Named Endowment Recognition Event - February 2024
The Community College Foundation proudly accepts gifts to endowed funds that provide support for work that is core to the mission of Lake Region State College. Currently, gifts of $15,000 or greater are required to establish “named” endowments. Gifts of lesser amounts can be directed to support any currently established endowment. When a named endowment is established, the donor may direct its earnings to be used to support scholarships, instructional programming, or priority needs of the college as they emerge.
Named endowments are commemorated with individualized plaques, prominently displayed. When an endowment provides a scholarship, the name of the recipient(s) is engraved on a plate attached to the plaque. A narrative about the individual or organization for which the endowment is named is also on display and is shared with those who benefit from endowment awards. Endowment sponsors and college staff work together to prepare the plaques and narratives.
Newly established endowed funds must be invested for a year before earnings are available to support the project of the donor’s choice. The size of awards is adjusted annually, dependent on investment earnings. The foundation’s Budget and Investment Committee oversees the program’s management process, and an independent audit is conducted each year. Historically, endowed funds have been invested conservatively with an effort to strike a balance between providing spendable dollars and growth for the future. Last year, a $15,000 endowment produced a $600 award to provide 15 percent of a student’s tuition, to purchase new technology for a classroom, or to provide access to professional development for faculty.
Each year, a report providing information about the work of the Named Endowment Program is prepared and distributed to endowment sponsors. The college and foundation also host the Named Endowment Recognition Event each year. The gathering provides an opportunity for endowment sponsors to learn first-hand about the impact of their gifts by visiting with students, faculty, and program leaders.
The Community College Foundation is committed to good stewardship of its endowment gifts. The foundation is also dedicated to keeping the memory of endowment honorees forever a part of the collective history of the college and its community.
