Donors leave legacy, help students
In 2011 Samantha Swift set up a scholarship at Slippery Rock University to honor her parents James E. and Katherine Swift.
Swift, the director of development at Slippery Rock University Foundation, says people who give gifts or endowments to learning institutions do get a tax break.
“But that's usually not the reason they made the gift,” she said in a recent interview.
Most, like Swift, want to honor someone. In this case, Swift's father graduated from Slippery Rock University in 1967 with a degree in English education. She said the annual $1,000 scholarship recognizes her appreciation of her parents' efforts in helping her grow and learn.
Additionally, people make monetary gifts to colleges and universities because they are thankful for the education they received and want to “pay it forward” to another student making his or her way.
“You don't have to give a five-figure gift to make a huge impact on a student,” Swift said.
As of June 30, 2014, the close of the financial year, the total endowment at Slippery Rock University Foundation Inc. was $23 million.
While some endowments at Slippery Rock are earmarked to pay for travel or faculty development, most of that money is set aside for scholarships.
“Scholarships are a win-win for the donor and the student,” Swift said. “It's a wonderful way to honor someone or give back.”
Slippery Rock has more than 200 endowed scholarships. And the foundation asks that those interested in creating one gift no less than $25,000. Swift explained that is because the interest earned on the endowment is used to pay the scholarship. The principal donation is never touched.
For those wishing to give scholarships, but not yet prepared to make a $25,000 gift, the foundation offers some other payment structures. Or, they accept annual scholarships, but request no less than $1,000.In either case, annual or endowed, the scholarship can be named for someone.Although it's possible to see a building or other brick and mortar structure at Slippery Rock named for a person, they generally aren't selected for that honor because of financial gifts, Swift said.The buildings often are named for people who made contributions that were not material. The Robert M. Smith Center at Slippery Rock, for example, is named for the retired school president and president emeritus.At Butler County Community College, the Succop Theater is named for donors Thomas and JoAnn Succop.And the soon-to-come Heaton Family Learning Commons will be named for Robert Heaton, who donated $1 million to Butler County Community College's $4.7 million library renovations. The library will open in the spring of 2016.However, Ruth Purcell, executive director of the BC3 Education Foundation, said the organization's total $3.2 million endowment goes almost exclusively to students by way of scholarships.At the community college, the foundation asks that donors gift no less than $10,000 into an endowment. Interest from the principal is gifted to students, and the criteria for the scholarship can be determined by the donors. Donors can select majors or geographical areas of graduation, for example.All gifted money goes into a pool that is managed by a bank and a board.“So your gift can last into perpetuity,” Purcell said.Like Swift, Purcell said many people make gifts to the foundation because they want to honor a person or their own education and they hope to help others.
“This type of gift can leave a legacy in the community and make an immediate impact,” Purcell said. “It becomes pretty obvious when they (donors) get a chance to meet their students.”Annually, Butler County Community College hosts a dinner where people who gifted money are invited to meet scholarship winners.To contact the BC3 Education Foundation Inc., call 724-287-8711, Ext. 8268. To contact Slippery Rock University Foundation Inc., call 724-738-2004.
