California’s community colleges, the largest higher education system in the nation, have launched a three-year campaign to create a $100 million endowment for scholarships.
The initiative began in May with a $25 million gift from the Bernard Osher Foundation, a San Francisco-based philanthropy that supports higher education and the arts. This fall, as the system’s 109 colleges start raising funds and building alumni networks, the foundation will match contributions, up to $25 million.
The Osher foundation’s total gift of $50 million would be the largest single donation ever to a community college system.
The fundraising campaign comes as the California schools, like those in other states, are facing budget cuts even as enrollment grows. California’s community colleges serve about 2.6 million students a year, the most in the country. More than 60 percent of the students are Black, Hispanic or Asian.
Kerry Wood, vice president of resource development at the Foundation for California Community Colleges, says that community colleges have to emulate four-year institutions by tapping into private dollars from alumni and philanthropic groups.
“State funding can cover the basics, but people want to see the colleges be more than just basics,” Wood says. “That’s where philanthropy can come in and cover those kinds of goals.”
Endowment scholarships of at least $1,000 will be awarded to students starting in 2009. Officials expect at least 1,250 students to receive scholarships in the first year, and if the endowment reaches its $100 million goal, more than 5,000 students will be awarded scholarships annually. At least 50 percent of the endowment’s investment earnings will be used each year.
