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FREQUENTLY ASKED QUESTIONS
Answer(s) to basic questions about private giving to the Harford Community College Foundation, Inc. (HCCF), are
addressed below. If you have a question that is not
included, or if you need more information, call
443-412-2428:
Click below to view information about these topics:
What Is the HCC Foundation, Inc.?
The Foundation operates exclusively to promote the
educational, scientific, cultural and recreational
objectives of the College. Founded in 1989, the HCCF works
with the Office of Development & Alumni/ae Program to
coordinate private giving for HCC, including soliciting,
receiving, and administering gifts and financial resources
from private sources for the benefit of scholarships/grants
and programs at the College.
Why does HCCneed
private support?
Private philanthropy is and will continue to be what
transforms good colleges into extraordinary ones. At HCC,
private giving allows the College visionary leadership to
focus on creating outstanding centers of educational
excellence.
How can I make a
gift?
Individuals, corporations and foundations may give in a
number of ways. Individuals may contribute cash through an
annual gift or pledge. Gifts include cash, appreciated
securities, personal property or real estate. Examples of
planned gifts include charitable trusts, gift annuities,
bequests and will provisions, and paid-up life insurance
policies. Another option is a matching gift through which
corporations match gifts made by their employees.
How much am I expected to
contribute?
The size of your gift is entirely up to you. Contributions
of all sizes are important and are gratefully accepted.
What Is an endowment?
An endowment is similar to a savings account in which the
generated earnings from the principal provide a permanent
source of funding for a particular purpose at the College
such as a scholarship/grant, the arts, or program support.
Since an endowment's principal is never spent, the funds
create financial stability, allowing HCC to be less
dependent on unpredictable sources of revenue, such as
government supported grants. HCC endowment funds are
professionally invested and managed by external investment
advisors.
What endowment Naming Gift Opportunities
are available
through the Harford Community College Foundation, Inc.?
Named endowment funds offer donors an opportunity to
associate the name of a family, individual or company with a
project or program of enduring worth. Gifts to endowment
entail careful planning and are often made over a period of
years. Endowment funds can become family traditions, with
succeeding generations adding gifts to the principal
established by the founding donor. There are several naming
endowment opportunities at HCC, ranging from
scholarships/grants support of the arts to student
activities. Generally speaking, the minimum level to
establish a named endowment is $10,000, depending upon the
purpose of the endowment.
May I designate
how my gift will be used?
Yes! You may designate support to one or more departments,
programs or projects. You may also choose to leave your gift
unrestricted, providing support to the areas of greatest
need. Many donors do both with multiple gifts.
What is the difference
between unrestricted and
restricted gifts?
Unrestricted gifts provide a pool of funds to the Foundation
that are not restricted to specific program uses. These
gifts provide resources for scholarships/grants, innovative
teaching grants, faculty and student travel, building
restoration, and information technology enhancements.
Restricted gifts are targeted to specific purposes, such
as an endowed scholarship/grant, student activities,
faculty/staff development. Although both restricted and
unrestricted gifts are welcome, unrestricted gifts are of
critical importance.
Are
all gifts tax deductible?
Gifts to HCC Foundation, Inc., a 501c (3) charitable
organization, are fully tax deductible to the extent allowed
by law. Consult with a tax attorney or financial adviser.
Can I receive a
tax deduction for equipment or
supplies I give to the Foundation for the College?
If you donate equipment or supplies, referred to as a
gift-in-kind, it will be recognized for the value of the
gift with a qualified appraisal. Documentation through a receipt, invoice, or other
instrument must be submitted at the time of a gift-in-kind
contribution.
Do Annual Gifts Count Toward My Overall Giving?
Each gift to the HCCF will be counted toward annual and
lifetime giving records.
How does the Foundation
remain accountable to donors
and the College?
The volunteer Board of Directors monitors all Foundation
activities. All gifts are used in strict accordance with the
donor's wishes and are deposited directly into an existing
or newly created fund to benefit a purpose designated by the
donor.
The details of the Foundation's expenditures that benefit
the College have always been available to the public through
the College's Office of Development. The Foundation's
financial statements are audited annually by a national
accounting firm, and College officials and state auditors
receive copies of these audited statements.
The Foundation also publishes a donor report that
summarizes annual results and includes a list of donors,
although detailed information about specific gifts to the
Foundation are not generally available. Specific information
about revenues, expenses and operating costs is available to
the public though the Foundation's annual tax return, Form
990, providing details of fund raising, management and other
revenues and expenses.
When is the Foundation's
fiscal year?
The Foundation's fiscal year begins on July 1st and ends
June 30th
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Student Life @ HCC
