Mar 24

FAQ

Q: The American College of Greece is a “non-profit” institution. What does this mean? (show)

A: The American College of Greece does not operate to make a profit. In fact in most years it operates at a loss. The assets of the College are held in trust for the benefit of the institution and its students and not for any individual. The College  is governed by a volunteer Board of Trustees who are ultimately responsible for appointing the President, managing the College’s assets and carrying out the College’s mission: “To add distinctive value to the lives of our students as well as Greece, American education, Hellenic heritage, and the global community through transformative teaching, scholarship and service”.

Q: Does tuition cover the cost of an ACG education? (show)

A: The College applies the revenue generated from tuition to its annual operating costs. Like most private educational institutions, tuition does not cover these costs. In order to meet its expenses, the College relies in part on its reserve assets (built during periods when tuition exceeded annual budgets) and in part on gifts from alumni and friends. Traditionally, any surplus in operational budget – whenever they occur – is either invested in students, program development, infrastructure, or retained for future use. In this way the College has been able to continue to maintain the quality of education and services as well as offer unique opportunities to students, state of the art facilities and programming throughout its 138 year history, including the current economic crisis.

Q: Who governs ACG? (show)

A: Ultimately, the Board of Trustees, a US-based elected body of volunteers who contribute their time and considerable talents to steering a course for the College. Day to day operations of the College are overseen by the President, who is selected by the Board.

Q: Why should I donate to ACG? (show)

A: Your gift, and the gifts of others, will be used to enable talented and deserving students achieve an education at a time of great need.

Q: How many students have received financial/scholarship support over the 2012 – 2013 academic year? (show)

A: ACG offers high quality secondary, undergraduate and graduate education to thousands of young people from Greece and more than 54 countries.

As the recent financial crisis enveloped Greece, ACG’s volunteer, US-based Board of Trustees voted to increase financial aid and scholarship funding by six-fold over the next four academic years (2012/2013 – 2015/1016) with a total investment of more than $20 million. One half of these funds will be raised from ACG alumni and friends, corporations and foundations.  Gifts of all sizes will help us to achieve this goal.

In order to put these figures in perspective you may find it helpful to know that in the past academic year (completed June 2013):

  1. ACG awarded $2.4 million in aid to 766 students, or 20% of the ACG student population (including Pierce and Deree), nearly double the dollar amount awarded and number of students assisted in the prior year.
  2. 66% of this support was need based and 34% pure merit based.
  3. 92% of all new undergraduate and graduate Deree students who applied for financial aid received some form of assistance (an increase of 63% over last year).
  4. 93% of all continuing undergraduate and graduate Deree students who applied for financial aid received assistance (an increase of 113% over last year).
  5. 83% of all Pierce students who applied for financial aid received assistance (an increase of 120% over last year).

It is ACG’s goal to expand this benefit and assist a larger number of students; both to encourage excellence through scholarships and to help deserving students continue their studies despite financial constraints.

ACG is also preparing to increase support in academic innovation and excellence through investments in faculty and academic programs.

Q:  Will my gift make a difference? (show)

A:  Gifts of all sizes are welcome and encouraged. If all friends and alumni of the college would support this effort as they are able, we will achieve our goal of helping talented and deserving students.

Q: What is the source of scholarship funding? (show)

A: Scholarship funding comes from a number of sources, partly from existing endowed funds established by generous donors, partly from expendable gifts from alumni and friends, and partly from the reserve assets of the College.

Q: Is there a minimum amount I can contribute? (show)

A: No, there is no minimum, though we ask that online donations be at least 10 Euros to offset online processing costs. Apart from that, any gift, however small, will help an ACG student. What matters most, is that you participate.

Q: How can I make a donation in Greece? (show)

A:  Alumni and friends in Greece can give donations by using the following methods:

  1. Give now On-Line
  2. Cash and credit cards
  3. Personal checks and Bank checks
  4. Bank deposits/e-banking

For more information click here

Q:  How can I make a donation in the US? (show)

A:  Alumni and friends in the United States can make donations to The American College of Greece (Pierce of Deree)  by using the following methods:

  1. Online Giving
  2. Gift by Mail
  3. Gifts of Securities
  4. Planned Gifts

For more information click here

Q: Are donations tax-exempt in Greece? (show)

A: In order for gifts from Greek donors to be tax exempt they must exceed 100€. For more information please contact the Office of Development at: t. 210.600.9800 ext.: 1308, e-mail: development@acg.edu

Q: Are gifts to ACG deductible in the US? (show)

A: Yes.  The American College of Greece is a US IRS recognized nonprofit educational institution. Gifts to The American College of Greece are deductible as charitable donations to the extent allowed by US law.

Q: Are international (non-Greek, non-US) donations accepted? (show)

A: Yes – Gifts to ACG from non-Greek and non-US taxpayers are accepted.

Q: Do donations qualify for tax deductions in other countries? (show)

A: The tax deductibility of your gift depends on the laws of the country where you pay taxes.

Q: Can I designate my gift for a specific purpose? (show)

A: Gifts in support of The American College of Greece (Pierce and Deree) may be directed to the annual fund (unrestricted), the Scholarship Fund, or to other campaigns indicated in the gift designation area.

The available designations are:

  • Unrestricted/annual fund (your gift will be applied to the greatest need)
  • Educational Opportunities/scholarships (your gift will be used to enable deserving students to achieve an education)

If no designation is indicated, your donation will be added to the annual fund as an unrestricted gift.

If you like, you may further designate your gift for use by Pierce or Deree.

Q: What is the difference between designated and unrestricted gifts? (show)

A:  Unrestricted gifts are allocated by the College to the most pressing needs in the year in which they are made.  Designated gifts are utilized in accordance with the donor’s wishes for the program indicated (eg. Scholarships).

Q: What do gifts to the ACG Annual Fund support? (show)

A:  Gifts to the ACG Annual Fund are allocated by the President to the most pressing needs of the College in the year in which they are made. These gifts offer flexibility to meet unforeseen expenses (eg. Leaking roof) or top priorities (eg. Scholarship).

Q: What is the difference between an endowed and an expendable fund? (show)

A: Endowed Scholarships: a permanent legacy

Your gift will be held in a separate account with other endowed funds and invested. ACG’s endowed fund investments are professionally managed in the United States and are overseen by the Board of Trustees.

Once activated, an annual spending amount determined by the trustees, typically between 4% and 5%, will be allocated to student aid from your fund. Because the principal is preserved, your fund will endure and benefit generations of students.

You may permanently name the fund in any way that is meaningful for you.

Expendable Scholarships: immediate support for students

An expendable (current use) scholarship is designed to provide immediate awards for students, and can be named for the duration of the funding.

Q: What is the difference between an endowed and a college funded scholarship? (show)

A: Endowed scholarships are funded by individuals, last in perpetuity, and are awarded according to the terms developed between the donor and the College. College funded scholarships utilize unrestricted gifts and/or assets allocated by the trustees from the reserve account.

Q: For more information about gift vehicles, designation opportunities or assistance with making a donation to ACG, who should I contact? (show)

A: Please contact: Development & Alumni Relations Office, t. 210.600.9800 ext.: 1037 & 1308 or development@acg.edu