Establishing a Scholarship
Establishing a scholarship with the SCC Foundation will create an everlasting memory of your generosity. You can enable bright students who otherwise may not have the opportunity to go to college to earn the education they deserve.
There are three steps to creating a scholarship:
- Determine whether to create an Endowed or Non-Endowed scholarship.
- Create a Memorandum of Understanding (MOU).
- Sign the MOU
Endowed and Non-Endowed Scholarships
An endowed scholarship will be awarded in perpetuity.
Endowed scholarships are established with an initial gift of $1,000, followed by a gift of $3,000 a year for three years. Once the fund reaches a minimum of $10,000, it is invested, and a scholarship is awarded based on the earnings. This type of scholarship lasts indefinitely, and an average annual award is $1,000.
A non-endowed scholarship is a finite award, but can be upgraded to an endowed if desired at any time.
This type of scholarship is established with a minimum gift of $1,000 a year with a minimum three-year commitment. Scholarships may be awarded after the first donation. Non-endowed scholarships can be created for timely events, departmental projects, such as disaster relief scholarships or study abroad sponsorships, or for specific fields of study.
Memorandum of Understanding
An MOU is a legal (but non-binding) document which clarifies all aspects of your scholarship, including criteria for awarding and a plan of payment.
After the MOU
After the MOU has been signed by the Executive Director of the SCC Foundation and the scholarship donor, the document becomes a contract and the scholarship awarding process may begin taking place once the appropriate funding has been established.
If you are interested in establishing a scholarship, please e-mail Lisa Massing, Scholarship and Proposal Coordinator. You may also reach Lisa at 407.708.2382.