STCC Foundation - About the Foundation
Things to Know About the STCC Foundation
- What is the Springfield Technical Community College Foundation
The Springfield Technical Community College Foundation (a 501-(c)-3 non-profit organization incorporated in 1981) exists to help Springfield Technical Community College meet its goals and commitment to provide superior educational opportunities in the community. The Foundation will accomplish its mission through fundraising, promoting the College as a community resource, and by securing and managing private resources, planned gifts and donations to support special projects.
- Why does Springfield Technical Community College need private
Presently, the State of Massachusetts provides less than 50% of the College's total operating budget. The STCC foundation supports the College in four crucial areas:
- Supporting Academic Excellence
The STCC Foundation plays a critical role in helping the College maintain academic integrity in health, business and engineering programs in a rapidly changing technological world. Through grants for faculty development and laboratory upgrading and through its industry equipment donation program, the Foundation works with local businesses to support the academic excellence that makes STCC a unique community asset.
- Supporting Access to Higher Educational Opportunity
The STCC Foundation is a significant source of scholarship aid to students. In addition, the Foundation sponsors programs for limited English-speaking students and routinely applies for and receives grants from other foundations to offer enrichment programs for disadvantaged high school students.
- Supporting Regional Economic Development
The STCC Foundation plays a critical role in economic development efforts. Initially, as the charitable entity through which a $4 million campaign was conducted to renovate space for the Springfield Enterprise Center, the Foundation has extended its activities to include the development of funding for STCC's educational entrepreneurship programs. The STCC Foundation also coordinates an annual benefit banquet, which honors the region's entrepreneurs and inducts individuals into the Western Massachusetts Entrepreneurship Hall of Fame - a celebration of the vision and business leadership that makes our economy thrive.
- Supporting Other Needs of the Local Community
The STCC Foundation supports STCC's Community Service Mission as seed-funder of the Ovations series at STCC and as the organization through which two annual "endowed chairs" recognizing faculty excellence and community service are awarded. Moreover, the STCC Foundation's channeling of gifts of equipment to health and educational programs enables STCC to further extend a range of specialized services to the residents of our community.
- Supporting Academic Excellence
- How do private contributions to the STCC Foundation help the
The STCC Foundation has supported the College by approximately $6.9 million. 111 faculty and staff members have received over $419,000 in incentive grants for special projects. 225 faculty members have received over $75,000 for professional development. Over $2.5 million in equipment has been donated. $3.86 million has been raised for the Springfield Enterprise Center 2000 Capital Campaign. $45,000 has been awarded to faculty through two endowed chairs. $152,800 in scholarships has also been awarded.
- What are my options for giving?
The STCC Foundation receives gifts from individuals, corporations, and foundations. These gifts may be cash given through an annual gift or pledge. Other methods of giving include stock, personal property, and real estate. Charitable trusts, gift annuities, bequests and will provisions, and paid up life insurance policies are examples of deferred gifts. Many corporations will also match gifts made by their employees to STCC.
- What is an endowment?
An endowment is an account where the interest earned from the principal provides a permanent source of funds for a particular purpose at the College. Interest may support a scholarship, faculty professional development, equipment purchases or special projects. Because an endowment's principal is never spent, endowed funds create financial stability, which allows STCC to be less dependent on unpredictable sources of revenue, such as government support or grants. STCC's endowment funds are professionally invested and managed by the Foundation.
- What endowment naming gift opportunities are available at STCC?
Named endowment funds offer donors an opportunity to associate the name of a family or individual with a project or program of enduring worth. Named endowment opportunities at STCC range from scholarships to faculty support and program support. Named endowment giving levels begin at $5,000 for a student scholarship and program support; and endowed faculty support begins at $250,000.
- May I designate how my gift will be used?
Yes! You may designate support to departments, programs, projects, or you may choose to establish a scholarship fund to support specific types of students. You may also choose to leave your gift unrestricted, which means support is provided to the areas of greatest need.
- How much of my gift actually goes toward the project I want
The STCC Office of Institutional Advancement and the STCC Foundation have established a policy stating that more than 90% of every gift goes directly to support the program specified by the donor.
- What is the difference between unrestricted and restricted gifts?
Unrestricted gifts provide a pool of funds to STCC that are not restricted to specific program uses. These gifts provide resources for scholarships, incentive grants, faculty & staff professional development and special projects.
Restricted gifts are for specific purposes such as an endowed scholarship, special departmental programs or buildings. STCC welcomes both restricted and unrestricted gifts. Unrestricted gifts are especially important and will provide support to the areas of greatest need.
- Are all gifts tax deductible?
Gifts to The Springfield Technical Community College Foundation, a 501c (3) charitable organization, are fully tax deductible to the extent allowed by law. You should consult with your tax attorney or financial adviser.
- Can I receive a tax deduction for equipment or supplies I give
to the College
The academic department receiving the equipment or supplies must first determine if the donation is usable. An in-kind donation form is completed by the department and the donation must be officially accepted by the College's Board of Trustees. For IRS purposes, the value of the donation is set by the donor.
- What is The Legacy Society?
To be established in 2002, The Legacy Society recognizes STCC's major planned gifts left to the Foundation through wills, paid insurance policies, annuities or cash. A range of recognition opportunities exist to honor donors at various contribution levels.
View the page, STCC Foundation - Alumni and Friends - Gift Planning, for more information.
- How is the Foundation governed?
The STCC Foundation, Inc. is governed by a volunteer board of 29 elected directors drawn from corporations and community organizations The President of the College serves as Secretary for the Foundation and a member of the Board of Trustees also serves on the Board. The Foundation's day-to-day operations are overseen by the Vice President for Grants and Development and administered by the Executive Director of the Foundation.
- What is the Foundation's fiscal year?
The Foundation's fiscal year begins on July 1st and ends June 30th.