Q: What is a private foundation?
A “private foundation” is defined as a nongovernmental, nonprofit organization. The WGTC Foundation is a private foundation. One of the most important missions of any Foundation is fundraising. WGTC Foundation Trustees are committed to supporting the college with capital campaigns, fundraising for special purposes, and fundraising for student scholarships. Our focus in recent years has been on fundraising for student scholarships, knowing that for many WGTC students, a scholarship can mean the difference between graduating and dropping out.
Q: What is an endowment?
An endowment is a sum of money, invested and preserved such that the interest will be used to fund scholarships. WGTC currently has four endowments. The Foundation is tasked with being good stewards of this money, making wise investments, and making sure the earnings are awarded appropriately in the form of student scholarships.
Q: How much of my gift will actually go where I want it to go?
A: All of it. You get to designate what program, what campus, what purpose for which you intend your donation. This is called “restricted.” “Restricted” means the funds must be used for a specific purpose. The WGTC Foundation currently has 20 restricted scholarships. For example, one is the Bowden Hospital Authority Scholarship that offers up to $500 to students who reside in certain counties. Another is the Caterpillar Foundation Scholarship, offering up to $250 to assist students in the Heavy Diesel program. Another is the Emili T. Fisher Foundation Scholarship, offering up to $400 to a Dental Hygiene student who is studying at the Douglas campus. Any individual, family, foundation, business, or organization can start an endowment or sponsor a scholarship.
Q: What is unrestricted?
“Unrestricted” funds come from money raised by the Foundation that is unspecified. The Foundation Board of Trustees can administer scholarships from unrestricted funds to deserving students as they deem appropriate, per an established set of guidelines. The Foundation typically awards approximately $25,000/year in (unrestricted) Foundation Scholarships. Funds raised at Black Tie and Boots will be used exclusively to fund student scholarships.
Q: What are future plans for the Foundation?
In the coming year, the WGTC Foundation will be examining past practices and planning improvements in the way we:
- advertise and post student scholarships
- assist students in applying for scholarships
- evaluate scholarship applications using a fair and unbiased methodology
- engage faculty, staff, and Trustees in the scholarship process
- award the scholarships
- follow through with students who received awards
- publish student success stories
- create new opportunities for scholarship giving
Q: What is the fundraising goal for Black Tie and Boots this year?
The WGTC Foundation actively raises money for student scholarships by hosting an annual Black Tie and Boots country music event. The 2014 event featured Wynonna and the Big Noise, with an unforgettable concert and dinner. We raised $14,300 for student scholarships. The 2015 Black Tie and Boots event will feature country music star Mr. Tracy Lawrence. This year’s Black Tie and Boots will take place at the WGTC Murphy campus on Saturday, August 8th, 2015. Our goal is to raise $50,000 for student scholarships. We intend to achieve this goal through a robust publicity campaign, newly defined sponsorship levels for our valued business and industry partners, and new relationships with those who share our vision for student success.