Endowments
Endowments provide the purest form of investment in the future. Only interest generated annually will be used to support programs with the principal held intact for perpetuity. Endowments also form the basis for the majority of planned gift designations.
Over fifty endowments exist at Madisonville Community College, including the following:
- Quality Endowment
- Student Scholarship Endowments
- Arts Programming Endowments
- Loman C. Trover Library Program Endowment
- Muhlenberg County Endowment for Excellence
- Crittenden County Endowment for Excellence
Quality Endowment
Degree programs such as Nursing, Physical Therapist Assistant, Radiography, business technology, and engineering technology must stay on the cutting edge of technological change. Moreover, access to up-to-date computer technology across academic curricula is growing ever more important. An endowment devoted toward technology, equipment replacement and continued professional development better enables the college to produce graduates who are ready for the technical demands of today's job market.
Madisonville Community College initiated a new professional development program during the Spring 2002 semester. The program is unique because it is supported totally by endowment income, is competitive in that funding is derived from proposal submissions, and is open to all college employees. Annually, $15,000 is available for professional support and development of leadership projects; $30,000 is available for equipment technology purchases and other academic support.
Current market value: $655,000
Student Scholarship Endowments
Over half of all students who attend Madisonville Community College receive some form of financial aid. Tuition alone at Madisonville Community College now exceeds $1,400 per semester for a full-time course load. A $3,000,000 scholarship endowment fund would assist over 400 academically talented and / or financially disadvantaged students each academic year.
Madisonville Community College serves 180-200 students through private support each academic year, including more than 60 students enrolled in Allied Health curricula. Our average scholarship award is $1200 annually. Contact the college's Scholarship Office for more endowment information.
Current fund balance: $3,000,000
Arts Programming Endowments
The Glema Mahr Center for the Arts offers our region a rich diversity of artistic talent and quality entertainment, and arts education opportunities for area elementary students that is recognized nationally. Endowments enable the Center to bring the highest quality cultural programming and arts education opportunities to our community and region. However, ticket revenue and audience enthusiasm are not enough to keep the Center's programs available for all; the endowments, especially when they achieve a minimum fund balance of $750,000, will ensure excellence with greater fiscal stability, especially in the programming of community theatre.
Kent Mills, Community President of Old National Madisonville, announced in June 2007 that the bank has agreed to extend/increase its campaign pledge to $100,000 through 2012. Old National has sponsored performances by Dwight Yoakam, Sara Evans, Loretta Lynn, and Kenny Loggins during the last four seasons. The support of friends like Old National allow MCC to focus on the growth of arts-related endowments. Pictured, left to right, are Kent Mills, Brad Downall, Glema Center Director, and Denise Horne, Old National Vice President of Commercial Lending.
Current arts endowment market value: $685,000
Loman C. Trover Library Program Endowment
The Loman C. Trover Library supports college curriculum and provides access, materials, and service designed to promote student success. The Library also serves as a resource to other libraries and area institutions and is frequently used by members of the community for research beyond that available at local public and school libraries.
Current fund balance: $60,000
Muhlenberg County Endowment for Excellence
Over 23% of Madisonville Community College students are Muhlenberg residents; many of these students need financial assistance. The new campus on US 62 in eastern Muhlenberg County offers the citizens of Muhlenberg, Ohio, McLean, Todd, and Butler counties numerous new educational opportunities, and that campus simply needs additional support to be effective. An endowment devoted specifically for Muhlenberg programming would sustain the "Muhlenberg Miracle" that was first initiated in 1994. An endowment of $1,000,000 would provide Madisonville Community College with $50,000 in site support and $20,000 for scholarships. The Muhlenberg Endowment for Excellence now has an actual fund balance of $725,000, providing $45,000 annually for tutorial wages, arts programming support, and scholarships.
Current fund balance: $725,000
Crittenden County Endowment for Excellence
For Academic Year 2009, $10,000 will be available for scholarship distribution through the Crittenden County Endowment for Excellence; the fund now has over $165,000 cash in the bank, and Madisonville Community College estimates that over $11,000 in interest income will be earned during the next 12 months. Students graduating from Crittenden County High School who are awarded scholarships through the endowment will be announced later. Pictured with a ceremonial check announcing the 2009 award total are individuals who have made multi-year commitments to the drive, from right to left, seated, Bonita Hatfield, a member of the college advisory board, Jim Hatfield, Roger Simpson, Dulcie and Gareth Hardin, and seated, Randa Simpson.
Current fund balance: $165,000