Scholarship award disbursements have grown an average 35% per year. The 2019 total award amount is the largest the foundation has disbursed to date.
The Community Foundation of NCW has awarded 307 scholarships to 200 students across North Central Washington, totaling $666,040 – a record disbursement for the foundation.
The Community Foundation manages over 100 scholarships established by individuals, families, and businesses who feel passionate about making higher education more accessible for local students. Each scholarship is unique, as the criteria is set by the donor.
“These scholarships support such a diverse range of students” said Julie Mott, scholarship program specialist. “Some focus on area of study while others seek to help the students who have overcome obstacles. There are opportunities for nearly every student.”
Most scholarships aim to support students with the greatest financial need and help ease the financial burden many students face as they work toward their dreams of higher education. One scholarship awardee attending Wenatchee Valley College this year wrote “I’m the first in my family to go to college and because of my parent’s financial status, I will have to pay for it all on my own. This scholarship will help lower the debt I will come out with after college”.
This year, over 3,000 applications were received and reviewed by Scholarships Committees that are comprised of over 250 volunteers across the region. The committees recommend finalists for the awards, which are reviewed and approved by the Board of Trustees.
“We could not do this work without the commitment and dedication of our volunteers” said Mott. “They have the difficult task of selecting the right candidate for each award, in the spirit of what the donor intended. We cannot thank them enough for their efforts.”
Since 2003, over $5 million in scholarships from the foundation have been awarded, and annual award disbursements continue to grow each year (see graph). Contributing to this growth are new scholarship funds being established each year as well as the investment returns.
“With all endowed funds including scholarships, the foundation pools and invests them for long term growth” said Beth Stipe, executive director. “This means the foundation is able to continue disbursing these scholarships forever – and the awards grow over time. It’s a lasting investment in the youth of our region.”
The next opportunity to apply for scholarships is January 1, 2020.
CLICK HERE FOR A LIST OF 2019 SCHOLARSHIP RECIPIENTS
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What is involved in working with you all to establish a local scholarship (e.g., a small music scholarship at WVC)? What is the minimum base amount? What management fees do you charge? etc…. Thanks….Rick
Hi Rick,
The minimum to start a scholarship is $10,000. Scholarships are endowed, and roughly 5% of the balance is used to make the award each year, so a $10,000 scholarship would pay out a $500 award. This allows the scholarship to be awarded in perpetuity and it will grow over time from investments and added donations to the fund. The administrative fee is 1.5% (.5% of that is the investment fee). You establish the criteria and sign a simple fund agreement is all that is needed along with your initial contribution to set it up! You can choose to serve on a the scholarship review committee, but no more than 50% of the committee can be related (IRS rules). We also have volunteers that can review applications for you and determine a finalist based on your criteria. I’ll send you an email to see if you’d like to set up an appointment! -Jennifer