Educational Foundation :: Scholarship
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Establish a Scholarship
How much does it cost to attend Virginia Western Community College?
Cost of Tuition: $178.49 per credit.
|Average Cost Per Year|
|Full-time tuition (24 credits)||$4,283.76|
|Books and Supplies||$1,200.00|
How much does it cost to establish a scholarship?
There are two types of scholarships:
You may fund a named scholarship on an annual basis that awards the entire amount during the year in which you give it. This requires a minimum contribution of $1,000 per year. We suggest $2,000 a year which would allow a scholarship that would cover nearly half of a student’s full-time tuition for two semesters.
You may fund a named scholarship that will continue to help students and leave a legacy for your family or organization. An endowed scholarship, which may be funded over a maximum of five years, provides funds for tuition, books and/or other related expenses for qualifying Virginia Western students. The Educational Foundation has established the following targeted goals for scholarship endowment levels: $60,000 Endowed Scholarship Goal (fully funds tuition for a full-time student) and $30,000 Endowed Scholarship Goal (funds one-half of the tuition for a full-time student). These funds are invested and conservatively earn an average of 8 percent annually, which grows the fund and the scholarship award amounts over time.
How will the Foundation administer my endowed scholarship?
The Foundation recognizes that the intention of the donor is that their endowed scholarship remains in perpetuity. In order to protect the donor’s initial investment, the Foundation established the endowed spending rate as a maximum of 5% (the Internal Revenue Service’s recommendation) of a three-year moving average of the market value of the Foundation’s endowment assets on September 30. This enables the value of the fund to grow over the long-term and protects the principal from ever being invaded. For example, the endowment spending budget for fiscal year 2016 is determined by averaging the market values for September 30, 2013; September 30, 2014; and September 30, 2015. The Foundation will not administer scholarship funds until the percentage of a three-year moving average can be established allowing the fund to grow.
How can I designate the type of student who receives my scholarship?
There are many ways to tailor your scholarship to reach the students you most want to help. The Foundation staff will consult with you regarding the criteria you wish to establish. The following are several examples:
- Financial need
- Academic achievement
- Full-time or part-time students
- Returning or first-time students
- Specific expenses (e.g., tuition, books, examination fees, living expenses, day care)
- Your company’s employees and/or their dependents
- Students from a particular area (e.g., Franklin County, Roanoke City)
- Students who volunteer in the community
- A particular field of study (e.g., engineering, liberal arts, health care)
- Future profession (e.g., architect, teacher, nurse)
Will I meet my scholarship recipient?
Yes, the Foundation will notify you of your scholarship recipient as soon as he or she is selected, and you will have an opportunity to meet the student at the annual Scholarship Awards Ceremony held during the spring semester. We can also arrange individual meetings with donors and their recipients.
Is there a fee to administer my scholarship?
Yes, administrative fees are assessed on all restricted contributions to assist in facilitating the scholarship process. Endowed donations are annually assessed a 1.5% fee on the market value as of September 30. Non‑Endowed donations are assessed a 5.0% fee upon the receipt of the gift.
Who do I contact to receive more information?
Virginia Western Community College Educational Foundation, Inc.
Fishburn Hall, Room 214 C
3093 Colonial Ave., SW
Roanoke, VA 24015
Fax: (540) 857-6370
Location: Fishburn Hall, F214
All users: 711
3093 Colonial Ave. SW
Roanoke, VA 24015
Mon-Fri: 8:00 AM-5:00 PM