Hudson Valley Community College, Foundation Receive $1.4 million in Charitable Support in 2005-06
Contributions funded scholarships, academic programs, endowments
CONTACT: Janine Kava (518) 629-8071
FOR RELEASE: Immediate, Tuesday, Nov. 21, 2006
Philanthropic support to Hudson Valley Community College and its charitable foundation totaled more than $1.4 million in 2005-06; that figure represents a 53 percent increase in giving over the prior academic year.
Cash and in-kind donations came from corporations, faculty, staff, alumni and charitable foundations, and benefited a variety of the college's academic programs, including high-cost programs in the allied health and technologies. Donations also funded more than $289,000 in Hudson Valley Community College Foundation scholarships. The awards, ranging from $200 to full-tuition, were given to more than 130 students studying everything from Computer Information Systems to Physical Education.
Hudson Valley Community College, and colleges throughout the country, annually report philanthropic support to the Voluntary Support of Education Survey, which is the authoritative national source of information on private giving to colleges and universities nationwide. The RAND Council for Aid to Education, a division of the RAND Corporation, has managed the survey as a public service for more than 40 years.
Corporate gifts totaled $533,000, which is nearly 40 percent of all charitable support to the college; that mirrors giving to community colleges and public institutions nationwide. Hedley Cadillac Oldsmobile of Troy made the largest corporate gift, donating automotive equipment and tools valued at $117,250 to benefit the college's automotive programs.
General Motors and DaimlerChrysler made gifts to support the automotive programs that they partner with the college to offer, as did AutoMate, a Clifton Park-based business that develops automotive dealership software packages. Albany Medical Center contributed $55,800 for its scholarship program for students pursuing health care-related associate's degrees, and U.W. Marx Construction Company supported the college's Annual Fund with a gift of $10,000 and the creation of a Construction Technology Endowment with an additional $10,000 gift.
In 2005-06, the Foundation also received the single-largest gift from an alumnus who was a member of the college's first graduating class. AT&T retiree Robert Pratt '55 donated two life insurance policies valued at $480,000, and proceeds from the policies will be used in three ways:
To enhance a general endowment to benefit the college ($360,000);
To establish an endowment to benefit the college's Electrical Construction and Maintenance program ($100,000); and
To establish an endowed fund that will produce a President's Circle-level gift to the college's Annual Fund each year in perpetuity. President Circle gifts total at least $1,000 annually ($20,000).
The Foundation also received support from other charitable foundations, including $64,000 from the Second Chance Scholarship Foundation to benefit the Foundation's Second Chance Scholarship Fund, which provides merit-based scholarships to students who have overcome tremendous personal obstacles to continue their education.
Founded by Angelo and Kathleen Mastrangelo, formerly of the Capital Region and now of Binghamton, the Second Chance Foundation has provided scholarships to more than 400 Hudson Valley students to date. The Second Chance Foundation is poised to surpass the $1-million giving mark in Spring of 2007, and an event is planned on campus for June 7, 2007, to celebrate that milestone.
Unrestricted gifts from individuals and corporations to the college's Annual Fund totaled $229,461, the most successful year ever for the fund, which assists the college in meeting unmet needs and seizing unexpected opportunities.
The Foundation is a not-for-profit charitable corporation formed in 1983 to philanthropically support the college's mission. Gifts from alumni, corporations and friends are used to enhance programs, facilities and scholarship opportunities.
Founded in 1953, Hudson Valley Community College offers more than 70 degree and certificate programs in four schools: Business; Engineering and Industrial Technologies; Health Sciences; and Liberal Arts and Sciences, as well as programs run through the Educational Opportunity Center offering certification programs in workforce and academic preparation. One of 30 community colleges in the State University of New York system, it has an enrollment of more than 12,000 students, and it is known as a leader in distance learning initiatives and worker retraining. Hudson Valley has more than 60,000 alumni.