Endowed Scholarship Guidelines
More than one hundred and thirty-five endowed scholarships have been created through the generosity of alumni and friends of Panola College. They are awarded annually to students for various reasons that include financial needs, academic standing and participation in intercollegiate athletics,fine arts or performing arts group.
Many people assume that Community Colleges are primarily State supported and, therefore, have little need for private donations. This is not an accurate representation. Instead of thinking of Panola College as State "supported," a more accurate description would be State "assisted." In 1986, State appropriations made up more than 60 percent of a college's budget. Today State appropriations account for less than 30 percent. At Panola College, private donations provide students the opportunity to complete or continue their education, strengthen academic programs, and provide faculty with additional teaching tools.
Choosing to establish an endowed scholarship is a great way to invest in the lives of current and future Panola College students.
Below are guidelines for establishing an endowed scholarship. Please review them closely. If you have any questions, do not hesitate to contact us. We look forward to assisting you.
Contact the Office of Institutional Advancement at 903-693-2029 for more information or to start the endowment process.
Guidelines for Establishing an Endowed Scholarship
- A donor or donors may establish a named endowment at a minimum funding level of $10,000. The donor(s) may accumulate the endowment gift over a three-year period with earnings during the accumulation period to be added to the corpus. Earnings during the accumulation period may not be used to reduce the donors’ commitment to fund the endowment at the minimum level. Once funded, earnings will be distributed both to make awards under terms of the Donor Agreement and to increase the corpus of the endowment as allowed by economic conditions and existing board policies.
- Upon receiving a minimum of $10,000, Panola College will permanently endow a scholarship for the donor(s). Guidelines for the use of the endowment will be agreed upon and a Panola College Scholarship Donor Agreement will be completed in the Office of Institutional Advancement.
- Donors will be contacted at the end of 36 months if a scholarship is not fully endowed. If the donor is unable to fully endow the scholarship, monies already donated will be transferred to the general permanent endowment fund and the intent to endow the scholarship will be voided.
- The donor has the following options in specifying certain criteria for selection of an award recipient. A donor may specify that:
- a preference among equally qualified applicants be given for recipient selection. However, Panola College Board and Foundation policies prohibit discrimination against recipients being considered for an award on the basis of race, color, national origin, gender, religion, age, veteran status, or disability.
- selection of a recipient be tied to a recipient’s academic performance, financial need or geographic area of residence.
- applicant eligibility be limited to an employer’s employees and their spouses or dependants provided that final selection of recipient is made in accordance with policies of PanolaCollege and the Panola College Foundation.
- a recipient be a student in a particular Panola College department or area of study.
- a recipient has completed a specified number of semester hours of college work.
- a recipient have a minimum required grade point average.
- eligibility be limited to U.S. citizens and permanent residents.
- Once a scholarship has been permanently endowed, publicity regarding the scholarship will be released to the public. A commemorative plaque will also be displayed on the Endowed Scholarship Wall.
- Donors may recommend or suggest scholarship recipients. However, the Internal Revenue Service will not recognize a contribution for charitable tax deduction if the donor retains control over the gift funds or how they are used. Therefore, a donor may not participate in the selection of scholarship or award recipients, name a non-Panola College employee to the scholarship committee, or structure the criteria so narrowly as to limit selection to a small population comprised solely or primarily of individuals related to the donor or that the donor would choose without this restriction.
- The Panola College Scholarship Committee will make the final recipient selection. Recipient selection will be based upon the requirements listed on the Panola College Scholarship Donor Agreement.
- The Panola College Investment Policy is approved by the Board of Trustees, regulated by the State of Texas, and is designed to preserve the endowment. Any specific directions on how you may want to invest the endowment should be made to the Dean of Fiscal Affairs when the endowment is funded.
- If in the judgment of the Office of Institutional Advancement, future circumstances change, so that the purpose for which the endowment is established becomes illegal, impractical, or so that the purpose no longer meets the needs of Panola College, an alternative use for the endowment to further the objective of Panola College may be established, in the spirit of the donor’s original intent.