LFCC Educational Foundation Inc. Fact Sheet

Background

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 48 percent of the College’s budget in 2005-06 and only 50 percent in 2006-07. 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, the Foundation is focused on raising funds to hire additional full-time faculty, establish endowed professorships, provide professional development opportunities, sponsor cultural events and enhance the physical attractiveness of the campuses.

A complete list of current project needs is located on the College’s Web site at: .

Scholarships

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.

Foundation Assets

As of Dec. 31, 2006, the LFCC Educational Foundation had approximately $8.9 million in current assets. Of that total, approximately 43 percent is in endowed funds, most of which are scholarship endowments.

As of Dec. 31, 2006, the Foundation endowment was valued at more than $3.9 million. These endowments generate approximately $110,000 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.

Bequest
Cash, check or credit card gifts
Corporate and matching Gifts
Gifts-in-Kind
Monthly Giving
Online Giving
Stock
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.

Foundation Board

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.

Officers

Charles E. Day Jr., Chair of the Board; Owner, Charles Day Insurance, representing Shenandoah County
Mark E. Pangle, Vice Chair of the Board; Owner, Pangle Real Estate and Auction Company, representing Shenandoah County
Diane E. Lewin, Treasurer of the Board; Retired Certified Public Accountant, representing the City of Winchester
John S. Capps, Secretary of the Board; Interim President, LFCC
Linnie S. Carter, Executive Director; LFCC Educational Foundation; Vice President of College Advancement, LFCC

Members

Kenneth L. Alger II, Assistant Commonwealth’s Attorney for Shenandoah County, representing Page County
Byron A. Brill, Periodontist, Byron A. Brill DDS, representing Warren County
Karen Bucher, Director of Enrollment Management/Registrar, LFCC, representing Frederick County
Heather Burton, Dual Enrollment Coordinator, LFCC, representing Shenandoah County
William C. Daniel, Assistant Principal, representing Clarke County
Anne C. Hall, Real Estate Broker, Long and Foster, representing Fauquier County
Tanya K. Hurst, Agent, Nationwide Insurance, representing Shenandoah County
Mark F. Hyson, Attorney, representing Fauquier County
Barbara P. Lee, Retired Educator, representing Clarke County
Phillip Justin "P.J." Lewis, Agent, Lewis & Sons Insurance, representing the City of Winchester
Ron Llewellyn, Entrepreneur, land developer and manufacturer, representing Warren County
Providence J. LoPresti, Library Specialist, LFCC, representing Frederick County
Gene L. Loranger, Associate Professor, LFCC, representing Frederick County
Gilbert Mack, Senior Pastor, Mt. Carmel Baptist Church, representing the City of Winchester
Jim Wells, Director of Pharmacy, Warren Memorial Hospital, representing Warren County
Ann R. Wiltshire, Retired Medical Professional, representing Frederick County
Sarah J. Yakel, Vice President and Trust Officer, Fauquier Bank, representing Fauquier County