How to Create a Scholarship at SWCC
How much does it cost to establish a scholarship?
There are two types of scholarships:
- Annual Scholarships: You may fund a named scholarship every year that awards the entire amount during the year in which you give it. This requires a minimum contribution of $1,000 per year.
- Endowed Scholarships: You may fund a named scholarship that will continue to help students in perpetuity and leave a lasting legacy for your family or organization. This requires a minimum contribution of $15,000, which may be funded over a maximum of 10 years. These funds are invested and conservatively earn an average of 8 percent annually, which increases the fund and the annual scholarship award amounts over time. Each year you will receive an account statement that details the performance of your endowed fund.
How much will my endowed scholarship pay?
We follow the Internal Revenue Service’s recommendation to annually distribute an average of 5 percent of the endowment’s assets, which enables the value of the fund to grow over the long term and protects the principal from ever being invaded.
How can I designate the type of student who receives my scholarship?
There are many ways to tailor your scholarship to reach the students you most want to help. The Foundation staff will consult with you regarding the criteria you wish to establish. The following are several examples:
Financial need, academic achievement, full-time or part-time students, returning or first-time students, specific expenses (e.g., tuition, books, exam fees, living expenses, daycare), your company’s employees and/or their dependents, students from a particular area (e.g., Russell County), students who volunteer in the community, a particular field of study (e.g., engineering, health care), future profession (e.g., teacher, nurse)
Will I meet my scholarship recipient?
Yes, the Foundation will notify you of your scholarship recipient as soon as he or she is selected, and you will have an opportunity to meet the student at the annual Scholarship Awards Ceremony. We can also arrange individual meetings with donors and their recipients.
Make a Pledge
Send your pledge information to:
Dr. Susan Lowe
Vice President of Institutional Advancement
Director of Scholarships & Major Gifts Campaigns
P.O. Box 1101, Richlands, VA 24641
Many companies will match the financial contributions that their employees, retirees, and board members make to non-profit organizations. By participating in this program, you can double or even triple the value of your gift to Southwest Virginia Community College.
For a listing of matching donation companies, please contact the Foundation office at 276-964-7347.