Glendale : College Accepts Grant
Glendale College has accepted a $500,000 Endowment Challenge Grant from the U.S. Depatment of Education that is designed to steer the school toward financial self-sufficiency.
The award, one of four state-wide, requires that the college match the federal grant with private donations by February, 1993.
Under the terms of the grant, the fund must remain untouched for 20 years, and half of the interest generated each year must be reinvested into the endowment fund while the college may spend the other half.
“I think we’re going to have wide-based donors from adult students, parents, corporations and alumni,” said Ann Ransford, executive director of the Glendale College Foundation.
This is the second challenge grant that the foundation has been awarded. The first was completed last May for an amount of $150,000.
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