Funds are procured for the TCSF by the Advancement Office of Hobe Sound Bible College. In addition to formal funding requests, the annual Academy Golf Classic will be designating proceeds to the TCSF. The 2012 Golf Classic goal is to provide $5,000.00 in funds to the TCSF.
Immediate Funding vs. Endowed Funding
An Endowed Scholarship Fund is established by a permanently restricted donation to an educational institution. The principal is invested in secure investment vehicles and the interest earnings are awarded to needy students in the form of scholarships. All donations receive appropriate tax benefits.
An Immediate Scholarship is provided by donors who desire their donation to be distributed in a short period of time for immediate benefit to students. Donations are restricted and will be used according to the wishes of the donor. They will not be invested, but rather will be awarded to needy students in the form of scholarships during the current or upcoming academic year. All donations receive appropriate tax deduction benefits.
While most donations to the TCSF are for immediate use, donations are accepted for both Endowed and Immediate Scholarships.
In future years, it is our desire to develop a portion of the TCSF funding goals as endowed scholarship funds. Currently, with low returns on secure investments and with the extenuating economic challenges facing local families, the entire TCSF goal for 2011 is to be designated for immediate use during the academic year.