Establishing A Foundation Scholarship
Thank you for your interest in creating an opportunity for students who attend Tallahassee Community College. The TCC Foundation awards scholarships to more than 500 students per year who have financial need and academic promise.
Scholarships are a meaningful way to help someone reach their educational goals and career aspirations. With your support, even more students can receive the assistance needed to become a graduate of Tallahassee Community College.
As a scholarship donor, you will work with TCC Foundation staff to create the parameters for the scholarship you are establishing. Donors have two options for the type of scholarship they would like to create:
Named Endowed Scholarship
An endowed scholarship is an enduring gift that will last in perpetuity. An endowment may be established with a minimum gift contribution of $10,000. The donor will work with the TCC Foundation staff to name the scholarship and develop appropriate awarding criteria. The TCC Foundation is proud of the manner in which our Board stewards our endowments. Endowed funds are invested by a consultant and are reviewed by the Finance and Investment Committee of the Board on a regular basis.
Estimated annual award amounts for endowed scholarships:
- $10,000 endowment - $400 annual award
- $25,000 endowment - $1,000 annual award
- $50,000 endowment - $2,000 annual award
- $100,000 endowment - $4,000 annual award
Named Non-Endowed Scholarship
A non-endowed scholarship can be established with a gift contribution minimum of $1,000 per year for a three year period of time. The scholarship funds will be awarded the year following the final contribution gift. Sustaining a non-endowed scholarship requires continued giving or over time.
General Scholarship Giving
If you would like to make contributions that are specific to student scholarship awards but prefer not to establish a named scholarship, you can do so by giving to the TCC Foundation Opportunity Scholarship. This fund was established as an unrestricted scholarship so that the criteria for awarding can be based on student need as deemed necessary for when awarding occurs.
Is there a minimum contribution amount required to establish a TCC Foundation scholarship?
The TCC foundation offers two options for setting up a scholarship. Endowed scholarships can be established with a minimum $10,000 contribution which can be funded over a 3 year period. Non-endowed scholarships can be established with a minimum contribution of $1,000 annually for 3 years.
What is the difference between an endowed and a non-endowed scholarship?
Endowed scholarships are an enduring gift that will remain in perpetuity. Only the earnings from an endowed scholarship are awarded. In the event the scholarship is not awarded during an academic year, the available earnings will roll back into the endowment corpus.
Non-endowed scholarships require continued giving over time in order for funds to be always be available for awarding.
Can I select the name for my scholarship and establish specific awarding criteria?
With both non-endowed and endowed scholarships donors will work with the TCC Foundation staff to name their scholarship and establish appropriate awarding criteria. In order to take part in establishing recipient awarding criteria, donors must meet the minimum non-endowed contribution amount of $1,000 annually for 3 years. Scholarship contributions less than this will be applied to the Foundation Opportunity Scholarship and awarded by the TCC Foundation Scholarship Committee as deemed appropriate.
How long do I have to provide funding if I choose to endow a scholarship?
The minimum amount to endow a scholarship is $10,000 which can be given over as long as a three year period.
Can additional contributions be made to my scholarship at any time?
Additional contributions to your scholarship can be made at any time. The Foundation has several options for donors to submit payments to their scholarship. Please contact the Foundation Donor Stewardship Officer, Kendrah Richards at richardK@tcc.fl.edu or (850) 201-6066 for more information.
How are additional contributions applied to an already established scholarship?
If a scholarship is fully endowed, additional contributions made will be added to the fund corpus balance which will help increase scholarship award amounts over time with greater earnings. If the scholarship is non-endowed, additional contributions are applied directly to the fund balance for awarding.
How much will an endowed scholarship earn to award?
The amount of earnings to award is determined by the balance of the endowment corpus.
Average annual award amounts can be estimated as such:
$10,000 endowment = $400 annual award $25,000 endowment = $1, 000 annual award
$50,000 endowment = $2,000 annual award $100,000 endowment = $4,000 annual award
When will my newly established scholarship be awarded?
If you have established a non-endowed scholarship, the funds will be awarded the year following the final contributing gift.
If your scholarship is endowed, earnings will be awarded for the fall semester of the calendar after the year the scholarship was established. Depending on the size of the endowment and the earnings it generates awarding of these earning may be delayed in order to allow the endowment to grow.
What happens if I do not endow my scholarship in the time stated on my scholarship agreement?
If the fund does not reach full endowment by the date and amount stated on the signed agreement, the TCC Foundation will have the right to elect to award the principal balance and any accumulated growth earnings for the intended purpose of the scholarship until the funds are fully spent. The TCC Foundation will make best efforts to contact the donor/party who established the scholarship before this process occurs.
Are there any fees associated with TCC Foundation scholarships?
The TCC Foundation administers a 3% gift fee on all contributions received. The purpose of this gift fee is to assist in administrative processing of donations.
Is there a tax benefit to establishing a scholarship with the TCC Foundation?
