Frequently Asked Questions
Could Bermuda College simply raise the funds without a Foundation?
Answer: The mission of the faculty and staff at Bermuda College is to provide quality education to students in Bermuda. The Bermuda College Foundation, with trained fundraising staff, can focus on this task, leaving the College staff and faculty to remain dedicated to their core mission being education.
What is Bermuda College Foundation’s governance structure?
Answer: Bermuda College Foundation has been incorporated as a Bermuda registered charity (#341), independent of Bermuda College Board, with its own board and governance. The Foundation board manages Foundation staff and provides financial oversight, and is responsible for the development of investment strategies for funds raised. The Foundation board consists of up to 15 members including the Chairman and Deputy Chairman. Members have been chosen from the community and include business leaders, College honorary fellows, a College board member, as well as the College President as an ex-officio member.
How will donors determine the effectiveness of their donations?
Answer: Bermuda College must apply for grants from the Foundation based on a comprehensive application process. The College must state the purpose of the grant, the expected outcomes and the method of measuring the outcomes. The grant will also be followed by a written report from the College to the Foundation on the actual outcomes. This report will be made available to the donor(s) who supported the specific project or program. This process will hold both the College and the Foundation accountable for funds raised.
Is Bermuda College Foundation a proven concept?
Answer: There are over 1,400 government and state funded community college foundations in the USA. Yes, this is a tested concept which has made community colleges successful throughout the USA.
What is the current financial need of Bermuda College?
Answer: Bermuda College currently requires a minimum of $15 million to effectively carry out its mission in a healthy and updated facility.
How are gifts and pledges made?
Answer: Everyone is welcome to invest in Bermuda College Foundation by making a one-time gift or pledge to the Foundation. Alternatively, one can contact the organization to express giving preferences. Pledges can be made for a one-time future gift or, for multi-year grants, and can be made monthly, semi-annually, quarterly, or annually, based on a giving schedule that works best. One may also make payments via cash, cheque or online through our website through the use of online wire transfers or via a credit card. Each donor will receive acknowledgement of their gift.
What other means may constitute a gift?
Answer: A gift may also be any negotiable asset of realistic market value. Stocks, commodities, insurance, real estate, or bonds are alternatives to cash. One may also wish to consider estate bequests. A gift may also be an in-kind gift, such as a gifted product or service.
Can my gift be made as a memorial or in honor of someone?
Answer: Absolutely! The recognition will be provided according to the size of the gift and will show the name of the person being memorialized and a ‘limited size’ message.