How to Establish a Scholarship
Details of Establishing a Scholarship
A member of the ICC Educational Foundation staff will work personally with you to establish your scholarship and determine the scholarship's criteria.
To discuss your desire to establish a scholarship, please contact the Stephanie L. Holmes, L426, at Stephanie.Holmes@ICC.edu or (309) 694-8420
Four Easy Steps
1. Determine the level of support you wish to provide
- Annual scholarships begin at $1,000 and are funded on a year-by year basis by the donor(s). The Foundation asks donors to make a five-year commitment when establishing a new annual scholarship.
- Endowed scholarships support themselves in perpetuity. The initial gift is invested, and the scholarship awards are determined each year by the Foundation's Endowment Spending Policy. The minimum investment for an endowed scholarship is $20,000 which will provide an annual award of $1,000.
- Other scholarships may be awarded for one or two years from a specific donation.
2. Determine the focus of your scholarship
- The Foundation will assist you in developing the scholarship criteria. Criteria might include a specific major, hometown, academic standing or financial need.
- The scholarship can be named in honor or memory of an individual or organization.
3. Sign a scholarship agreement with the ICC Educational Foundation
4. Make your gift
Determining Scholarship Criteria
Some of the questions you'll need to consider in regard to scholarship criteria are:
Course of Study:
Will the scholarship focus on students in a specific major?
What is the minimum Grade Point Average (GPA) a student must have to be eligible for the scholarship?
Will the scholarship be for students who attend college full-time, part-time, or either full or part-time?
Will financial need be a consideration in determining the scholarship recipient?
Tuition, Books and Supplies, Academic Related Expenses:
What type of expenses can a student use his/her scholarship for?