2020 Introduction of Foundation and Board1 - Flipbook - Page 16
THE ASBC FOUNDATION 2020 ACCOMPLISHMENTS
Scholarships
Collaborated with 24 ASBC volunteers to review 597 applications and interview 92 students virtually.
Awarded nearly $240,836 for 98 scholarship awards to 60 high school seniors, two upper classmen, two graduate students
and four divinity school students. This also included the renewal of scholarships for 18 college students.
Required all scholarship recipients to formally acknowledge their donors with “Thank You” notes.
Fundraising
Maintained 88% of the 2019 Legacy donor base and grew the donor base by 20 donors for a 36% increase.
Received $150,000 donation from ASBC to establish the Rev. Dr. John O. & Joyce K. Peterson Legacy Scholarship.
Received a $100,000 donation from the estate of Janet Sledge to establish the Janet Sledge Legacy Scholarship.
Applied for and obtained a $20,000 Grant from Truist Foundation to continue the Truist (formerly SunTrust) Foundation
Legacy Scholarship.
Received $10,000 donation from GEICO (a 2021 HBCU Fair Sponsor) to establish the GEICO Legacy Scholarship.
Received $5,000 donation from William (Bill) Dickinson to establish the Rep John R. Lewis Legacy Scholarship.
Obtained pledges from four CFC donors to convert their donations to 2021 Legacy Scholarships.
Secured three Legacy Scholarships totaling $9,000 from ASBC Foundation General Fund donors.
All Board of Directors supported the Foundation with a minimum donation of $500. Sixty-two percent (62%) of the Board have
established a Legacy Scholarship of at least a $1,000.
Financial
Finalized ASBC Foundation Investment Policy. Worked with the investment advisors to re-allocate the assets in four endowments based on our Investment Policy.
Completed 2021-2022 United Way application (Combined Federal Campaign included).
Prepared Foundation’s 2019 tax return and filed with the IRS.
Provided 2019 financial reports to ASBC for reconciliation and audit submission. Received unqualified 2019 audit.
Handled all rental property activities (taxes, insurance, repairs, and calculated depreciation).
Supported HBCU Festival Sponsor Subcommittee and ASBC by preparing and disseminating invoices to HBCU Festival sponsors.
Process Improvement
Migrated to a vendor supplied system, Wizehive, in order to establish an online system to receive and evaluate scholarship
applications and to virtually interface with school counselors and teachers.
Utilized a new accounting system (Quickbooks) to process all scholarship payments to colleges & universities.
Developed an online donation facility (Vanco) for receiving and processing General and Legacy donations.
Administrative
Provided to families of deceased persons, a list of donor names and addresses when donations for the deceased person were
received through the Foundation.
Recorded and maintained monthly meeting minutes and maintained other actions of the Board to include elections, votes and
updated documents.
Processed cover letter for payments to colleges and universities.
Acknowledged all donors with a formal thank you letter with donation date and amount for tax purposes.
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