VCC Foundation: SP campus looking good, state cuts looking bad

June 24, 2003
Santa Paula News

Dialogue is becoming more positive about building a new and expanded Ventura College campus in Santa Paula, including recent remarks by the leader of the Ventura College Foundation.

By Peggy KellySanta Paula TimesDialogue is becoming more positive about building a new and expanded Ventura College campus in Santa Paula, including recent remarks by the leader of the Ventura College Foundation.“I feel that I am among many friends as we move forward to build the campus in Santa Paula,” VCF Executive Director Mary Keating, a city resident, told the Rotary Club.Keating, who serves on the city economic revitalization committee, told Rotarians that the foundation’s “central purpose is raising money for scholarships” where the cost of only $11 a credit might be more than doubled due to the state’s budget crunch.Most Ventura College students are “either on their way to a four-year school or vocational,” training to become everything from nurses to mechanics. Single mothers reentering the workplace and job retraining are also among Ventura College students.Funds for the foundation are raised by the regular Ventura College Flea Markets that draw thousands of shoppers and scores of vendors. So successful are the Flea Markets that the foundation receives about $500,000 annually from the events, said Keating.
Private donations can be directed to the program of the donor’s choice and many show support by giving annually or through endowments.The foundation has endowments of about $2 million and assets “just under $5 million. . .since we’re a non-profit we’re required by law to publish our annual financial statement,” Keating noted.California’s community colleges can also sell gift annuities that mirror certificates of deposit but differ greatly in one aspect: “The payments received from the gift annuities are at a better interest rate than CDs. . .8.8 percent.”Other fundraising is through an annual golf tournament among other events.The state’s financial climate is troubling, said Keating. “The legislatures and the governor have not really done well by community colleges,” which seem to have taken an even larger budget hit than other educational models, especially since “out there in the community is a great fondness for community colleges. . .” Such fondness has resulted in a donation increase of 60 percent this year.The search is now on for all VC alumni for an upcoming series of celebrations, said Keating.



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