As you know, volatility in the investment markets negatively impacted endowed scholarships and programs managed by the Monroe Community College Foundation. Beginning last September, the MCC Foundation proactively communicated with donors regarding the status of their endowments. Some donors chose to make new gifts or give the MCC Foundation permission to invade principal balances in order to award their scholarships and maintain program viability. Through these and other efforts, the foundation was able to significantly reduce, but not fully eliminate, the impact on student scholarships for the 2009-2010 academic year. A considerable shortfall remained.
After careful consideration, the college agreed to fund the remaining shortfall for the 2009-2010 academic year. This one-time decision ensures students will continue to benefit from established programs and scholarships.
We are grateful to those donors who were able to provide additional support to ensure continuance of scholarships and programs. We also appreciate the generosity of the MCC Association for supporting student leader and athletic scholarships. As partners, the MCC Foundation, MCC Association and MCC are working together to ensure students have a place to turn when lack of money stands between them and higher education.
If you have any questions regarding endowed funds at the MCC Foundation, please contact Diane Shoger, executive director, <"mailto:email@example.com">, Mark Pastorella, director of development, <"mailto:firstname.lastname@example.org"> or Susan Gurak, chief financial officer, <"mailto:email@example.com"> at x1500.
Larry W. Tyree