Ashland Community and Technical College - Endowment

Endowment

ACTC received a $150,000 gift from Ashland Inc. in December 2003 that created a permanently restricted endowment fund, the proceeds of which were distributed to ACTC and other KCTCS colleges to support math and science initiatives with a specific focus on high school and middle school students.

In 2004, the Ashland Community and Technical College established the Fulfilling the Promise Campaign to set an endowment goal of $3.2 million. The first major contribution was from Perry and Susan Madden in December 2006, who donated the former Parsons Department Store building in downtown Ashland. The 89,000 sq ft (8,300 m2). building, dating to 1926, currently houses the Highlands Museum and Discovery Center and the upper four-floors could be renovated for college classrooms and for a 500-seat convention center under a $10 million to $12 million program. The museum will continue to occupy the ground floor, mezzanine and basement.

On September 12, 2007, an anonymous gift of $1 million was made to the community college's foundation to establish an endowed chair in mathematics and sciences. The endowed fund was designed to "reward and encourage outstanding math and science faculty in perpetuity" and it was the first gift of over $1 million that the college had received. Recipients will receive an annual cash reward of 2% of the value of the endowment fund each year for a two-year period, with an additional award recipient added each year.

As a result of the gift of $1 million, total endowment credited during the campaign was $5.2 million. Other major gifts included funding of faculty and nursing classes at King's Daughters Medical Center, the Booth Foundation, Saul and Harriett Kaplan Foundation scholarships, Lincoln and Katherine and Scott scholarships and partial funding of evening nursing classes at Our Lady of Bellefonte Hospital. The campaign funded $333,000 in scholarships.