GREENVILLE TECH FOUNDATION

Frequently Asked Questions

What are Greenville Tech's existing sources of revenue?
The college revenue in 2006-2007 is derived from five major sources:

As a public institution, why does Greenville Tech need to conduct a fund-raising campaign?
Greenville Tech is state assisted, not state supported. State assistance has fallen from 62% to 22% of the college operational budget. The college keeps tuition affordable so all students have an opportunity to attend. Like the state’s public universities, Greenville Tech must receive private support from the community.

Why do Greenville Tech students need scholarships when they get lottery money?
While the lottery is helpful, it only covers approximately 53% of the full time student’s tuition and fees. It also does not cover textbooks which average over $1,300 per year. Sixty-one percent of Greenville Tech’s students receive financial assistance. The Greenville Tech student body is quite diverse. Many students are first generation college students whose families lack financial resources. With an average age of 28, students attending Greenville Tech include recent high school graduates, adults returning to college for training or retraining, single parents who are trying to make a better life for their children and often need child care assistance, and people with special needs. Scholarships are the critical factor in the decision to attend college and private support ensures that all students are given the opportunity.

Doesn’t Greenville Tech’s beautiful campus suggest you do not need any money?
Greenville Tech wants to maintain an attractive campus because appearance can make a lasting impression. Greenville Tech takes good care of its grounds, buildings, and interiors because it must provide a positive environment for learning and for industrial prospects who visit the college to assess our ability to deliver employee training. Preventive maintenance pays dividends, while putting maintenance off can cost dearly.

Shouldn’t Greenville Technical College focus only on technical career training, not on liberal arts education?
Greenville Tech is the largest post-secondary college in the county and the largest technical college in the state. As a public college, it is charged with providing a wide range of educational opportunities and services, including technical career training, and the first two years of college transfer preparation. Greenville Tech offers an affordable option for students, who, without the lower cost of education, would be unable to start college.

Why does Greenville Tech need an endowment?
The Greenville Tech Foundation’s endowment is a permanent fund that provides annual income for many unmet college needs. Greenville Tech must have adequate endowment funds to remain secure, regardless of the fluctuations in state funding. The principal, your investment, is held intact to grow over time. A sizeable endowment fund provides a steady cash flow from earnings, and shelters Greenville Tech programs from the ups and downs of the marketplace. An endowment allows you the option of giving a gift in perpetuity – a gift that will be your legacy to help future generations of students.

Why can’t I make a donation for a specific student to receive a scholarship?
As a public charity, the Internal Revenue Service does not allow the Foundation to accept a contribution designated for a specific individual. You can contact the Financial Aid Office to send funds which will be credited to a specific student’s account. You will not be able to take a tax deduction, but you will have the satisfaction of knowing you helped the student.

The Foundation can accept a tax-deductible contribution for student scholarships. The donor can designate the guidelines for the scholarship (i.e. student has high academic potential, financial need, majoring in a certain program, etc.). The College’s internal Scholarship Committee selects the most qualified applicant, and the Foundation awards the scholarship. Donors of the endowed scholarships receive a student recipient report each year.

How are donated scholarship funds awarded to students?
Students apply for scholarships through the GTC Financial Aid office before the May 1 deadline. To apply, students complete the scholarship application and the FAFSA (Free Application for Federal Student Assistance) which determines financial need. Before the May 1 deadline, new students also need to apply to Greenville Tech and pay the nonrefundable application fee, and request that their high school or previous college transcript be sent to GTC Admissions Office.

The College’s Scholarship Committee is composed of a representative from all the academic divisions appointed by the dean; a representative from each campus appointed by the campus director; the director of Financial Aid; a representative from Admissions Office; and the manager of the Greenville Tech Foundation. The Scholarship Committee reviews all the scholarship applications and selects the most qualified student for each Foundation Scholarship. The Foundation sends an award letter to the student; the GTC Financial Aid office credits the students’ college account; and the GTC Business Office bills the Foundation for the funds.

My older computer has broken down - does Greenville Tech need it for students to work on?
Greenville Tech is most appreciative of donated technology. We do need to ensure that the equipment students utilize is state-of-the-art to meet industry’s current training standards. Generally, computers should be no more than 4 years old with the following configurations:

HP/Compaq or Dell or IBM
Processor 1.5 GHz Pentium class
Memory capability up to 256mb, but 512 is recommended
Hard Drive with 20 GB

How do I get a tax deduction for gifts-in-kind donations?
Gifts of real estate, personal property, equipment, office furniture, computers, and other in-kind items are counted at fair market value (determined by donor and not by Greenville Tech as required by the IRS.) Gifts valued at $5,000 or more require a qualified third-party appraiser, subject to applicable IRS rules and regulations. Appreciated assets must be held for at least one year before donated to a charity. The Foundation will send you an acknowledgement of the items received which will serve as your receipt, and you can use the IRS form 8283 Noncash Charitable Contributions to take the deduction if you itemize your taxes.

How do I designate my gift?
Make your check payable to the Greenville Tech Foundation, Inc. and in the memo section of the check, indicate how you want the funds to be used (i.e. scholarships, technology, department name, faculty/staff development, etc.).

If I give a deferred or planned gift to Greenville Tech, will the Foundation continue to ask me for an annual gift?
Yes – your planned gift will help the college meet future needs. Your annual gift/pledge will address the current day-to-day needs of the college. Both gifts are appreciated and critical to the college’s continued success.

What is the tax status of the Foundation?
The Greenville Tech Foundation, Inc. is a nonprofit 501 (c) (3) corporation classified as a public charity operated for the benefit of Greenville Technical College.

Why does the Foundation operate independently of the college?
The Foundation provides a private/public partnership vehicle for raising and managing money above that which is appropriated from state funds. An independent foundation can serve the college by maintaining private fund accounts from one fiscal year to the next. A foundation can generally accept and sell property quicker than the state. The Foundation manages donated funds and distributes their earnings according to guidelines monitored and authorized by the independent governing board. Independence permits flexibility in choosing both short-term and long-term investments opportunities.

GIVING
Ways to give
Pledge form (PDF)
Pledge form (MS Word)
Gift and Estate Planning
Campaigns/Priorities
Naming Opportunities
Giving Societies

ABOUT THE FOUNDATION
Foundation Description
Foundation History
Frequently Asked Questions
Foundation Board Members

HONOR ROLL OF DONORS
2006-2007
2005-2006
2004-2005

ENTREPRENEUR FORUM
2006-2007
2005-2006
2004-2005

ANNUAL REPORTS (PDF)
2006-2007
2005-2006
2004-2005

SCHOLARSHIP RECIPIENTS
2006-2007
2005-2006
2004-2005

IRS FORM 990
2006-2007
2005-2006
2004-2005

RELATED LINKS
News Center
Alumni
About the College
The Big Picture (Spring '07)
The Big Picture (Summer '07)

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