Answer(s) to basic questions about private giving to MWCC Foundation, Inc. are addressed below. If you have a question that is not included, or if you need more information, call (978) 630-9276.
Why does MWCC need private support?
Private philanthropy is and will continue to be what transforms good colleges into extraordinary ones. MWCC has become a state-assisted, rather than state-supported, institution. The amount of state allocated operating funds has gone from 85 percent ten years ago to 30 percent today. This is happening at a time when the college is in a period of substantial growth and student enrollment is the largest in history. At MWCC, private giving allows the college visionary leadership to focus on creating outstanding centers of educational excellence.
How can I make a gift?
Individuals, corporations and foundations may give in a number of ways. Individuals may contribute cash through an annual gift or pledge. Gifts include cash, appreciated securities, personal property or real estate. Examples of planned gifts include charitable trusts, gift annuities, and bequests and will provisions, and paid-up life insurance policies. Another option is a matching gift through which corporations match gifts made by their employees.
How much am I expected to contribute?
The size of your gift is entirely up to you. Contributions of all sizes are important and are gratefully accepted.
What is an endowment?
An endowment is similar to a savings account in which the generated earnings from the principal provide a permanent source of funding for a particular purpose at the college such as a scholarship/grant, civic engagement initiatives, or student/program support. Since an endowment's principal is never spent, the funds create financial stability, allowing MWCC to be less dependent on unpredictable sources of revenue, such as government supported grants. MWCC endowment funds are professionally invested and managed by external investment advisers.
What endowment naming gift opportunities are available through MWCC Foundation, Inc.?
Named endowment funds offer donors an opportunity to associate the name of a family, individual or company with a project or program of enduring worth. Gifts to endowment entail careful planning and are often made over a period of years. Endowment funds can become family traditions, with succeeding generations adding gifts to the principal established by the founding donor. There are several naming endowment opportunities, including student scholarships/professional development awards, program chairs, and civic engagement initiatives. Generally speaking, the minimum level to establish a named endowment is $5,000, depending upon the purpose of the endowment.
May I designate how my gift will be used?
Absolutely! You may choose the program, department, or project to support. These restricted gifts are held in trust for the designated purposes. You may also choose to leave your gift unrestricted, thereby providing support to the areas of greatest need. Many donors do both with multiple gifts.
What is the difference between unrestricted and restricted gifts?
Unrestricted gifts provide a pool of funds to the foundation that is not restricted to specific program uses. These gifts provide resources for areas designated in greatest need. Restricted gifts are targeted to specific purposes, such as an endowed scholarship, student activities, program initiatives, and faculty/staff development. Although both restricted and unrestricted gifts are welcome, unrestricted gifts are of critical importance.
Are all gifts tax deductible?
Gifts to MWCC Foundation, Inc., a 501c (3) charitable organization, are fully tax deductible to the extent allowed by law. Consult with a tax attorney or financial adviser.
Can I receive a tax deduction for equipment or supplies I give to the foundation for the college?
If you donate equipment or supplies, referred to as a gift-in-kind, you will be recognized for the value of the gift. Documentation through a receipt, invoice, or other instrument must be submitted at the time of a gift-in-kind contribution.
Do annual gifts count toward my overall giving?
Each gift to the foundation will be counted toward annual and lifetime giving records.
How does the foundation remain accountable to donors and the college?
The volunteer Board of Directors monitors all foundation activities. All gifts are used in strict accordance with the donor's wishes and are deposited directly into an existing or newly created fund to benefit a purpose designated by the donor.
The details of the foundation's expenditures that benefit the college have always been available to the public through the Report of the College. The foundation's financial statements are audited annually by a national accounting firm, and college officials and state auditors receive copies of these audited statements.
Specific information about revenues, expenses and operating costs is available to the public though the foundation's annual tax returns, Form 990, providing details of fund raising, management and other revenues and expenses. These forms are on file with the Secretary of the State.
What is the foundation's fiscal year?
The foundation's fiscal year begins on July 1 and ends June 30.