Establishing a Scholarship
The entire Gogebic Community College family thanks you for your interest in establishing a scholarship fund that works to improve the educational opportunities available to the College’s students. Approximately 70% of GCC students qualify for financial aid, making scholarships vitally important to their future. Together, we can make a positive difference in people’s lives.
While gifts of any amount, at any time, are greatly appreciated and will be added to the general scholarship fund, the following information serves as a guideline for establishing a Named Scholarship Fund to be administered by the Gogebic Community College Foundation.
Scholarship Award Criteria
Whether Perpetual, Annual, or a One-Time Memorial or Honorary Scholarship, sponsors have great latitude in defining the specific scholarship award criteria. Scholarship Sponsors can establish:
The College Financial Aid Office reserves the right to select the recipient based on the sponsor’s established criteria. However, scholarship sponsors, if they desire, can identify a representative to assist the Financial Aid Office in the selection process. Sponsors are cautioned not to make the criteria too restrictive as to preclude award.
A full time student from Gogebic County, enrolled at GCC and taking 31 credit hours in an academic year (fall and spring semesters), could expect to pay approximately $3,686 in tuition and fees, and $950 for books and supplies.
The Perpetual Scholarship is endowed and only the interest is used for the yearly award. This guarantees a lasting memorial to a loved one. The primary assumption is that the annual scholarship amount be funded by the interest on the scholarship fund principal. Perpetual scholarship funds are deposited in the College Endowment Fund and jointly administered by the College Business Office and Foundation.
At the time of donation, five percent (5%) of all restricted donations will be designated for management expenses for the Foundation, as well as five percent (5%) of all yearly earnings on Foundation Endowed and Restricted Funds in all subsequent years. (Example: On a $5,000 fund with conservative yearly earnings of $250.00, approximately $12.50 per year would be designated for management fees.)
The following table provides some information regarding perpetual scholarship awards and the associated relationship to interest rate and scholarship fund principal.
Should an individual or organization desire to set up a named scholarship, but lacks the financial resources to endow the fund principal, the College Foundation provides an opportunity to create an Annual Scholarship. In this case, sponsors and the Foundation reach agreement on scholarship criteria and award level (minimum $500) and the Financial Aid Office selects the recipient. The sponsor(s) are invoiced annually for the scholarship award and payment usually occurs in the winter for the following academic year awards.
One-Time Memorial or Honorary Scholarships
Lastly, the College and its Foundation provide the opportunity to establish a One-Time Memorial or Honorary Scholarship. These scholarships are non-repeating and have varied amounts (minimum $1,000). Again, the scholarship sponsor is free to set the scholarship award criteria, provides the Foundation with payment for the scholarship, and the College Financial Aid Office selects the recipient. If a scholarship gift is less than the minimum $1,000, the gift would be added to the Foundation Endowed Scholarship Fund and listed in memory or in honor of the named individual.
Scholarship sponsors (unless not desired) are publicly recognized for their support of educational access and opportunity through the local media. They are also highlighted in the GCC Foundation “Alumni & Friends Newsletter” when established and listed each year in the Foundation Annual Report.
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