The Lake Land College Foundation Board of Directors recently held its annual meeting and celebrated raising $371,544 in annual funds and awarding nearly $287,678 in total scholarships to Lake Land College students for the 2014-2015 academic year. The addition of last year’s funding effort puts the Lake Land College Foundation’s total assets at $10.8 million. The board has set a fundraising goal of $430,000 in annual funds for the current fiscal year.
In addition to the regular business items, the Lake Land College Foundation Board approved unanimously to fund some of the college’s Adult Education programs, including GED and English as a Second Language (ESL) classes. Earlier this month, the Lake Land College Board of Trustees voted to suspend Adult Education programming, effective Dec. 31, due to compounding cash flow constraints, given the state of Illinois budget impasse.
“It is the generosity of our donors who support the mission of organizations like the college and the foundation that will allow us to continue to offer educational opportunities for the most vulnerable students, even in the face of a very serious state financial crisis,” said Lake Land College President Josh Bullock. “Simply put, we could not offer our Adult Basic Education classes next semester without the support of the Lake Land College Foundation.”
An investment of $32,000 from the foundation will allow the college to offer 20 Adult Education courses throughout the district providing access to education to approximately 180 students.
“The lack of an approved state budget is having a profound and unfortunate impact on folks who benefit from the college’s educational offerings the most,” said Bob Pancoast, immediate past president of the foundation and chair of the finance and investment committee as he made the recommendation to fund the Adult Education programs. “I am pleased that we can offer the assistance the college needs until the state approves educational funding.”
The majority of the funding to support the Adult Education programs will be provided by gifts made through the estate of the late Burnham Neal. The college and foundation were beneficiaries of a unitrust upon Neal’s death in 2012 that allowed the foundation to support the college’s programmatic request.
“Knowing how much Burnham loved Lake Land College and the communities it serves, I’m sure he would be pleased at the impact he is able to make in the lives of these individuals so that achieving their educational goal is not interrupted,” said Jackie Joines, executive director for college advancement and foundation CEO.