Madisonville Community College uses Estate Gift to Create Local Endowment
The late Brown Badgett, Sr. was extremely generous with his time and money while helping deserving students earn a college degree and not just in Hopkins County. Badgett designated a $1.2 million life insurance policy to Madisonville Community College (MCC) in 2004 that was a part of the naming criteria he selected for the Brown Badgett, Sr. Energy amp; Advanced Technology Center; the Center was subsequently dedicated in April 2009. Brown passed away in June 2010, and MCC is now expanding his legacy through academic programming to help students all across western Kentucky be successful.
In the ensuing 18 months since Brown s death, portions of the estate, including Brown s insurance gift to MCC has been completed, and $50,000 of Mr. Badgett s gift has been subsequently reserved to create a local scholarship program for graduates of Caldwell County High School who attend MCC. For Academic Year 2013 scholarship officials have tentatively reserved 4, $1,200 awards for Caldwell County residents, using new endowment income and existing scholarship reserves to secure the $4,800 total. MCC Dean of Student Affairs Jay Parrent, a Princeton native, says that "offering an effective scholarship program throughout Caldwell County is important to our whole college family. Over the past several years some of our best success stories have come from Fredonia, Princeton, and other Caldwell locales. We want to make sure that adequate scholarship resources are available to any Caldwell resident attending MCC who may face financial restrictions."
MCC Advancement Director John Peters plans to request that matching funds be made available through the KCTCS Endowment Match Program in Versailles; this will bring the local endowment total to $100,000 by May 2013, and that figure does not include other restricted scholarship sources designated to specific degree areas that may also be available locally. Peters hopes to have almost $200,000 in local endowment market value by December 2014. "If we can get close to $200,000 then we can offer 7, $1,400 awards every year. When you figure in KEES money awards that students earn while in high school, a recent graduate of Caldwell County High School will have close to $5,000 over a two year period to begin their college careers if they choose MCC. Of course, this will also involve asking community members to remember the endowment when considering a local charitable gift, and also when establishing personal priorities in estate planning."
Actual award will be announced after 2012 graduation ceremonies. For more information, contact the MCC scholarship office at (270) 824-8578 or the guidance office at Caldwell County High School.