A name endowed scholarship is a wonderful way to leave a legacy for Lewis-Clark State College — a legacy that will last virtually forever. An endowed scholarship is one in which a principal amount is contributed and held in perpetuity to support the purposes of the endowment. Only a portion of the earnings are spent each year.
Gene and Virginia Leach Memorial Endowed Scholarship
The Gene T. Leach Scholarship was established in 1977 when Mr. Leach was killed at Potlatch Corporation while unloading pipe from a rail car. Mrs. Leach died in 2006 and the scholarship was renamed the Gene and Virginia Leach Memorial Endowed Scholarship. Mrs. Leach was the Assistant to the Registrar at LC for 25 years.
Mahoney Endowed Scholarship
Long-time volunteers Dean and Colleen Mahoney established an endowed scholarship in 1991 focused on increasing access for Hispanic and Native American students. The Mahoney’s understood the challenges many students have in paying for higher education, and they have been passionate about ensuring all students have the opportunity to pursue degrees. Colleen's work with the Idaho Human Rights Commission in the 1970s and her State Board of Education experience cemented her commitment to higher education for under-represented students. Dean passed away in July of 2011 and Colleen continues their passionate belief that all students have access to educational opportunities. The Mahoney’s also supported LCSC sports by being members of the Scholarship Club which helps fund the Women Warriors basketball team. Colleen carries on that tradition today.
How much does it cost?
The minimum amount to establish an endowed scholarship with the LCSC Foundation is $25,000. The principal may be established with a gift of cash or appreciated securities, or through a bequest. Additional gifts may be made to the scholarship fund at any time and may be designated by the donor as additions to the principal or supplements to the annual distribution.
What does it entail?
Endowing a scholarship is a fairly simple process and involves the completion of two forms. The first establishes the guidelines of the scholarship — what type of student will be eligible to apply. The second confers responsibility of managing and investing the endowment to the LCSC Foundation.
What should be considered?
As endowed scholarships by their nature are enduring, and because the one thing the future will surely bring is change, it is important for the guidelines establishing the purpose of an endowed scholarship to be as inclusive as possible. Those interested in setting up an endowed scholarship are encouraged to meet with the Director of College Advancement early in the process of establishing the scholarship. Our staff can help design a scholarship that appropriately reflects the wishes and interests of the donor while keeping the scope of the scholarship broad enough to remain useful into the distant future.
How much will be awarded?
The Foundation’s current endowment spending policy makes provision for annual scholarship distribution amounts which total 4% of the five-year moving average of the market value as of December 31st of each year.