- Why does BCC, a public college supported by tax dollars, need private support?
Government support has decreased over the years and now covers less than half the operating cost for BCC. At the same time student tuition and fees have had to be increased. With more than 85% of BCC students requiring financial assistance to be able to attend the College, private gifts are critical to making that access possible. In addition, a great instructional environment, innovative teachers and top-notch instructional equipment can only be assured through private support.
- What’s the relationship between BCC and the BCC Foundation?
The Foundation was established back in 1965 for the sole purpose of raising funds and administering private gifts to help BCC, its students and faculty. The Foundation is housed at no cost on the BCC Campus, but otherwise is self-sufficient.
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- I can’t afford to give a lot; will my modest gift make a difference?
Every gift makes a difference! Taken together all the gifts we receive help meet important educational needs. Every single gift at whatever amount really helps.
- What is an endowment and how does it work?
An endowment is a gift that is invested and then provides income for the donor’s purpose forever. The principal amount used to establish the gift is not spent under normal circumstance; just the interest, dividends and/or capital appreciation earned by the fund.
5. I’d like to honor my parents – how can I create a scholarship in their memory?
You can set up an annual scholarship in their names (minimum $500 per year), at least for a period of three years; or, you can establish a perpetual fund (endowment: minimum $10,000) that will provide the annual award. We will work with you to establish the award criteria, and you may be able to present the award in person. For example, you may decide to make a gift to assist students in Business on a continuing basis. You and other family members give $10,000 worth of stock or cash. After at least a year, a scholarship of roughly $500 may be given. As the stock market trends upward, the value of the initial gift grows, and as it does, so does the size of the scholarship that may be awarded in your parents’ names.
- Will my gift to the Foundation be tax-deductible?
Yes. The Foundation is a 501 © (3) not for profit corporation, so your gift is tax deductible to the fullest extent allowed by the IRS.
- How much does the Foundation spend on fundraising and administration?
Last year just 18 cents was spent for each dollar of support we raise. That figure is less than most of our peers.
- How do I go about leaving a gift in my will?
To benefit the College in your will, you should specify the BCC Foundation as the beneficiary. The Foundation accepts all private gifts for the College. In your will you can name a specific amount of money, a percentage of your net estate or residuary estate, securities, or personal property such as real estate or art. If you do not specify a purpose for the gift (such as professional development, scholarships, instructional equipment or capital needs), your gift will used where needed most as determined by the BCC President and the Foundation at the time your will is put into effect. The basic language you will use is…I bequeath (amount/percent) to the Broome Community College Foundation, in Binghamton, New York for (purpose).
- How can I get income back from a gift I make to the Foundation?
The Foundation is proud to be able to offer gift annuities through the State University of New York Research Foundation and TIAA-CREF. The amount of the tax deduction and the payments you will receive vary according to age and other factors.
- Who should I contact with questions?
Please feel free to call us between 8 and 5 Monday through Friday at (607) 778-5182; or, you can email us at foundation@sunybroome.edu or BroomeCCFoundation.org and someone will get back to you within one workday. To make an annual gift, please call our Director of Development, Jessie Stone He at (607) 778-5179; for planned giving information, contact our Executive Director, Dr. Judy Siggins, at (607) 778-5182. We’d love to help! |