Contributions made to the TCC Foundation are tax deductible. The TCC Foundation is a non-profit organization designated by the Internal Revenue Service as a 501(c)(3) charitable organization. You will be provided a letter of gift receipt for each contribution made.
How do students apply for scholarships?
Students apply for scholarships by completing and submitting the TCC online scholarship application. The link to this application can be found in the Student Scholarship Information section on the Foundation website. Beginning December 1, 2017 the online application will be available for students to apply for awards being given during for the 2018-19 academic year.
How are students who match the criteria of my scholarship identified?
The online application is a comprehensive instrument designed with questions to target the specific criteria for all of the scholarships that the TCC Foundation awards. The applicant's answers to each of the questions determines what scholarships being offered they meet the criteria for. This one application affords students the advantage of being considered for all scholarships available for the academic year. Eligible candidates must also be currently enrolled and in good academic standing at TCC or are planning to attend in the upcoming semester.
How does the scholarship recipient selection process work?
Submitted applications are reviewed by a variety of Tallahassee Community College scholarship committees. These committees are made up of faculty, staff, administrators and TCC Foundation board members. During the review process committee members are assigned groups of applications with which they read, evaluate and individually rank based on several factors such as the specific criteria of the individual scholarships, student GPA, required essays, letters of recommendation and overall completion of the application questions.
As a donor can I take part in the recipient selection process?
Donors are not permitted to take part in the recipient selection process or designate a specific student(s) to receive their scholarship.
When are scholarships awarded during the academic year?
Student scholarships are awarded for the fall, spring and summer semesters. Much of which semester(s) awarding occurs is determined by identifying the right recipients(s), available funding and the awarding terms as set by the scholarship agreement. It is the intent of the Foundation to award scholarships as early in the academic year as possible but there can be circumstances where awarding may be delayed. If you have an established scholarship you can expect to be notified that your scholarship was awarded between September 1st and June 1st during each academic year.
How are award amounts and the number of recipients to be award determined?
Award amounts and number of recipients to award are determined in several ways. Both non-endowed and endowed scholarships can be established with criteria that states a specific award amount and/or a specific number of recipients to award. Scholarship agreements with this type of stated criteria will be awarded as such as long as the funds are available.
Individual non-endowed scholarship award amounts are determined based on the fund balance of the account as well as taking into consideration the contribution activity to the scholarship so as not to deplete the funds if being actively awarded.
Individual endowed scholarship award amounts are determined based on only awarding the earnings of the endowment available for the academic year. The earnings amount is calculated by awarding 4% of the 5 year moving average of the value of the fund during the fiscal year.
At the on-set of each academic year the Foundation staff meets to evaluates current student need and academic progressions for which the basis of scholarship awarding goals are set and award amounts are determined for the year.
When a recipient is selected to receive a TCC Foundation scholarship can they also receive other types of financial aid at the same time?
Yes, it is possible for students to receive a scholarship along with other sources of financial aid assistance. The Foundation works with directly the TCC Financial Aid Office on all scholarship awards for verification of student financial aid and to ensure awarding does not exceed the designated cost of attendance amount.
Can funds from my scholarship pay for college tuition not affiliated with Tallahassee Community College or other expenses?
Foundation scholarship funds are specific to Tallahassee Community College student costs and cannot be used to pay for tuition or expenses at another community college or university.
How do selected recipients receive the funds of their scholarship award?
Scholarship awards are posted directly to the recipients TCC student account and are applied against their tuition, fees and/or book expenses. Students do not receive awards in the form of a check or cash.
What happens to the funds if a selected recipient denies the award or does not attend TCC?
If student is selected to receive a scholarship and does not enroll for classes for the semester in which he/she was awarded, the scholarship will be canceled and the funds will remain in the account until a new recipient is selected. Scholarship funds do not disburse to the recipient's TCC account until after the course drop/add period has ended. In the event that a student is awarded, the funds are disbursed and the student withdraws from his/her courses or the College after that point, unfortunately the Foundation cannot recover the awarded scholarship funds. The TCC Foundation adheres to a disciplined selection process to ensure that selected recipients are committed to completion.
Will I be notified when my scholarship is awarded?
Once a recipient has been selected for your scholarship you will receive a thank you letter by mail from the recipient. As part of the acceptance process students are required to write a donor thank you letter in order to receive their award.
Will I have an opportunity to meet the recipient(s) of my scholarship?
Yes! As a donor you will be invited to the Foundation's annual donor-recipient event to have the opportunity to meet your recipient(s) as well as other recipient of TCC Foundation and TCC scholarships.
Is the TCC Foundation allowed to provide me with recipient information such as grades, attendance, class schedules, etc.?
The TCC Foundation can provide only limited student information to a donor or affiliate of the Foundation. As part of the scholarship application process students are required to agree to a consent statement acknowledging that only their contact information will be provided to the donor if the donor requests to contact a recipient. The TCC Foundation is bound to guidelines of student privacy as outlined by FERPA which you can learn more about here. https://www2.ed.gov/policy/gen/guid/fpco/ferpa/index.html