-you letter for tax purposes and benefits
- A plaque will be made and displayed on campus.