Toronto, Canada (PressExposure) August 01, 2009 -- While the economic downturn has presented challenges for some post-secondary institutions, Centennial College has enriched its endowment fund by $2.3 million in the past year - an unprecedented growth rate of 42 per cent - for a total of $7,844,652.
Centennial's endowment fund represents part of the sums of money the institution has raised from private donors, as well as matching funds from government sources. Interest earned from the fund is used to support scholarships distributed to deserving Centennial students each year.
Part of the $2.3 million included $868,890 in Ontario Trust for Student Support (OTSS) money received from the Ministry of Training, Colleges and Universities based on an approved ceiling for 2008-09. Unutilized "ceiling room" was redistributed to schools that exceeded their approved 08/09 limits. Consequently, Centennial received an additional $775,203 from the Ministry this year.
Thanks to a record year, Centennial ranks fourth among Ontario's 24 public colleges and second among GTA colleges in fundraising activity. Centennial is relatively new to fundraising; in 2004, the college's endowment fund was valued at approximately $550,000.
The welcome fund growth comes on the heels of the news that Centennial has emerged from fiscal year 2008-2009 with a budget surplus, and is planning faculty hires this year while other schools contemplate a hiring freeze.
Centennial College is Ontario's first community college, established in 1966, primarily serving the eastern portion of the Greater Toronto Area through four campuses. It has earned a reputation for exemplary teaching, innovative programming and extensive partnership building.
For more information, visit centennialcollege.ca.