It may seem like a small detail, but Vance-Granville Community College officials have decided to change its fundraising arm from an endowment to a foundation.
Eddie Ferguson, executive director of the VGCC Foundation, said that changing one little word could make a big difference in fundraising opportunities.
Ferguson spoke with John C. Rose Thursday on The Local Skinny and said the move to become a foundation opens up additional opportunities for funding. The community college awards more than $250,000 each year to more than 350 students on the four campuses, he said.
“We’re very excited about becoming a foundation,” Ferguson said, as a way “to broaden our appeal to many more businesses and particularly other foundations that may want to support community colleges.”
Ferguson cited a recent example: VGCC secured a grant from the Cannon Foundation to repurpose some space at Main Campus and also to purchase equipment and truck driving simulators at the Warren Campus. Some foundations, he said, do not give to endowments, but by becoming a foundation, VGCC could receive additional grants like this one.
“The name change allows us to offer not only the ability to raise money for scholarships but also to help the college raise additional funds for the different types of initiatives and program that we need to create and enjoy,” he said.
Another advantage of a foundation is to raise funds for the college itself, the same way a capital campaign works, he said. “We have many programs that we’d like to expand upon and start and repurpose,” Ferguson said.
There are several ways to give to VGCC, including individuals writing checks and donating appreciated stock to churches and businesses establishing scholarships in memory or in honor of others. VGCC is still a 501c3 entity, which means that contributions may be tax deductible. Over the last 30 years or so, he said, the community has created hundreds of scholarships for VGCC students. That support has not wavered during the pandemic, he added.
“It’s an indication of support the community has provided to Vance-Granville,” he said. “They see the value of Vance-Granville in the community,” and Ferguson said the foundation name will enhance the giving opportunities for individuals, churches and other community businesses.
He estimated that between 15 percent and 20 percent of students receive scholarships. “In a rural community like ours, money is important, so we try to help students as best we can,” tuition, books and other fees can be costly, so “the more we can reduce the cost of education, the more a student can take advantage of education and improve their lot in life with economic mobility.”
To learn more, email Ferguson at fergusone@vgcc.edu or phone him at 252.738.3264.
Visit www.vgcc.edu and click on “Giving” to make a contribution online.
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