What is the difference between an endowed scholarship and an operating scholarship?
- Endowed Scholarships create a permanent fund. Contributions are prudently invested to ensure the scholarship retains its value in perpetuity, and the scholarships created by the endowment are funded through the income generated by the endowment.
- Operating Scholarships reflect a donor's commitment to support a scholarship for a specific number of years. Operating scholarships may be for one or more years.
May I name a scholarship?
A donor may name an operating or endowed scholarship. Scholarships are often named after the donor, company or organization, or to honor parents, professors or other important people in one's life. Alternatively, donors may choose to give to existing scholarship funds in the department or school of their choice.
May I have input into the selection of a recipient?
Federal law does not allow donors who are making a tax-deductible donation to select the scholarship recipient. Donors, in conjunction with staff from the Owens Community College Foundation, may specify base criteria to be used when selecting the recipient. A committee of college faculty and staff will select the recipient following the criteria set by the donor.
Will I meet my scholarship recipients?
The Owens Community College Foundation strives to create opportunities for donors and scholarship recipients to meet. Many donors feel profound personal satisfaction when they meet the students whose education they made possible, and students are often eager to thank and meet their benefactor.
How will the Owens Community College Foundation carry out my wishes?
The Owens Community College Foundation staff will work with you to create a customized written scholarship agreement. The agreement reflects the purpose of the scholarship and recipient criteria as determined by you. The agreement outlines the responsibilities of the College and the Foundation in awarding the scholarship.
What services does Owens Community College Foundation provide to scholarship donors?
- The Office of College Development produces an annual report notifying you of the recipient(s) of your scholarship each academic year.
- All recipients are encouraged to send a letter of thanks which are forwarded by the Foundation to their donor(s).
- For endowed funds, all donors receive an annual endowment report on the financial status of their fund. In addition, there is peace of mind that the fund will provide perpetual support for students according to the intended purpose.
- Scholarship availability and application deadlines are advertised on the Owens Community College Foundation webpage and by the college to take advantage of generous donations by maximizing the number of awarded scholarships.
- Donors are provided opportunities to engage with College and Foundation leadership, faculty, and staff through various campus, college, and foundation activities and events.
- All scholarship gifts are tax deductible to the extent allowed by law.