The amount of donations to the Weatherford College Foundation continue to increase along with the amount of scholarships awarded to students, explained Brent Baker, executive director of the Weatherford College Foundation, during his annual report to the WC Board of Trustees Thursday afternoon.
During the fiscal year that ended Aug. 31, the foundation received a record $2.2 million in contributions, up from nearly $1.3 million in 2020 and $592,000 in 2019.
The foundation’s net assets have nearly doubled over the past decade to $12.7 million and the dollar amount of scholarships awarded has tripled to $371,663.
WC President Tod Allen Farmer praised the foundation for its unprecedented year.
“Most foundations have a strategic goal of either increasing the number of student scholarships awarded or increasing the net assets of the foundation,” Farmer said. “The Weatherford College Foundation has done both.”
Baker credited much of the additional cash flow into the foundation to the volunteer efforts of WC Foundation President Bob Glenn. Since he began campaigning for endowed scholarship donations in the spring of 2019, Glenn has acquired 52 new scholarships totaling more than $500,000.
“The donors have been outstanding in their generosity,” Baker said. “Not only are our existing donors being more generous than ever before, we now have many new donors.”
Scholarships from endowed donations are funded from the interest of the gift, meaning the donated funds will remain for generations to come, Baker said. The minimum gift for endowments is $10,000, and donors may spread that gift over as many as five years.
In other business, the board voted to allow General Counsel Dan Curlee to negotiate with Sunrise Partners regarding the sale of college-owned property in Aledo. Sunrise had the winning proposal from among four companies.
WC bought the 34-acre piece of property years ago as Aledo ISD purchased an adjacent parcel of land for a future high school. AISD is now building a middle school on the site, so the property no longer fits WC’s plans.
In other business, the board:
- Approved the minutes of the Sept. 9 meeting and amended the minutes of the Jan. 14 meeting.
- Approved the financial reports ending Sept. 30.
- Approved a bid for welding equipment and supplies.
- Renewed the subscription for the Canvas learning management system.
- Approved the purchase of equipment for the new Emerging Technologies and Workforce Building.
- Approved a contract from Johnson Controls Fire Protection LP for fire sprinkler conversion in Coyote Village.
- Received the chief executive reporting requirements for the fall semester.
- Received an academic and student services update.
- Received an access and affordability report.
- Approved the termination of a WC Wise County employee due to a program change.
In his President’s Report, Farmer:
- Recognized the WC Foundation on their sold-out golf tournament held earlier this month which raised more than $25,000.
- Congratulated the rodeo team and tennis team for strong showings this fall. Both teams have defeated multiple universities.
- Announced the recent approval of WC’s third bachelor’s degree, a medical and health services management degree, by the Texas Higher Education Coordinating Board. Additionally, the college received THECB approval for associate degree programs in cybersecurity and audio engineering.
- Congratulated Dr. Priscilla Parsons and the technology team on being awarded a $50,000 reporting modernization grant from the Texas Higher Educating Coordinating Board. The grant funds will be used to purchase technology software and to develop course sequencing documentation.