What is the Ozarka College Foundation?
In 1991, the Ozarka College Foundation was incorporated "to assist in advancing the welfare and development of Ozarka College by accepting and encouraging gifts to this corporation and by using such gifts to advance such purposes in a manner consistent with the educational policies of Ozarka College" The Foundation Bylaws state that a Board of Directors shall "manage the property, affairs, business, and concerns of the Foundation."
Is my gift tax deductible?
The Ozarka College Foundation is a registered 501(c)(3) charitable organization. All gifts to the Foundation are tax deductible to the fullest extent of the law. You should consult with your tax attorney/advisor concerning the deductibility of your gift. The Foundation's federal tax identification number is 58-1969930.
How is my gift spent?
The goal of the Ozarka College Foundation is to maximize the value delivered to the College. By reducing administrative expenses wherever possible and optimizing organizational efficiencies, the Foundation is able to make available to the College thousands of dollars each year. Many donors make gifts for discretionary (i.e., unrestricted) use, thus enabling the College President and Trustees to invest in programs and priorities of strategic importance to the College's future. Some gifts are made to support specific programs, while other gifts are used to establish permanently endowed funds. Each gift received by the Foundation--regardless of the purpose or amount--is carefully processed to ensure that the donor's wishes are honored and that the College receives the maximum benefit.
Who decides the College’s fundraising priorities?
The College's fundraising priorities are established by President Dr. Richard Dawe, in consultation with the College's Board of Trustees, along with members of the Administrative Council and division chairs, and key faculty and staff, as well as in consultation with the Foundation's Board of Directors. Fundraising priorities are fluid and are adjusted based upon the College's needs and donor opportunities.
What is the difference between a current use gift and an endowed gift?
Gifts (and grants) given to the Ozarka College Foundation for current use are immediately available to support the College according to the donor's wishes. Current use gifts may be placed into an existing fund and commingled with other gifts that were made for the same purpose. Large current use gifts and grants made for specific purposes are typically placed into new (and separate) gift fund accounts. In the case of endowments, the gift is permanently invested, and the investment earnings are used to support the purpose of the gift in perpetuity.
How are scholarships awarded?
Each year, donors step forward to provide scholarship support that help to transform the lives of our students. Some scholarship awards are based upon merit and reward academic performance, while others are based upon demonstrated financial need. Student assistance can be designated for students within a specific program, department or major, for incoming freshmen or upper division students, for students who are the first generation from their families to attend college, or for those who grew up in a certain city, town, or state, or graduated from a particular high school. Other scholarship gifts are commingled with existing College scholarship funds and administered accordingly.