Bermuda College Foundation Officially Launched
The Bermuda College Foundation was officially launched at a reception at Government House, with the Foundation aiming to “develop philanthropic partnerships throughout the community on behalf of the College.”
A spokesperson said, “At a reception held last night at Government House hosted by His Excellency, The Governor of Bermuda, John Rankin CMG, Mark Berry, Chairman, announced the official launch of Bermuda College Foundation [the Foundation], and its fundraising program.
“The Foundation has been formed to assist Bermuda College, by developing philanthropic partnerships throughout the community on behalf of the College.
“The Foundation, with its own board and Governance, has been established as a separate organisation from the College and has the sole task of raising funds on behalf of the College. The College can thus focus on its mission of providing quality education for its student population.
“The question has been asked, why now, after 45 years in operation, does the College require a Foundation? The answer can be explained simply that the College has been operating for may years on a limited budget which has produced great results for its students and international accreditation.
“However some gaps exist. The infrastructure, facilities and campus have not received the required attention dues to a lack of funding for capital projects, required to modernise and update the facilities. The need for student financial aid has increased, also beyond available funding.
“The success of the College now and in the future will depend on broad community support as there is little chance of increased funding from the exiting revenue sources. This is a pivotal period in the history of he College as it seeks assistance from the community through the Foundation with trained fundraising professionals
“The Foundation’s board hires Foundation staff, engages in active fundraising and manages and distributes fund to the College based on a strict application process. The College applies for funds from the Foundation with clear objectives on the expected outcomes and the method of measurement the success of the program or project. The Foundation will ensure that the College provides a report on the effectiveness of the donation to the Foundation which is then share with the appropriate donor[s].
“The Foundations Mission and Vision: Mission – To cultivate and secure successful philanthropic partnerships. Vision – A fully-funded, state-of-the-art Bermuda College.”
Bermuda College Foundation Board Members:
- Mark Berry – Chairman
- Garry Madeiros – Deputy Chairman and Compliance Officer
- Ronald Simmons – Treasurer
- Pamela Barit Nolan
- Dr. Joseph Froncioni
- Judy Gonsalves
- Dr. Duranda Greene – Ex-Officio
- Robert Horton
- Dr. Nicola O’Leary
- Denise Riviere
- Bruce Sharpe
- Lakilah Spencer
“The College celebrates its 45th anniversary this year and over that period has provided opportunities for more that 5,000 students who have completed their studies at the institution, earning Associate Degrees Four Year and Masters Degree programs [with overseas partners] and Work Force Development Certifications for many the College is their only affordable choice.
“However over the years the College has achieved two remarkable accomplishments of which the entire community should be proud. These are:
“In 2005, the College achieved a five-year accreditation from the New England Commission of Higher Education [NECHE]. Subsequently, the College was further awarded a ten-year accreditation in 2015. The NECHE provides accreditation for Harvard University, Boston University and Massachusetts Institute of Technology, to name a few. This signifies that the College, therefore, meets the same 11 standards of accreditation required of Ivy League Universities.
“Over time the College has developed articulation agreements with over 30 universities in the USA, Canada, the Caribbean and the UK. An articulation agreement is a partnership between two or more colleges, universities or institutes of technology, which match course requirements to those of the other institutions with clearly documented transfer policies for a specific academic program or degree. For example, through an articulation agreement between the College and Georgia State University, credits obtained from the College’s Associate of Science Degree in Actuarial Science, are fully transferable towards the bachelor’s degree in Business Administration, Risk Management, Insurance or Actuarial Science offered by Georgia State University.
“The College recognises that its future success will require additional revenue as its financial needs outgrow its current revenue streams. To address this increased need, the College will require philanthropic partners to assist as it plans upgrades to its classrooms, labs, facilities and faculty development. Student financial support is also required, in order to continue to provide quality education and training for all Bermuda students who choose to enroll, regardless of their financial standing.
“The Bermuda Government provides 77% of the College’s revenue through an annual grant. The College has managed to balance its budget by limiting its spending in areas such as upgrades, new equipment, modernising its infrastructure, and providing adequate opportunities for faculty development.
“It should be noted, that Government has made recent financial commitments to solve some of the outstanding issues however the amount granted falls far short of that required to complete outstanding work and provide funds for forward planning.
“The College cannot build on its past successes within the limits of its existing revenue sources. The launch thus coincides with the launch of a major capital campaign in order to modernise and upgrade its facilities, equipment, course offerings and student assistance, while building an endowment for long term sustainability. This can only be accomplished with the support of the entire community.
Chairman Mark Berry says, “I was lucky to study at the College, but more importantly, I know first hand how essential direct local access to tertiary education is for Bermuda. We invited the community to invest in, our College, our Bermuda, our Future.
For more information, visit the Foundation website at: www.bermudacollegefoundation.com, or email the Foundation at: info@bermudacollegefoundation.org, or call 239-4001.
