At a time when state agency budgets are on the chopping block, matching funds for private gifts to colleges may be next on the list.
The governor's office recently announced that Gov. Dave Freudenthal likely will put a freeze on uncommitted …
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At a time when state agency budgets are on the chopping block, matching funds for private gifts to colleges may be next on the list. The governor's office recently announced that Gov. Dave Freudenthal likely will put a freeze on uncommitted matching funds for financial gifts to the state's seven community colleges and the University of Wyoming.The announcement, though not a surprise, given the anticipated $300 million shortfall Wyoming faces, is disappointing.The Northwest College Foundation has raised millions of dollars for the local community college, and the state's matching funds served as an incentive for donors. Investors who want to get the most out of their dollar are more likely to donate to an institution where their money is matched. A generous gift of $50,000 goes a lot further when doubled to total $100,000.Since the 2004 Wyoming Legislature established the Wyoming Community College Endowment Challenge Program, the NWC Foundation has wisely sought out donors and made the most of matching funds available, more so than some of its fellow community college foundations. Under its Toward New Vistas campaign, the NWC Foundation has raised more than $7.2 million of funding eligible for the state match. To date, the college has received nearly $6.7 million in the state matches. Thankfully, the freeze won't include funds already committed to endowments. Northwest College has $563,000 remaining from its most recent appropriation of $1.33 million in July of 2008, and is scheduled to receive an additional $1 million in matching funds this coming July.However, those funds are in limbo until a final decision is made, said NWC Foundation Director Shelby Wetzel.The foundation's efforts in taking full advantage of available dollars are commendable. Loss of matching dollars would be felt at Northwest College, but we hope that those who value and support the institution will continue to invest in its future.
At a time when state agency budgets are on the chopping block, matching funds for private gifts to colleges may be next on the list.
The governor's office recently announced that Gov. Dave Freudenthal likely will put a freeze on uncommitted matching funds for financial gifts to the state's seven community colleges and the University of Wyoming.
The announcement, though not a surprise, given the anticipated $300 million shortfall Wyoming faces, is disappointing.
The Northwest College Foundation has raised millions of dollars for the local community college, and the state's matching funds served as an incentive for donors. Investors who want to get the most out of their dollar are more likely to donate to an institution where their money is matched. A generous gift of $50,000 goes a lot further when doubled to total $100,000.
Since the 2004 Wyoming Legislature established the Wyoming Community College Endowment Challenge Program, the NWC Foundation has wisely sought out donors and made the most of matching funds available, more so than some of its fellow community college foundations.
Under its Toward New Vistas campaign, the NWC Foundation has raised more than $7.2 million of funding eligible for the state match. To date, the college has received nearly $6.7 million in the state matches. Thankfully, the freeze won't include funds already committed to endowments.
Northwest College has $563,000 remaining from its most recent appropriation of $1.33 million in July of 2008, and is scheduled to receive an additional $1 million in matching funds this coming July.However, those funds are in limbo until a final decision is made, said NWC Foundation Director Shelby Wetzel.
The foundation's efforts in taking full advantage of available dollars are commendable.
Loss of matching dollars would be felt at Northwest College, but we hope that those who value and support the institution will continue to invest in its future.