Vision (continued)

While establishing this direct scholarship pool of $200,000, the Committee also has set a $5M goal for an endowment.  We expect that the investment return on the endowed funds will be sufficient to support the scholarship program on an ongoing basis and long after the current hostilities have ceased.

The Committee will operate as an Auxiliary of the Palomar College Foundation, which is a well established 501 (c) 3 functioning within the guidelines of federal and state non-profit regulations.  The proceeds contributed to the “Education for Heroes Fund” will be recorded as a restricted program account within the Foundation Profit and Loss statements. Funds will be invested through the Foundation’s endowment.  Reports will be reviewed by auxiliary members and  the Foundations Finance Committee at quarterly meetings.  Reports will be made available to the general public.