LFCC Educational Foundation Inc. Fact Sheet
The Lord Fairfax Community College Educational Foundation, Inc. is an independent, not-for-profit entity dedicated to assisting the College in meeting its current and future needs. Its purpose is to generate support and resources for the College beyond those provided by the Commonwealth of Virginia.
Incorporated in 1978, the Foundation is committed to raising funds for academic programs, facility upgrades, equipment, student scholarships and professional development for faculty and staff. Private contributions ensure that the College is able to keep its promise and pledge of providing increasing academic excellence and expanding business and industry services.
The Foundation is a nonprofit, tax-exempt 501(c)(3) organization. All gifts are tax deductible as allowed by law. For income tax purposes, the federal identification number for the Lord Fairfax Community College Educational Foundation, Inc. is 51-0247624. Its fiscal year is January 1 through December 31.
Need for Support
The Foundation strives to provide sufficient support for maintaining high quality, state-of-the-art educational opportunities for area residents. Despite the fact that LFCC is a state-assisted institution, state funds provided only 59 percent of the College's budget in 2007-08. Consequently, private investments are essential to the future of the College and the community.
Current Foundation Projects
The Foundation continues to focus on increasing the available funds for scholarships to deserving students in the region. In recent years, LFCC has had many more qualified and deserving applicants for scholarship assistance than it has had funds to cover. We believe it is imperative that every qualified and capable potential student in our area get a chance to attend college and start on the path to success. Each student's success contributes to the region's success, and the region's success is success for all of us.
In addition to scholarships, the Foundation is focused on raising funds for the following:
- Development of degree and certificate programs in early childhood education
- Equipment, instructional software, training, and the salary for a nursing retention specialist for LFCC's Nursing Program
- Establishing men's and women's basketball teams at LFCC
A complete list of current project needs is located on the Foundation's Web site at: http://www.lfccfoundation.org/waystogive/priorities.html.
A named scholarship can be established with a minimum annual gift of $1,700. Endowed scholarships can be established and named with a minimum gift of $35,000. Scholarships can be named in honor or memory of a family member, a beloved professor or other individual or group.
As of Dec. 31, 2009, the LFCC Educational Foundation had approximately $7.7 million in assets. Of that total, approximately 50 percent is comprised of endowed funds, most of which are scholarship endowments.
As of Dec. 31, 2009, the Foundation endowment was valued at more than $3.9 million. These endowments generate approximately $150,000 for LFCC to spend annually.
Ways to Contribute
An investment in the LFCC Educational Foundation is an investment in the community. There are numerous ways to give, and each is important to the growth and development of the College and our students.
- Cash, check or credit card gifts
- Corporate and matching Gifts
- Monthly Giving
- Online Giving
- Life insurance
- Real estate
- Retirement savings
Potential Tax and Income Benefits of Giving
Donors to the LFCC Educational Foundation may benefit from:
- Income savings through a charitable deduction for the value of the gift based on the donor's tax rate
- Avoidance of capital gains tax on gifts of appreciated securities and/or property
- Life income for themselves and/or others through life income and planned gifts
- Elimination of federal estate tax on the value of a gift passing to the Educational Foundation under a will or revocable trust
Please note that these benefits apply in specific ways and may not be applicable to all gifts. Consult your attorney or financial advisor for more information.
The Foundation is governed by a board comprised of business and community leaders who represent the College's service area. The Foundation's assets are managed by the Board and are audited annually by an independent accounting firm.