One of the primary objectives of the Educational Foundation is to provide and administer scholarship support. Donors can make a difference by joining in this ambitious effort. Your generosity will improve access to higher education throughout the communities we serve.
Named scholarship endowments may be created with a gift of at least $15,000, which may be paid over three to five years. The amount of the scholarship awarded from the endowment income will vary from time to time depending on the amount of the gift, the investment rate of return, and tuition costs
Non-endowed scholarships may be created with a gift of at least $500. Non-endowed named scholarships are disbursed in one or more installments and are not retained as permanent endowed funds. Scholarships are awarded in the amount and at time determined by the Foundation Board in cooperation with the Foundation office staff and the College Scholarship Committee.
Other ways to give
Cash gifts are the most common form of charitable gifts because they are simple and easy to deliver and may result in a charitable tax deduction for the year given. Donors can choose to make a one-time cash gift and/or fulfill pledges on an annual, semi-annual, or quarterly basis.
The Foundation accepts stocks or other securities as donations. By contributing a long-term appreciated stock or other security, you are helping secure the educational goals for students, and you may avoid capital gains taxes while taking a charitable deduction.
- In-kind donations
The Foundation accepts equipment and personal property (artwork, automobiles, books) that can be of use to the college or sold quickly. It is best to contact the foundation office to discuss a potential donation before planning to make such a gift. An appraisal for tangible personal property exceeding $5,000 in value must be obtained. The donor is responsible for the cost of the appraisal.
- Tributes and memorials
Tributes and memorials
These gifts are a great way to honor and pay tribute to an individual or celebrate an occasion, such as an anniversary, birthday or new family member. The foundation informs the honoree (or their family) with a note (amount is kept confidential) showing that you care not only about them, but about the future of your community.
Bequests are outright gifts to the foundation through a will or trust. Charitable bequests to the foundation can be included when executing a new will or added to an existing will through a codicil. Donors may leave an unrestricted or restricted bequest of cash, property, or a portion or the entire residue of your estate.
Sample forms of bequest language
General bequest (without restriction)
I give and bequeath to the Germanna Community College Educational Foundation, Inc. the sum of $_____ (and/or the securities or other property described herein, namely, _____) to be used without restriction in the furtherance of its mission of support for Germanna Community College.
General bequest (restricted)
I give and bequeath to the Germanna Community College Educational Foundation, Inc. the sum of $____ (and/or the securities or other property described herein, namely, ___), for the use and benefit of the College (college/department/program), in accordance with established policies and procedures of the Germanna Community College Educational Foundation, Inc.
Bequest to establish Endowed Scholarship Fund
I give and bequeath to the Germanna Community College Educational Foundation, Inc. the sum of $_____ to establish an endowed scholarship fund upon the following terms and conditions:
- The fund shall be known as (Name of Fund).
- The principal of said fund shall be invested by the Germanna Community College Educational Foundation, Inc. in accordance with its policy for the investment of endowed funds, and the income there from used annually as a scholarship award/s for students who meet the criteria/ requirements as noted on the Scholarship Administration Agreement, which will be prepared by the Foundation Office for presentation, review and signature by the donor/s and appropriate foundation representative.
- The recipients of the scholarships shall be selected in accordance with established policies and procedures of the Germanna Community College Educational Foundation, Inc.
- Life insurance
Gifts of life insurance allow a donor to provide for beneficiaries, achieve substantial tax savings and make a larger gift than might otherwise have been possible. A policy can be contributed to the GCC Educational Foundation or the foundation can be named as a beneficiary or successor beneficiary of the policy.
- Real estate
Gifts of appreciated real estate such as a home, vacation property, or undeveloped land may be accepted. Gifts of this nature may allow a donor to avoid tax liability.
- Retirement plan assets
Retirement plan assets
By naming the GCC Educational Foundation as a beneficiary of a retirement account, donors maintain lifetime control of these assets which pass to the foundation upon your death. Your estate may be able to avoid certain income and estate taxes.
All of the above is not intended as legal or tax advice. Prior to making a charitable gift you are advised to consult your attorney, accountant, and/or other financial professional for advice with respect to legal and tax-related matters.
Give online to the Educational Foundation by using the link below.Give online
- By mail
Checks payable to: Germanna Educational Foundation
Germanna Community College
P.O. Box 1430
Locust Grove, VA
- Payroll deduction
Join the Frank and Nancy Turnage Legacy Society
The Frank and Nancy Turnage Legacy Society honors individuals who have included the Germanna Community College Educational Foundation in their estate plans. A planned gift will help to ensure that the college will have the resources to provide quality education for future generations. Current members of the Society have included the college in bequests, as the beneficiary of insurance policies or retirement plans, gift annuities or similar plans. The foundation is ready to assist you with planning similar gifts and to help you join this group of individuals who have committed to investing in the future of Germanna Community College.