Lake City Community College Foundation raises funds and encourages investments to support Lake City Community College students by providing scholarships, equipment and teaching resources. The Foundation was started in 1969 by citizens who wanted to encourage private giving to support their local college.

Today, we are fortunate that an outstanding group of individuals volunteers to serve on Foundation boards including executive, property, scholarship, finance and audit, planned gifts and Take Stock in Children boards. These volunteers, truly “on board”, give of their personal financial and time resources. We thank them for all they do to benefit deserving students.

As year-end approaches, it helps to review the various methods that donors can use to make gifts to Lake City Community College Foundation to benefit our students. The Foundation is a conduit to accept these gifts and insure they are used as the donor specifies. Every gift is important, from LCCC employee payroll deduction, to the individual who establishes an endowment for the perpetual benefit of the College.

Thank you to the following donors whose stories illustrate a variety of gift giving ways that have been used.

Real Estate- Mr. Bob Jordan gifted building lots to the Foundation.  They were sold and generated $106,000 net, which will be matched 100% with State of Florida funds, to create a $216,000 scholarship endowment. The fund will pay $8,000 annually. Mr. Jordan received a tax deduction for the fair market value of the property at the time of the gift, which was substantially more than his basis.

Bequests- The late Ms. Sandra Jean Anderson bequeathed the Foundation 50% interest in 158 acres. Once the property is sold, proceeds will be matched 100% with State matching funds to create “The Sandra Jean Anderson Scholarship ” that will be valued well in excess of $600,000. More than $24,000 in scholarships will be available annually.

Stock-  Mr. Joe Persons and his late mother Ms. Marion Persons funded the “Joe Persons Incentive Scholarship” and “Marion Persons Music Scholarship” with highly appreciated stock. Capital gains tax was avoided and the Persons received a tax deduction for the fair market value of the stock at the time of the gifts. More money was available for scholarships because the Foundation paid no tax when it sold the stock. The funds provide $5,000 yearly. The transaction was a win-win for the Persons and students.

Memorial Gifts-   Mr. George Crapps, beloved LCCC English instructor, passed away in 2006. What was started by LCCC employees as an effort to provide one scholarship in George’s memory, resulted in the permanently endowed “George Crapps Memorial Scholarship” after friends and family contributed.

Cash-  Cash is the most common way of sharing financial resources. Mr. James Montgomery, past Foundation Chairman and long-time board member, has been contributing cash to establish the “James Montgomery Scholarship” for over 20 years. The income from his gifts and the State matching funds provided twenty, $500 scholarships to graduating CHS seniors this year. First Federal Savings Bank of Florida endowed the “First Federal Performing Arts Fund”, “First Federal Scholarship Fund” and “Dr. Hugo Sotolongo Scholarship Fund” with cash gifts. The funds provide $6,500 in program and scholarship support annually.

Employee Payroll Deduction- Mr. Jim Morris, LCCC librarian, supports the library by giving through payroll deduction. Many LCCC employees give for a variety of programs, both scholarship and program enhancement.  Columbia School District employees donate more than $18,000 annually for Take Stock in Children scholarships.

Partnerships- Many organizations partner with the Foundation to provide annual scholarships and program enhancement support including Altrusa of Lake City, Rotary Club of Lake City, Lake City Rotary Club Downtown, Haven Hospice, Lake City Medical Center, Shands at Lake Shore, Lake Butler Rotary Club, Lake City Kiwanis Club, Lake City Lions Club, Mt. Olive Baptist Church, the Gilchrist, Baker, Columbia, Union and Dixie school foundations and Parents United Together to name a few.

Special Events-  S and S Food Stores designate the Foundation as recipient of 50% of the proceeds from the S and S Charity Golf Tournament. The tournament has donated over $180,000 to support the general Foundation and Take Stock in Children, resulting in $330,000 of various matching funds.

Other Gift Avenues- Gift annuities and charitable remainder trusts provide an income stream and tax deduction for the donor and a “remainder” gift for the Foundation. Naming the Foundation as beneficiary of a life insurance policy, as well as making gifts of tangible property are other methods of giving.

Giving is a very personal decision and requires us to analyze our core beliefs and set priorities. Give what you can to make a difference in our community.

For more information on how you can help deserving students, please contact executive director, Michael Lee at 386-754-4201 or e-mail leemike@lakecitycc.edu.