The principal gift is invested for a specified period of time. The interest that the principal accrues is used for a specific purpose. Endowments help ensure the continuation of the educational services made possible by the Foundation. The interest earned from an endowed scholarship is used to fund student scholarships. The giver may request a name for the endowment and preferences for the scholarship.
Endowed scholarships are important because they provide a permanent funding source for scholarships.
There are many people who cannot afford to attend OCTC, but who would greatly benefit from the education and training. Your gift allows one or more annual scholarships to be awarded that will give the recipient the opportunity to attend college. Your contribution to the Foundation is a deductible charitable contribution and is treated as such. For specific information on how the gift will affect your individual tax situation, check with a tax advisor. The Foundation works with individuals and estate planning professionals to establish planned gifts such as charitable bequests and charitable annuities.