Establishing Scholarships

Many donors wish to either establish a named or endowed scholarship in their own name, in the name of a local business or in honor or memory of someone else. Not only can you determine the name of the scholarship, but you can also determine the recipient criteria such as major, being a graduate of a particular high school, etc. The Foundation Scholarship Committee makes every attempt to match the scholarship applicant with the appropriate scholarship.   

Donors wishing to fund a scholarship may do so in a variety of ways:

Annually-Funded Scholarships - $500.00  up to $2,000.00 per year

            Some GC Employees do this through monthly payroll deductions @ $21/month. 

 

Permanently-Endowed Scholarships – Beginning at $5,000

Endowed scholarships can be established as a one-time gift of $5,000 or more, or payments over a multi-year period

  

Multiple donors may contribute to an endowment

The GC Foundation designates a primary contact person for an endowed fund, whom we notify whenever a memorial contribution is received from someone else, so that – in addition to the official gift acknowledgement letter with receipt that is mailed out by the GC Foundation Office, the family/primary contact person can personally thank the donor for their gift.

Endowed Scholarship Giving Levels

Once the initial endowment level of $5,000 is reached, the GC Foundation invests the principal balance, and after a full year, begins presenting annual awards of 4-5% of the principal of the fund, (as long as our earnings allow).  The donor may then continue to “grow” the endowment to higher levels and subsequently increasing the amount of the annual award that is generated by the earnings on the investment.

 

Endowment Level	To Endow
Valhalla	$1,000,000+
Thor	$500,000
Mimir (wisdom)	$250,000
Gefjon (knowledge)	$100,000
Hermod (messenger)	$50,000
Dream Weaver	$25,000
Visionary	$10,000
Patron	$5,000