NEWS & PRESS RELEASES
BBC Foundation sets strong goal to boost endowed, annually funded scholarships
BBC Foundation has kicked off a five-year campaign to raise by nearly five-fold the amount given in endowed and annually funded scholarships. The intensive effort will help Baptist Bible College & Seminary students with rising educational costs.
The focus of the campaign is to increase scholarships through endowments and annual gifts. By May 2013, BBC Foundation intends to secure endowment gifts and commitments totaling $6 million. A secondary goal is to increase the number of annually funded scholarships from 13 to 100 by May 2013.
Learn more about endowments and scholarships here.
Growing Endowments and Annual Gifts
BBC Foundation now has $1.3 million in endowed scholarships, producing roughly $60,000 per year in financial assistance. Once funded and combined with other efforts, the new endowments will produce $270,000 in endowed scholarships.
Endowment gifts are placed in a separate account and invested with professional managers. Each year, the amount distributed for scholarships ranges between 4-5% of the value of the endowment. Based on the historical average return of a balanced portfolio of 8-10%, the endowment grows over time, providing increasing scholarships and a continuing legacy for the donor.
Donors can name an endowment and select the criteria or contribute to the Ministry Leaders Endowment, a general endowment that gives the president of BBC&S flexibility to help deserving students.
Annually funded scholarships through direct gifts now produce $80,000 in aid each year. The goal is to increase that to $200,000. Like an endowment agreement, donors to an annually funded scholarship are able to name the fund and determine the type of student who will receive assistance.
"Like most private colleges, BBC&S relies upon the generosity of donors to make education affordable," said Mark Robbins, a CPA and president of BBC Foundation. "All of our programs produce leaders for ministry. Too many BBC&S students are financing their education with debt which can derail their plans for ministry. Endowments provide a wonderful way for donors to create an enduring legacy by helping successive generations of students."
Options for Donors
The minimum commitment required for naming an endowment is $50,000. Contributions of any size can be made to the Ministry Leaders Endowment. Donors have several funding options.
-- Transfer cash or appreciated assets now.
-- Pledge cash or assets over a period of three to five years.
-- Place BBC&S in an estate plan for the entire portion.
-- Create a planned gift, leaving the balance to an endowment upon your passing.
-- Any combination of the above.
Learn more about the new scholarship campaign here.
Learn more about setting up an endowment or annually funded scholarship here.
Learn more about planned gifts and their financial benefit here.
BBC Foundation assists individuals with biblical retirement and estate planning and builds financial resources for Baptist Bible College & Seminary and other biblically-based ministries. For details, go to www.bbcfoundation.org or call 800.451.8668.
Baptist Bible College & Seminary offers 38 academic programs, from a one-year Bible Certificate to PhDs. Programs are available through the Clarks Summit campus and several distance learning options. To learn more, go to www.bbc.edu or call 570.586.2400.
Posted on: 11/6/2008 3:26:05 PM
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