The Pellissippi State Foundation has completed a dollar-for-dollar Challenge Grant from the U.S. Department of Education to benefit students at Pellissippi State Technical Community College.
In order to receive the funds, the foundation had to raise $362,000 from Oct. 1, 2003, to Sept. 30, 2008. They raised the money in just over three years, completing the challenge by the summer of 2007.
The Department of Education matched every dollar raised, bringing the total to $724,000. The money was allocated in October.
“Doubling our dollars through the Challenge Grant will double our opportunities to serve the students,” said Allen Edwards, president of Pellissippi State. “The funds will be used for scholarships, equipment and other areas of need.
“Our donors were very pleased to know that their contributions were matched, and we are very proud of the fact that we reached our goal more than a year ahead of schedule.”
The foundation’s endowment opportunity was part of a $1.7 million Title III Strengthening Institutions Grant awarded to Pellissippi State in 2003. Title III strengthening programs help higher education institutions improve academic quality, institutional management and fiscal stability.
For more information on endowment opportunities, contact Peggy Wilson, executive director of the foundation and vice president of College Advancement, at 865-694-6403.