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||Contact: Jody Oftelie, Director, Office of College
Advancement - 208/792-2458
Foundation Rounds Out Spectacular
Five-Year Growth Period
LEWISTON-As 2001 draws to close, many will be recalling an unprecedented attack on
America and uncertain times. The Lewis-Clark State College Foundation, however, has reason
In the five-years from November 1996 to November 2001, the Foundation's endowment fund
experienced significant growth: The total endowment grew by 403%, up from $192,000 to
$966,000 and hovering around the $1 million mark. The 2001 figure, up from $808,200 in
2000, represents a 20% increase from last year's total-no small feat in the midst of a
declining stock market.
Growth of the endowment has supported a similar spectacular increase in the fund balance
for endowed scholarships--which grew from $160,500 to $816,600 in the period from '96 to
'01. That's a growth rate of 409%, and is something to cheer about in these times of
shrinking budgets and increasing costs for students hoping to access higher education.
Endowed funds are those in which the principle is invested and never spent. Yearly
distributions from endowed funds are made only from investment earnings. The Foundation's
endowment spending policy makes available for yearly distribution 5% of the three-year
rolling average of the fund's principal balance. This policy allows a margin for growth of
the endowment fund over time and, because the policy is based on a three-year rolling
average, the endowment is protected from sharp fluctuations in the market.
Investment returns are generally greater than 5% and any unexpended earnings are converted
to principle annually, so the principle fund balance continues to increase.
In addition to endowed scholarships, the Foundation also manages a number of annual
scholarships-scholarship funds that are not endowed, but are generally distributed to
students in their entirety each year. In '96, the Foundation awarded a total of about
$46,000 in endowed and annual student scholarships. Today, the Foundation is able to award
more than $157,000 in scholarships. These awards often make the difference in students'
ability to achieve their educational goals.
Currently, forty-one donor-designated endowed scholarships provide about $41,000 a year to
Lewis-Clark State students. Nineteen of these scholarships were created in memoriam (in
memory of a family member or loved-one) and 5 were established through bequest provisions
in donors' wills. Also, annual scholarships--which began with 3 scholarships totaling
$40,000 in 1996, now number twenty-one and total $116,400.
The Foundation's efforts also support small endowments benefiting other components of
Lewis-Clark State, including one for the Center Arts and History in downtown Lewiston, and
one for the Stegner Lecture Series. The Foundation was and continues to be active in
fund-raising efforts for the new Multi-Purpose Activity Center soon to be constructed on
Gifts to the Foundation can be made in the form of cash, appreciated securities, or by
trusts or annuities providing an income stream to the donor. Donors may designate specific
uses for their gifts, from scholarships to program support, or they may leave gifts
undesignated for use in areas of emerging opportunity.
For more information on the Lewis-Clark State College Foundation, its role and current
activities, or to make a donation, contact the Office of College Advancement at
208/792-2458, or visit http://www.lcsc.edu/foundation.