HOW TO ESTABLISH A SCHOLARSHIP

The Halifax Community College Foundation has two types of named scholarships: Endowed and Annual Scholarships. Each is described below. All scholarship gifts to the HCC Foundation are tax deductible. 

A donor representative with HCC students

ENDOWED SCHOLARSHIPS

Endowed scholarships are established by a gift or pledge that is invested. The actual gift is never awarded. Scholarships are awarded from the interest earned on the investment and remain perpetual.

The amount of the scholarship varies with the amount of the endowment. The minimum endowment level is $5,000 which yields a $350 award at current investment yields. The annual cost of tuition, books and fees for a student is about $1,400 which would be generated from a $20,000 endowment. Awards of every amount in between are welcome. Some donors establish an endowment and add to the principal each year thereby increasing the scholarship award. Endowed scholarships may be established as a one-time gift or as a pledge over a five-year period.

ANNUAL SCHOLARSHIPS

The second type of named scholarship is an annual award. Donors give the total amount of the award each year. None of the funds are invested. Many of our corporate donors chose to make awards annually. The amounts vary, but typical scholarships are $500 - $1,000. With either scholarship the gifts are tax deductible.

SCHOLARSHIP CRITERIA

Our donors help establish the criteria for both types of awards. They may determine such stipulations as:

• grade point average,

• program of study,

• consideration of financial need, or

• whether the recipient should receive other financial aid.

Once the criteria is established, we have a Financial Aid Committee that makes the actual selections.