Joe’s Insight on the Benefits of Opening a Scholarship Fund at OCCF
An esteemed physician and lover of the arts, Dr. Mark Allen Everett established several funds at the Oklahoma City Community Foundation to memorialize his parents and several other family members. Through these awards, Dr. Everett’s charitable legacy continues to help students study ballet, music, art, English gymnastics and medicine.
Read more about how your clients can leave a greater legacy through the gift of education in our 2019 Scholarship Review.
The Gift of Education
by Joe Carter, Oklahoma City Community Foundation Vice President of Development
It’s no secret that the cost of education continues to soar. But the same can be said about the number of scholarships established at the Oklahoma City Community Foundation over the last several years! So much so that the popularity of establishing a fund has positioned the Community Foundation as the largest independent scholarship provider in the state, awarding $2.5 million to more than 800 students each year.
Advisors are always asking me why someone would establish a scholarship at the Community Foundation when they could easily set something up at a college or university. It’s a great question, and certainly a fair one.
Here are five reasons why donors should establish a scholarship fund with us:
A $40,000 minimum gift allows the donor to create a fully-endowed scholarship that is uniquely their own. It even allows the donor to designate eligibility requirements including education level, field of study, geographic area and more.
We offer a low administration cost of 1% on funds with a market value less than $1 million and 80 basis points on funds greater than $1 million.
The scholarship grows in value over time through investment earnings, since it’s invested with other Community Foundation funds.
Awards can benefit students from more than one school, an especially attractive benefit for donors more interested in supporting a field of study than a specific school.
Additionally, we also offer a $20,000 naming opportunity for a fund that supports existing scholarships awarded through Trustee Scholarship Initiative programs.
Do you have clients who are interested in supporting scholarships? Don’t neglect discussing the cost of education with them! It’s a powerful reminder of how their scholarship dollars can make a difference as well as help them determine the amount they need to give to provide impactful assistance for students. For example, the cost of higher education in the Oklahoma City metro area ranges anywhere from $13,767 to $41,422. Students probably won’t have that kind of money in their back pocket, so scholarships and financial aid are crucial to helping them follow their dreams.
Remember, a qualified charitable distribution from a traditional IRA is a great way for your eligible clients to establish a scholarship or contribute to an existing scholarship here at the Community Foundation. Let me know if you have questions. Just call me at 405/606-2914. I’m always happy to help!
Chartered Advisor in Philanthropy Graduates 2019
Last week, we recognized 11 professional advisors who graduated from the Chartered Advisor in Philanthropy program offered through the Oklahoma City Community Foundation.
Carter Baumert, Alex Bliss, Ginny Bass Carl, Joe Carter, Eric Gray, David Greenwell, Patricia Huffman, Steven Kaestner, Lyndel Lackey and Landon Long.
Do you want to increase your professional knowledge and skills and better serve your clients? Do you want insight that will benefit your clients immediately? This free luncheon hosted through the Oklahoma City Community Foundation and the Cannon Financial Institute helps you make it happen!
June 25
Ethics Issues in a Modern Estate Planning Practice
