Start A Scholarship Fund
Creating a scholarship through the TCC Foundation is one way you can assist students and leave a legacy to Tallahassee Community College. A named scholarship can be a meaningful and lasting way to honor family or friends. Access to an education has always been a integral part of TCC’s mission and foundation scholarships help keep college accessible to all.
You can start a scholarship fund at TCC for as little as $1,000 per year. That $1,000 will go a long way at TCC towards tuition, books and fees for deserving students. Scholarships can also be endowed for future generations of students.
The TCC Foundation is available to help guide you through the process and answer any questions you might have. Please contact Ranie Thompson at (850) 201-6064 or email@example.com to start a scholarship today.
What follows are the steps to set up a scholarship:
Step 1: Determine Fund Type
Endowed: Endowed scholarship funds are established with a gift of at least $20,000. Once the fund reaches $20,000, it is invested and a scholarship is awarded from the interest income earned on the principle. This type of fund lasts indefinitely, and the average annual award is estimated based on market performance. The TCC Foundation charges each endowed account a 1.5% administrative fee, based on the endowment balance as at December 31 each year. This helps to offset investment management fees and other administrative costs.
Non-Endowed: Non-endowed funds can be established with a gift of $1,000. A 3-year commitment to the scholarship is preferred. Unlike an endowed fund, the initial contribution is spent down over a period of time and repeated annual contributions replenish the fund each year.
Step 2: Create Scholarship Criteria
The TCC Foundation assists donors in selecting appropriate criteria for the scholarships they establish. Typical categories for donor designation include field of study, level of enrollment (full- or part-time), academic achievement, merit and financial need. After criteria are drafted, both the executive director of the foundation and the donor will sign an endowment agreement. These agreements record donors’ intentions, and specify how the Foundation is to administer and award scholarships.
Administration of the Scholarship Funds
Nearly all scholarships are listed on both the Tallahassee Community College and the TCC Foundation web sites. After the application period closes a selection committee carefully reviews applications and selects the most deserving recipients based on the donor-established criteria. All awards through the Foundation must provide equal access to available money and equal opportunity to apply for available funds. Donors are notified after scholarships are awarded. The TCC Foundation does not release scholarship funds until recipients have provided a letter of thanks to the donors for establishing their scholarship.