Permanent Endowment Fund Grants GC Foundation $600,000
The Moody Methodist Permanent Endowment Fund (PEF) has awarded $500,000.00 in continued support for Galveston College Foundation’s (GCF) Universal Access Scholarship (UA) and an additional $100,000.00 to establish a Non-Tuition Educational Expenses Resource. In large part, this grant was awarded due to the fact that over the last five years, the average of 90 new universal access scholars are retained, graduate, and enter the workforce earlier than many of their peers as they now have fewer financial barriers to their success.
Earlier this year, GCF appealed for support from PEF toward fully endowing UA to provide full tuition and fees for a two –year degree or certificate for at least 128 (unduplicated) UA students per year. Over the last two years and as a result of the increased financial security of the Universal Access Endowment, GCF has raised the lifetime limit from $2,400.00 to $3,600.00 beginning in fall 2017. Although this scholarship is closing the gap on the actual cost ($4,200) of a two year college degree, there are still educational expenses that must be met—especially books, digital equipment and program specific costs such as testing and licensing fees. Therefore, the PEF awarded $500,000.00 to be added to the corpus of the GCF’s universal access program and assigned an additional award of $100,000.00 for educational expenses.
Fifteen years ago, the PEF was among initial benefactors for the universal access scholarship program with a gift of $450,000.00. GCF also garnered funds from individuals, local businesses and area foundations to provide community endowed tuition funds for all eligible local high school graduates seeking a higher education opportunity and attend Galveston College. Eligible students are identified through the Office of Financial Aid and Student Services. Students who are ineligible for federal funding are usually determined candidates for a universal access scholarship. PEF and the founders of UA believed that a private community endowment would make the biggest difference if there was an on-going economic commitment which would allow Galvestonians to attain a college degree without incurring crippling debt.
The Moody Methodist Permanent Endowment Fund is renowned for its support of social service agencies and education initiatives in Galveston, the Texas Annual Conference of the United Methodist Church, and national and international church-related projects which improve lives at home and throughout the world.