Thursday's Internet Edition, March 11, 2010.
receives million
dollar donation
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By DAVID HEDGES
Publisher -
The Roane County Scholarship Foundation has received a donation of a million dollars.
A donor who did not want to be publicly identified provided the gift to further the educations of Roane County High School graduates for at least the next 40 years.
“This is a tremendous thing,” Paul Hughes, president of the scholarship fund’s board of directors, said.
Prior to the donation, Hughes said the group formed in 1994 had almost $700,000 on hand.
“This will more than double that,” he said. “It will have a tremendous impact on the kids who graduate from Roane County High School. It should encourage students who might have trouble going to college or post-secondary training because of finances.”
Hughes said the donor did not put a lot of restrictions on the gift. The funds can be used for 2- or 4-year colleges or technical training.
He said the donor asked that the money not be put at risk, so the funds are in fixed investments at several banks to make sure the full amount is covered by federal deposit insurance.
Hughes said the group’s board of directors planned to meet this week to determine how the money would be awarded. The scholarship application process begins Feb. 1.
“There’s really no stipulations,” according to Hughes, who said the donor was leaving those decisions to the foundation’s board of directors.
“We appreciate it when we have some flexibility in making the selection,” Hughes said. “We have to consider the other scholarships, too, and we try to avoid having too much duplication.”
Some of the principal may be used when scholarships are awarded, Hughes said, as long as the funds last for a minimum of 40 years.
Although the donor wanted to remain anonymous, Hughes said it is that person’s hope the gift might lead to more donations.
“We still have not met all our needs, although this is a tremendous boost to them,” Hughes said. “The donor is hoping it might encourage others to contribute as well.”
The Roane County Scholarship Foundation Inc. is a non-profit organization with a seven-member board of directors that includes representatives of the Roane Board of Education, Roane County Farm Bureau, a local service club or organization, a local bank, the local retired school employees organization, a parent and a high school student.
Persons who wish to make donations may contact the Roane County College Scholarship Foundation Inc. at 804 Summit St., Spencer WV 25276 or the Roane Board of Education at P.O. Box 609, Spencer WV 25276.
