The Baltimore City Community College Foundation endowment is a composite fund made up of contributions by donors who have made enduring gifts to the College through its Foundation. When you create an endowed fund—typically a pledge paid over five years—you may choose to name the fund for yourself, your family, or for any individual you would like to honor, such as a parent, classmate, or professor. You will receive recognition through the EXECUTIVE CLUB as well as an annual account of the growth of your fund and, once fully funded, yearly reports on the impact of your gift.
- A Memorandum of Understanding would be drafted to govern the management of the endowed funds.
- The minimum amount required to establish an endowment is $10,000, however the donor may take as much as 5 years to completely fund the endowment.
- It typically takes a year or two for the fund, once fully invested, to have sufficient earnings to award a scholarship.
- Because of the wait time to realize earnings, many donors prefer to provide an additional amount for a direct scholarship to be awarded immediately (which is outlined in the Memorandum of Understanding)
- On an annual basis, a portion of the earnings are used to award a scholarship – the balance remains invested.
- The Foundation Board typically approves a spending amount each year of 3 to 5 % of the market value of the fund based on a 3-year average.
Per the Foundation’s Holding Fund Policy
- Holding funds can be established with a minimum contribution of $1000
- A Holding fund may be transferred to establish an endowment fund when sufficient funds are made available
The funds that the Foundation manages are designated for scholarship awards in various fields of study.
BCCC Foundation scholarships cover tuition, books, and other costs which are vitally important to students, but the Foundation and the College are unable to meet to meet all of our student’s needs. Each year over 1,000 students need financial assistance because they are not eligible for Federal Pell Grants and must pay out of pocket or set up pay plans which often wind up in default because of their distressed financial situation.
Our Scholarship Initiative aims to raise $2 million by 2022 to mitigate our shortage of donations earmarked for scholarship awards.