The North Carolina CPA Foundation aims to increase its investment in the accounting pipeline while also establishing an endowment of $3 million to provide sustainable funding for the Foundation’s strategic initiatives. As the Foundation expands its fundraising efforts, options for financial support now include the Legacy Scholars Program.
A donor may associate his/her or an organization’s name with a scholarship in perpetuity by contributing at the minimum level established by the Foundation. Below are the general guidelines for establishing a named scholarship with the Foundation.
FUNDING THE SCHOLARSHIP
A minimum of $50,000 is required to secure naming rights of a scholarship. Once the first scholarship is funded, additional named scholarships will occur at multiples of $50,000. Scholarships can be funded by an outright gift of cash, publicly traded securities, and other cash equivalents.
Generally, the amount pledged for a named scholarship shall be contributed within five years, and the total return generated by the principal is considered unrestricted until the minimum contribution for a named fund is met. If the minimum amount is not met within the pledge period, the original funding will become a part of the NC CPA Foundation General Fund. A scholarship will not be awarded until the minimum amount has been funded.
INVESTMENT OF DONOR FUNDS
The earnings from the investments of the contributed funds will be used to cover the scholarship award at the then current award amount. Additionally, any earnings from investment of the funds in excess of the annual scholarship award will be added back to the donor’s balance. If the earnings are insufficient to cover the award amount, the Foundation will withdraw funds from the balance up to, and not to exceed, the amount of the award.
AWARDING THE SCHOLARSHIP
Each year, a deserving graduate or undergraduate-level applicant who meets the criteria receives a scholarship at the then-current award level. Due to potential conflicts of interest, donors will not have input in the scholarship award process but may provide their top three preferred colleges/universities to support.
This exclusive group of benefactors will receive exclusive recognition on an annual basis, in NCACPA’s Interim Report and on the NCACPA/NC CPA Foundation website, as well as in association with the student’s name and respective college/university.
Meet Our First Legacy Scholar: Elwood Walker
Elwood Walker is an NC native with an unmatched passion for the profession. He has been an active member of NCACPA for decades, having chaired several committees and serving on the board as chair, treasurer, and president. Elwood and his wife Mary have also been long-time supporters of UNCW’s Cameron School of Business for which they have contributed two endowed student scholarships. The couple’s support extends beyond monetary value as they enjoy mentoring students and meeting their scholarship recipients annually. As a result of their generosity, 65 students have received their scholarships over the past 24 years.
In 2019, Elwood extended his reach by becoming NCACPA’s first legacy scholar. His generosity has and continues to afford young professionals the opportunity to pursue a career in the accounting profession. The grateful students fortunate to receive the benefits of his kindness are quickly becoming the faces of the next generation of accounting professionals. On behalf of NCACPA, thank you, Elwood!