A scholarship is a monetary award of money that is provided for a student to support their pursuit of a college degree. The main difference between these funds and a loan is that scholarship money does not need to be repaid.

A standard (non-endowed) scholarship is a gift that can be made on a one-time or an annual basis. A $2,000 minimum donation to the BMCC Foundation is required to set up a standard scholarship. Awards are made available to the scholarship recipient during the academic year. Continued funding of scholarship accounts allows donors to provide scholarships at their desired award level each year.

Once the scholarship account reaches a zero balance, it will be considered inactive and not awarded.

An endowed scholarship is an enduring gift that earns interest each year and allows the donor to make a personal legacy gift or honor a loved one. A minimum of $25,000 is required to initiate a BMCC endowed scholarship. The Foundation will invest this amount and then utilize the interest of the initial investment (called the corpus), plus any subsequent donations to provide scholarships to qualified students. An endowment scholarship is irrevocable and unrestricted.

A five percent administrative fee is retained from BMCC scholarship donations. For example, for a $2,000 standard scholarship donation, a $100 administrative fee would be retained; a $1,250 administrative fee would be retained from a $25,000 endowed scholarship donation. All scholarship donations are tax deductible.

When establishing scholarship criteria, many factors should be considered, including financial need, achievements, geographic area, and degree focus. The criteria selected should support the donor’s philanthropic goals and purpose. The scholarship must be free of restrictions or discriminatory provisions by law.

Students apply online during an open scholarship cycle. Applications then undergo an unbiased review process. The BMCC Foundation Scholarship Review Committee is crucial in carefully reading and scoring deserving scholarship recipients. These recipients are students who maintain good standing and fulfill the criteria set by the donor.

Donors enjoy reading thank-you notes from their scholarship recipients. Donors and their recipients also have the opportunity to meet at the BMCC Foundation Scholarship Celebration held annually in the spring.

Disbursements to students are made during the annual Foundation scholarship cycles. Scholarship awards are equally divided over the College’s three terms: fall, winter, and spring. Scholarship accounts should be adequately funded to be eligible for disbursement.