Foundation raises money for scholarships

COAST CITIES — Thanks to a recent donation of $150,000 by the Howard Charitable Foundation, and matching funds from the Osher Foundation, MiraCosta College has now raised nearly $700,000 for student scholarships. This enables the college’s foundation to create 34 $1,000 scholarships in perpetuity.
“This historic window opens up a wonderful opportunity for our college by significantly expanding the number of scholarships available to MiraCosta College students,” said Dr. Francisco Rodriguez, MiraCosta superintendent and president, in reference to the Bernard Osher Foundation’s pledge of $50 million to the California Community Colleges. Half of this gift is already supporting about 1,250 student scholarships at community colleges across the state, including MiraCosta. Another $25 million will be given to the colleges on a two-to-one basis: for every $2 a college raises for scholarships, the Osher Foundation donates $1.
When this initiative was launched, the amount of matching dollars available to each college was capped by their enrollment. For MiraCosta, that meant that the Osher Foundation would match up to $365,000. Recently though, this cap was lifted. Until the matching funds are exhausted, or before June 2011, whichever comes first, the Osher Foundation will match any amount MiraCosta College raises for endowed scholarships that conform to the Osher criteria. More than $18 million is available in matching funds.
One of the largest gifts secured for the Osher Initiative was $150,000 from the Howard Charitable Foundation. This gift alone, along with the matching Osher funds, will create a $225,000 endowment, which will fund a minimum of 11, $1,000 scholarships in perpetuity.
For additional information, contact Linda Fogerson, executive director of the MiraCosta Foundation/Development Office, at [email protected] or (760) 795-6775.