Challenge

The current restricted endowment held by the Foundation of $1.5 million is not enough to meet the current scholarship funding needs, nor is it expected to meet the needs five years into the future.

Effort

To meet the future scholarship needs the Foundation should grow its endowment by 17% or $250,000. This sum will (at 5%) provide an additional $12,500 in awards to entering first-time students.

Outcome

Given the Foundation’s current $15,000 annual allocation plus an additional endowment allocation of $12,500 for a total of $27,500, this sum would meet future scholarship needs of first-time, part-time, college students.

Enrollment at CVCC is projected to climb significantly during the next five years due to existing and new academic offerings aimed at Region 2000’s 21st century workforce…

• Engineering: an existing program leading to Associate and Bachelor Degrees
• Early College: an existing program for high school juniors and seniors leading to an Associate Degree in General Studies.
• College for Living Plus: an existing degree program for challenged high school graduates.
• Dental Hygiene: a new degree program starting fall 2008.
• Cardiovascular Sonography: a new degree program starting fall 2009.
• Culinary Arts: a new degree program starting fall 2010.

The “new century workforce” will require post secondary education and lifelong learning.

Tuition rates at the Virginia Community College System are estimated to increase at 7% per year over the next 5 years…by 2013 tuition is estimated to increase by 35%, far out pacing inflation.

At $82 per credit hour, a fulltime student carrying a 30-hour course load currently pays $2,464, but in 2012 the cost is estimated to be $3,456.

Textbook costs for 2012 are estimated to be $1,000.

Total annual cost for 2012 is estimated to be $4,456.

Currently, the CVCC Educational Foundation annually grants $15,000 to the College to address first-time, part-time, student tuition needs for those who will qualify for financial aid for the next semester. Due to the increase in enrollment these funds were exhausted during the first semester of 2007-2008.

Awards to first-time, part-time students are for one semester only.

Full-time curricular students enrolling at CVCC fall 2007 received:

• $2.4 million in Federal assistance.
• $117,000 in Commonwealth assistance.
• $90,000 in CVCC Educational Foundation awards.