SwVCC

Educational Foundation, Inc.

How to Create a Scholarship at SwVCC

1.) How much does it cost to attend SwVCC?

Cost of In State Tuition:	$87.65 per credit
Estimated Average Cost Per Year:
Full-time tuition (22 credits):	$1,928.30
Books and Supplies:	$1,000
Total Cost:	$2,928.30

2.) How much does it cost to establish a scholarship?

There are two types of scholarships:

1. 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.
2. 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.

3. 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.

Scholarship Endowed Donation	Average Award for 1st year	Average Scholarship Award after 7 years
$50,000	$833	$3,124
$30,000	$500	$1,874
$15,000	$250	$937

* For more detailed information see the Endowed Spending Rate fact sheet.

4. 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, examination fees, living expenses, day care)

• 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)

5. 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 any opportunity to meet the student at the annual Scholarship Awards Ceremony. We can also arrange individual meetings with donors and their recipients.

6. Who do I contact to receive more information?
 

Mary Lawson
Executive Director
Southwest Virginia Community College Educational Foundation, Inc.
369 College Road
P. O. Box SVCC
Richlands, VA 24651
Phone: 276.964.7348
Fax:
E-mail: mary.lawson@sw.edu

 

•