Endowed Scholarship Program
An endowment is created by investing money for the purpose of generating income off the principal. Income is distributed in accordance with the donor’s intent. The Foundation Office assumes the responsibility for communication with the donor. The Executive Director will work with the donor to assure that the terms of the endowment are reasonable and to assure ease in program administration.
Endowed Scholarship Requirements:
- The minimum amount required to establish a named endowed scholarship is $15,000. However, larger amounts may be required to accomplish the donor’s objectives.
- The Foundation bases the dollar amount of the award on the annual interest earned from the endowment. The dollar amount of an award may vary due to fluctuations in interest rates.
- Endowments require one year of accumulated interest earnings to yield a scholarship award.
If we receive an endowment in the spring of 2009, the accumulated interest will be calculated in spring of 2010 and the scholarship award will be applied to the 2010-2011 school year.
- Donors should consider their selection criteria carefully. Overly restrictive criteria may eliminate all candidates and result in no scholarship awards.
- Please let us know the type of recognition you wish to receive for your gift.
Endowed scholarships shall be designated as restricted or unrestricted. An unrestricted endowment is a gift to the Foundation as a whole rather than to a specific program. A restricted endowment stipulates the endowment for a specific purpose or program.
The interest earnings from the endowment determine the amount of the scholarship award.
Scholarship Selection and Administration Process:
- A committee of Atlantic Cape faculty and staff selects scholarship recipients from a pool of eligible student applicants.
- Scholarships are awarded to students currently enrolled at Atlantic Cape.
- The scholarship recipients are selected in March or April each year and the award is applied to the following school year.
- New scholarships are advertised in the fall.
- Students must apply for scholarships by completing an application.
- There is an awards ceremony and reception each spring where donors and recipients can meet and discuss goals.
Naming the Endowed Scholarship:
Endowments may be established in the name of a friend or relative, or in one or more name(s) (such as husband and wife) or for a business entity or organization.
Following the final planning session, the Donor and the Executive Director of the Atlantic Cape Community College Foundation will sign the completed Criteria Form. The signed Criteria Form will serve as the permanent record for the Foundation and the College.