GROSSMONT COLLEGE ANNOUNCES NEW SCHOLARSHIPS & MATCHING FUNDS UP TO $25 MILLION TO HELP EAST COUNTY STUDENTS AFFORD AN EDUCATION
July 5, 2009 (El Cajon)--The Grossmont College Foundation has announced that $83,500 has been raised so far --mostly from five local entities -- for six perpetual, $1,000-a-year scholarships for Grossmont College students as part of a partnership with the San Francisco-based Bernard Osher Foundation.
Additional scholarship monies raised over the next two years by the Grossmont College Foundation for Osher Foundation-related scholarships could result in as many as 55 perpetual, $1,000-a-year scholarships for Grossmont College students. Osher has pledged to match up to $25 million in funds raised to help deserving students afford a community college education.
The five entities include the Grossmont College Foundation’s 17-member board of directors, Grossmont Schools Federal Credit Union, Grossmont Center retail mall in La Mesa, Wells Fargo Foundation and proceeds from the Brad Daluiso Golf Classic, a recent fund-raising golf tournament hosted by the Grossmont College Foundation. According to Ernest Ewin, Grossmont College Foundation executive director, each of the five entities donated $13,500 apiece, which have been invested in a pooled equity fund managed by the Foundation for California Community Colleges, the fiscal agent for the Osher Foundation scholarship program. Another $16,000 was donated to the Grossmont College Foundation by about 25 individuals, including Grossmont College faculty, staff and administrators, as well as community members, to reach the current $83,500 amount.
Ewin said the Osher Foundation’s statewide fund-raising challenge-- a 50-percent match ($1 for every $2 raised), up to a maximum of $25 million -- could create hundreds of perpetual scholarships for students at every one of California’s 110 community colleges. Maximum fund-raising goals were set for each community college based on its full-time enrollment. Grossmont College’s goal to benefit as much as possible from Osher scholarships is $548,530, with a deadline of June 30, 2011.
“The bottom line is more dollars donated for Osher scholarships will mean additional permanent help for our students forever,” Ewin said. “Monies from every community college will remain in an investment account and a portion of the account’s annual earnings will provide scholarship monies each year in perpetuity.”
The Grossmont College Foundation is a 501(c)(3) non-profit organization that directly supports Grossmont College students, faculty and staff through scholarships, educational equipment and supplies, facilities and education programs. For more information about the Grossmont College Foundation’s Osher Foundation scholarship program, call (619) 644-7109, or visit www.grossmontfoundation.edu/foundation.