PHILANTHROPY
Over the last several years, Rowan-Cabarrus Community College’s Foundation has undergone a significant transformation.
The College has been the recipient of extraordinary generosity from many individuals and companies in the local region. However, the largest source of that generosity, by far, came this year from local philanthropists Fred and Alice Stanback.
As a part of the College’s recent major gifts campaign and in alignment with its sustainability mission, the College was awarded its largest gift to date through the generosity of Fred and Alice Stanback. The million-dollar gift from the Stanbacks funded the College’s first solar energy project covering two of the College’s five rooftops.
Then, to impact the 2017 fall semester, the Stanbacks made a second major donation of $2.68 million – the largest gift ever made to the Rowan-Cabarrus Community College Foundation from an individual. This generous gift will fund scholarships and additional solar energy projects that will include a learning opportunity for students.
“This is more than a sustainable solar voltaic system. Once connected, the income from the energy produced will create an income stream for the College’s Foundation that will provide funding for faculty and staff professional development and student scholarships for years to come,” said President Spalding. “This is truly the gift that will keep on giving.”
The combined systems will generate roughly 2,000,000 kWh of clean energy per year. The College is working closely with Duke Energy to complete the solar energy connection and power purchase agreement, which will generate a projected annual revenue to the Rowan-Cabarrus Foundation of approximately $80,000 to $100,000 for student scholarships and sustainability investments.
“Our students live, work, raise their families, and spend their incomes in our region. An investment in Rowan-Cabarrus Community College is an investment in your neighbors and your community.”
Paul Brown, a member of the Board of Directors of the Rowan-Cabarrus Community College Foundation
Upon completion of the systems at the College’s North Campus, they will provide energy equivalent to power 200 homes for a year, and avoid the introduction of roughly 2,000 tons of carbon dioxide into the atmosphere. This will be the largest solar system at any of North Carolina’s community colleges.
“As a public higher educational institution, we are especially thankful to have private community support from donors. When our students receive scholarships, they consistently tell us that it’s not just about the money – it also means that someone has faith in them,” said President Spalding. “I now think I understand that sentiment in a new way. The gifts from the Stanbacks, along with those from the other donors named on our donor recognition plaque, are assurance that the community has faith in the work we are doing and believe the College is a great investment. What a great feeling!”
The scholarships will be awarded to Rowan County residents.
“I’m just glad we could help,” said Fred Stanback at the recognition event. There are many students who want to attend Rowan-Cabarrus who do not make enough money to pay for college, but make too much to qualify for federal financial aid.
“Thanks to this investment from the Stanbacks, more scholarships will provide hope and opportunity for students who may not otherwise have the financial ability to accomplish their educational and career goals,” said Carl M. Short, chair of the Rowan-Cabarrus Board of Trustees. “A year of education at Rowan-Cabarrus is a great value at about $3,000 per full-time student for tuition, books and fees. However, not everyone has the means to pay this. These scholarships will make it possible.”