Endowments are permanent funds whose investment earnings create the revenue for scholarships or college support. The minimum amount for an HCC Foundation Scholarship Endowment is $10,000 which may be payable over several years. Earnings on a $10,000 endowed fund at 5% interest rate will create $500 annually, in perpetuity. Earnings will be paid when the endowment is complete. Additionally, endowments may be eligible for state match funds, when available. A private gift of $10,000 for scholorships, if matched by the state, creates a $20,000 endowed fund with annual earnings (based on 5%) of $1000 in perpetuity.
Please note that the State Legislature has has been temporarily suspended the State Match Program on gifts after June 29, 2011.
Building our endowment remains an important goal of the HCC Foundation. Endowments created within the Foundation, thanks to the generosity of individuals, corporations and other organizations, provide the framework needed to establish and maintain vital instructional programs in all disciplines and individual student scholarships. Endowments represent a wonderful investment in an important community institution that returns dividends in economic and social benefits to all residents of the community.
1. Endowed Scholarships
Private gifts may be directed by the donor to create a scholarship endowment with annual earnings used for scholorships. For as little as $10,000 in private funds, a fund can be established to yield sufficient earnings to provide a $500 scholarship award annually, indefinitely.
Applications for all HCC Foundation Scholarships are available online or at any HCC Campus Counseling Office. Donors may work with HCC Foundation staff to establish endowed scholarship funds with specific eligibility, including financial need, merit, program or campus. Scholarship recipients are selected by Campus Counselors, Advisors and/or Financial Aid Specialists by matching eligible and deserving students with criteria.
2. Endowed Faculty Chairs
Excellence in instruction is vital to the future and continued expansion of Hillsborough Community College. Creation of an endowed chair is a phenomenal way to promote the professional growth of the faculty while enhancing instruction for students. (An endowed chair can focus on a career program, academic discipline, specialty area of study or community issues that higher education might improve.)
Endowed chairs proovide the opportunity for donors to invest in activities that will pay educational dividends to the community in perpetuity. These activities include:
• Funding for salary and benefits for professorships in various disciplines;
• Salary supplements to facilitate recruitment and retention of outstanding scholars;
• Establishment of new programs utilizing sponsored residencies for leading academicians and practitioners.
By design, endowed chairs at HCC enhance instruction and enrich the academic program. Income from the respective endowments supports educational activities while allowing HCC scholars to creatively enhance student learning not possible under the college’s state and tuition driven budget.
Depending on the depth, duration and complexity, costs to establish a chair) However, the minimum gift is $50,000. There is no maximum, however, an endowed full time faculty position can cost an initial $600,000. Gifts to establish endowed chairs may qualify for matching funds under the Florida Academic Improvement Trust Fund at the rate of $2 for every $3 gifted. Donors may pledge an amount and pay over a several, usually 3-5 years.
Investment earnings on the endowment allow for a maximum annual payment of 5%. For example private gift of $600,000 with $400,000 state match (when available) creates a $1 Million endowed faculty chair. The earnings, based on 5%, will generate $50,000 annually. Carrying the name of the donor, the chair is listed in the college catalogue and other publications. Additional recognition is offered at annual Honors Convocations.
HCC Foundation staff will be pleased to discuss the many flexible and creative ways an endowed chair can be established at HCC to match philanthropic interests. Chairs can easily be established through vehicles such as bequests and trusts.
3. Other Endowed Support Funds
The partnership between learner and teacher is critical for academic success. Developing instructional excellence can be enhanced by private donations for equipment, instructional projects, educational materials and staff development opportunities. Endowed support funds serve as vehicles to enhance excellence in perpetuity. The minimum for an endowment is $10,000, in order to yield sufficient earnings. Earnings from endowment funds can include, but not be limited to, educational activities such as:
• Acquisition of resource materials, literature and audio-visual materials for the classroom, studio and laboratory;
• Travel and study stipends for professional staff development;
• Purchase of educational technology software, hardware, and/or computer peripherals;
• Classroom speakers, resource specialists and lectureships;
• Symposia, conferences and workshops;
• Student instructional projects, service learning and trips.