College Holdings Reach $10.2 MillionMadisonville Community College s President s Office has announced that endowment and trust holdings that support scholarships, arts programming, academic/curriculum initiatives, and endowments related to the Muhlenberg County Campus have reached $10.2 million in market value as of October 1, 2012. Over the past five years, the college s Advancement Office has made it a public goal to design fund-raising efforts to obtain at least $12 million in total donations/market value increases through December 2013; this announcement shows that goal is still within reach.
MCC President Dr. Judith Rhoads states that our commitment to endowments has never wavered through two major gifts campaigns. In this era of tight budgets and deficits, endowment programs help an organization better define their identity and identify a more specific mission. Endowment programs are also permanent and wonderful bragging points in educational efforts and economic development recruitment.
Specific endowment and trust totals for particular college areas include the following: scholarship endowments: $5.1 million, arts programming support: $2.15 million, Muhlenberg Campus designations: $1.25 million, academic program support/endowed professorships: $1.1 million, and presidential undesignated: $600,000.
John Peters, MCC Advancement Director, sees this total as reflective of the generosity shown to MCC over the past three decades as well as a long-term commitment to the endowment idea. Peters says that People from Muhlenberg, Crittenden, Webster, Hopkins, and Henderson counties, as well as west Kentucky natives who now live elsewhere, have contributed over $26 million to the college; that type of commitment is not possible without instructional excellence, innovative arts programs, and college employees who work hard on all students behalf -- especially in the advising and on-going counseling areas. Everyone at the college and also those associated with the Madisonville College Foundation are proud of this endowment standard.
Peters added that interest income from this total should exceed $445,000 for the academic year, including enough income to offer over 335 privately-funded scholarships and provide $100,000 to the Glema Mahr Center for the Arts for annual programming. MCC hopes to continue its emphasis on endowment growth and work with community agencies to offer a comprehensive program for the entire area.