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HCCC > Alumni > Give a Gift > Scholarship Endowment  

Scholarship Implementation Options

We are both pleased and honored that you are considering the establishment of a named scholarship through the HCC Foundation, Inc. Here are some guidelines that will assist your decision. These options are only suggestions. The Foundation is willing to consider any proposal you would be willing to make. If you have any questions or are ready to implement a scholarship please contact us at the number listed below.
The criteria for any named scholarship at Herkimer are entirely up to the discretion of the donor .
Our only counsel is that more criteria usually results in a smaller pool of potential recipients, which sometimes results in making it difficult to award a scholarship in a given year.

I. Endowed (Minimum $5,000): The donor agrees to provide gift support either in lump sum or in a series of planned payments over a specified period of time.
The scholarship is given when the principal in the fund is sufficient to generate
an amount of interest that would, when invested with all other Foundation corpus
funds, likely cover the amount of the annual award on an annual basis. Interest
and dividend funds accrued over and above annual payout levels would be
added to the principal amount to grow the fund over time, thus insuring the
maintenance of the fund in perpetuity.

  • Once fund is established, award will be given in perpetuity by the Foundation.
  • Although welcomed, no additional donor support is required.
  • Once endowed, the scholarship award will never be terminated.
  • Amount of funds available for award will likely grow over time, so donor can increase amount of award or expand the number of annual awards over time.
  • Minimum annual award is based on market performance.

II. Principal Supported: The donor provides a lump sum amount to the Foundation. The Foundation then apportions all assets from the fund until the fund is
depleted.

  • The award may be granted immediately.
  • Donor contributes gift necessary to establish the fund and makes
    further contributions as desired, to lengthen the period that the
    scholarship is active.
  • Scholarship terminates when fund is depleted.
  • Minimum annual award is $100/year.


III. Annual Cash Contribution: The donor provides a specific amount of money to the Foundation annually. The funds are then distributed directly to the recipient's College account.

  • The award is granted immediately.
  • Donor contributes cash needed to fund the award each year .
  • Scholarship terminates when donor does not contribute funds.
  • Minimum annual award is $100.