Funding a Scholarship Program
The South Plains College Foundation accepts scholarship contributions in any amount. Donors may designate a scholarship fund of their choice to receive the contribution. Contributions may also be placed in the Founders Opportunity Scholarship Endowment for general scholarships.
The South Plains College Foundation will create a new scholarship fund with a minimum initial contribution or pledge of $2,500.
Scholarship programs may be endowed, annually funded or a combination of both.
The minimum contribution or pledge for establishing a permanently endowed "named" scholarship fund is $10,000. At this level, the endowment awards a $500 annual award ($250 per semester). Endowed scholarship programs must meet this minimum level in order to be activated. Pledged funds are generally received within two to five years.
Annually funded scholarships require receipt of funds before the scholarship is issued. Combination scholarships require annual funding to supplement shortfalls in endowment earnings.
Scholarship Charters
When a donor decides to establish a scholarship program, a Scholarship Charter is drafted which governs the establishment and administration of the scholarship funds. The charter outlines the major criteria for the selection of recipients.
Scholarships may be designated college-wide or program specific. College-wide scholarships are general awards presented to students regardless of major field of study. Program specific scholarships are awarded to students who enroll in a specific major field of study. The donor may determine through the Scholarship Charter whether the award should be college-wide or program specific. Major fields of study are described in the General Catalog and may change from time to time.
Scholarships may be named for the donor of the scholarship or a name designated by the donor. The Foundation Board of Directors will name scholarships created without a major donor. The word "memorial" may be included in the name if appropriate.
Tax Deductible Contributions
For contributions to a scholarship fund to be tax-deductible, the donor cannot have a role in the selection of the recipient. Restrictive criteria can be stipulated, but it must be general enough not to create control by the donor. Additionally, no member of the donor's family to the third degree of consanguinity or second degree of affinity may benefit from the scholarship fund. The purpose of the contribution should be for a charitable cause and cannot be for the furtherance of a private interest.
South Plains College also welcomes scholarships with donor-designated recipients. Contributions of these scholarship funds are not tax deductible and are received as third-party scholarships for the benefit of the designated scholarship recipients.