College Foundation Funds

Johnston Community College Foundation maintains a growing number of specific and identified funds, for which gifts, donations, and contributions are received and allocated according to the purpose established for that respective fund.

Funds are being added to the College Foundation from time to time as donors identify particular needs and interests and as new priorities emerge for the College.

General Purpose Funds

The College Foundation operates with three General Purpose funds, each with its own specific intention, as listed below:

General Endowment Fund
The overall and permanent endowment fund that provides funds annually to support any and all financial priorities of the College as determined by the Foundation Board of Directors. The Board of Directors identifies the percent of the fund and interest that is to be allocated toward the priority needs. Gifts directed to an endowment, but not allocated to a specific named endowment fund, are applied to this fund.
General Scholarship Asset Fund
The designated fund set aside for gifts that are to be directed at student scholarships but for which the donors do not choose to specify a particular named endowment scholarship fund or a named annual scholarship fund or a particular scholarship award to direct the gift. In many cases, the donors simply decide to make an annual or periodic contribution and want to be assured that the award goes to student scholarship support. The funds are awarded as scholarships for one or more semesters as determined by the Foundation Board of Directors.
Unrestricted Fund
The designated fund to which all unrestricted and directed assets are allocated from gifts, donations, contributions and other revenue sources. Monies within the Unrestricted Fund are applied to the annual Foundation budget, to supplement scholarships or other fund allocations where necessary and generally to provide the financial cornerstone for Foundation operations and priorities. The allocations are according to the approved budget and/or Foundation decisions or other directives of the Foundation Board of Directors.

Named Funds

The College Foundation operates with four categories of Named Funds established by donors for a particular memorial or tribute and to benefit a student scholarship or the designated area of the College, as listed below.  A listing of the names of each of the respective categories of Named Funds is available on the Established Foundation Named Funds page.

Named Annual Scholarship Fund(s)
A restricted fund created as a named memorial or tribute for a minimum of a $500 commitment for each of four years. A Fund Agreement is created to document donor gifts and identify the purpose and other parameters for each fund established. One or more annual scholarship awards are allocated from each Named Annual Scholarship Fund according to the amount set aside in the fund and the donor’s intentions. For most of these funds, the donor chooses to make an annual or periodic contribution to the fund so that the monies can go for student scholarships. The scholarship awards are made in the fall and/or spring semesters, and there is a variety of criteria to consider in specifying the award and its distribution. Currently, there are 35 Named Annual Scholarship Funds.
Named Scholarship Endowment Fund(s)
A restricted fund created as a permanently named memorial or tribute for a perpetual allocation of one or more scholarship awards annually. A Fund Agreement is created to document donor gifts and identify the scholarship purpose and other parameters for each established fund. There is a minimum of a $10,000 threshold for each such fund before any of the interest earnings and/or principal can be applied to the purpose of the respective fund. There is a minimum of a $2,500 donation to initiate the naming opportunity, and the $10,000 threshold is to be attained within five years. There is a variety of scholarship eligibility requirements and preferences that can be identified for the scholarship award once at the threshold level. Each such fund generates investment assets that are applied to that respective fund. Currently, there are over 80 such permanently Named Endowment Funds at or exceeding the $10,000 level and awarding assets.
Named Special Purpose Endowment Fund(s)
A restricted fund created as a permanently named memorial or tribute for a perpetual allocation of monies for the specific purpose of that restricted fund. A Fund Agreement is created to document donor gifts and identify the specific purpose and other parameters for each established fund. There is a minimum of a $10,000 threshold for each such fund before any of the interest earnings and/or principal can be applied to the specific purpose of the respective fund. There is a minimum of a $2,500 donation to initiate the naming opportunity, and the $10,000 threshold is to be attained within five years. Each such fund generates investment assets that are applied to that respective fund. Currently, there are 4 such permanently Named Special Purpose Endowment Funds at or exceeding the $10,000 level and awarding assets.
Established Endowment Commitment Fund(s)
A subset of the Named Endowment Funds not yet at the $10,000 minimum threshold, for which a commitment has been made to reach the funding level. These funds are identified for internal purposes as Established Endowment Commitment Funds to distinguish them from those Named Endowment Funds for which the threshold level has been attained and the funds are being directed for the purpose intended. A Fund Agreement is created to document the donor(s) gifts and identify the purpose and other parameters for the gift. The interest earnings from these funds are not applied to the corpus, and the fund remains in a holding or suspense pattern until the $10,000 threshold is attained.
Named Third Party Asset Distribution Fund(s)
A restricted purpose fund created as a result of a permanently designated endowment with another organization/firm for a perpetual allocation of monies to the College Foundation for the specific purpose of that restricted fund. The donor(s) (first party) sets up the fund agreement with a second party (organization/firm) which then manages and invests the assets. As determined by the donor(s), a distribution is made from the investment assets/revenues to the Foundation, as the third party. The Foundation receives the income for the purpose intended but does not have access to the actual investment asset of Named Third Party Asset Distribution Fund.

Special Purpose Funds

The College Foundation has identified and maintains the following list of over 30 Special Purpose Funds established to direct that the funds go toward a particular and identified priority need. Funds are added to the corpus of each fund through annual and other gifts; in addition, some of the funds generate revenues from student fund-raising projects or other engagements.

These Special Purpose Funds are not endowed funds but are nevertheless restricted for the purpose identified in the respective Fund Agreement.

A complete description of each of these 34 Special Purpose Funds (PDF) is available.

  1. Applied Industrial Technology Student Support Fund
  2. Arboretum Fund
  3. Business & Industry Training & Support Fund
  4. Classroom Technology Fund
  5. Compensatory Education Program Fund
  6. Continuing Education Career Skills Training Emergency Student Support Fund
  7. Early Childhood/Child Development Center Student Support Fund
  8. East-West Community College Student/Faculty/Staff Support Fund
  9. Faculty Professional Development Fund
  10. Fire Training Program Fund
  11. Frank Creech Art Gallery & Visual Arts Fund
  12. GED/Adult High School JCC Scholarship Fund
  13. GED/Adult High School Support Fund
  14. Hospitality/Discretionary Fund
  15. JCC Paralegal Club Support Fund
  16. Johnston County FFA Scholarship Planning Fund
  17. Johnston County Writers Fund
  18. Learning Environment/Improvement Fund
  19. Library Book Memorial/Tribute Fund
  20. Library/Learning Resources Fund
  21. Medical Imaging Student Support Fund
  22. Minority Male Mentoring Program Support Fund
  23. (Statewide) Minority Male Mentoring Conference Fund
  24. Nursing Assistant Testing Fee Support Fund
  25. Nursing Student Support Fund
  26. Performing Arts Fund
  27. Physical Plant/Campus Environment Fund
  28. Program Enhancement Award Fund
  29. Staff Professional Development Fund
  30. Student Book Loan Fund (Dollars for Books)
  31. Student Leadership Fund
  32. Therapeutic Massage Student & Program Support Fund
  33. Truck Driver Training Support Fund
  34. Truck Driver Training Student Honors & Industry Excellence Support Fund

April 1, 2008

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