Giving Support
OUR MISSION OF SERVICE
First Command Educational Foundation (FCEF) promotes education as the foundation to a productive society through scholarships and financial literacy programs dedicated to financial wellness and independence.
THE HIDDEN CHALLENGE
Our nation, faced with growing consumer spending beyond its means and a rising flood of student loans to pay for escalating tuition, is facing a bankruptcy of responsibility for its educational and financial future.
The crisis is like a tidal wave, unseen at sea, but eventually rising up to devastate all before it.
- Data gathered by the U.S. Federal Reserve regarding consumer debt are sobering. The size of the total consumer debt grew nearly five times in size from 1980 ($355 billion) to 2001 ($1.7 trillion). Consumer debt in 2006 now stands at $2.4 trillion. The average household in 2005 carried nearly $8,000 in credit card debt. As of the twelve months ending June 2006, there were 1.5 million consumer bankruptcy filings, including 1.1 million Chapter 7 filings, 0.1 million filings for Chapter 11, and 0.3 million Chapter 13. The U.S. Department of Commerce reported personal savings as a percentage of personal disposable income has declined from 10% in the 1980s, to 1.8% in 2004, and dipped into the negative numbers in 2005. The above data indicate consumers are spending more than they are making, which has not happened since the Great Depression. These alarming statistics warrant a valid cause for financial education and literacy training.
- College tuition rates are growing faster than the rate of inflation. Average annual tuition at a four-year public university alone is almost $6,000 in 2006-2007, up 268% from 1976-1977, according to the National Center for Education Statistics. In addition, some groups of students are more likely to face unmanageable debt burden after graduation. Fifty-five percent (55%) of African-American student borrowers and 58% of Hispanic student borrowers graduated with unmanageable debt burden, reports the U.S. Department of Education’s National Center for Education Statistics. The average student loan repayment period is 10 years and, in some cases, can be extended up to 20 years. These bleak figures support the cause for relieving students’ tuition burden through scholarships.
THE NEED
For Financial Education
Why do so many American families struggle with their money? In many cases, a large contributing factor is society does not teach consumers how to successfully manage their financial lives. Most schools do not teach personal financial skills; instead, society emphasizes consumption, spending, and immediate gratification.
Recognizing this endemic crisis, the Foundation provides financial literacy education at little or no cost to a wide variety of organizations across the Nation. Community and professional organizations, women’s causes, youth groups, high school students, economically at-risk populations, religious groups, and military units are examples of groups that are currently benefiting from FCEF’s proven financial literacy curriculum.
For Scholarships
More than half the students graduating today have student loan debt averaging almost $18,000. This is a heavy burden to carry for these bright, talented students who are the treasure of America’s future and who are just getting started in their financial journey. Scholarships, awarded for academic merit and/or financial need, can motivate recipients toward higher levels of achievement and definitely ease their burden of large student loans.
FCEF’s scholarships are developed and granted in partnership with community organizations, such as Girls Scouts, Rotary Clubs, military units, public universities, and other youth groups. These partnerships broaden scholarships opportunities for young men and women across the country, regardless of heritage or financial circumstances.
YOUR GIFT BUILDS THEIR FUTURE
FCEF provides donors with opportunities to support both aspects of our mission: providing financial literacy education, and awarding college scholarships to deserving students with the objective of offsetting the cost of rising tuition. These gifts create a legacy that will continue to offer learning opportunities to future generations. FCEF welcomes outright contributions and gifts through charitable estate plans. Donors can invest in programs that will help a diverse population from all facets of society with the chance for successful management of their personal finances and financial independence, as well as an education to build their lives and dreams.
Gifts toward Financial Education
The FCEF Financial Education Division has many programs for donors to consider. Individuals, with a desire to help others gain the knowledge and skills necessary for financial independence, can consider gifts for educational programming such as providing high school financial literacy or maintaining a volunteer Speakers’ Bureau. By partnering with schools and other organizations in the communities we serve, FCEF’s vision is to give as many individuals as possible the knowledge and skills they need to become financially successful through utilization of staff expertise and FCEF’s Speakers Bureau
Gifts toward Scholarships
One of FCEF’s objectives is to annually grow its general scholarship endowment by $20,000 dollars and increase the dollar value of individual awards. This increase in funds will provide even more student assistance at a critical time when they are building their financial foundation. Individuals interested in scholarships may donate to FCEF’s general scholarship endowment (Carroll H. Payne Scholarship Fund) or establish another named scholarship fund, either as a permanent endowment or as a temporarily restricted fund.
While these named funds will benefit students, they can also provide an opportunity for you to honor a loved one — or yourself — in perpetuity. Investments of at least $50,000 can create a named scholarship fund, with a gift that can be paid over a maximum of five years.
A Proven Past and a Promising Future
The services FCEF provides would not be possible without public donations. By contributing to FCEF, you are helping FCEF fulfill its mission and expand its services. FCEF is passionate about helping others succeed and our hope is that you will be as passionate about helping FCEF succeed through your generous, on-going contributions.
FCEF is a nonprofit 501(c)(3) public charity, originally created in 1983 to develop scholarships for military personnel and their dependents. FCEF’s mission expanded in 2001 to encompass financial literacy training, and again in 2004 to broaden scholarship eligibility to individuals pursuing both undergraduate and graduate degrees. As of December 31, 2006, FCEF has provided over 410 presentations and conducted over 23 seminars to 434 attendees. In addition, FCEF’s scholarship program has awarded over $3,500,000 in scholarships to 2,043 individuals.
FCEF is dedicated to providing individuals and consumers with the opportunity for financial freedom and knowledge through objective financial education, information, and tools, as well as scholarships. Foundation services are provided at little or no cost to consumers.
FCEF welcomes your questions or comments regarding any of our programs by contacting Christina Judge in the FCEF Development Division at 1-877-872-8289, ext. 2686; 817-569-2686; or cljudge@firstcommand.org. FCEF’s mailing address is: 1 FirstComm Plaza, Fort Worth, Texas, 76109. Its e-mail account is edufoundation@firstcommand.org and its website is www.firstcommand.org. Do you want to make a difference in the future? FCEF is looking to partner with you to increase financial literacy and financial success all across our nation.
