The value of a rigorous scholarship program in raising the bar of professionalism cannot be overstated.  Benefits run the gambit from the obvious to the subtle, from short-term to long-term. Not only does a scholarship provide an educational and financial boost to an aspiring student, it raises the level of professionalism for the entire industry.  Less obviously, scholarships promote diversity in the profession.  And they inspire future chapter and Institute leaders.

Since its formation in 1988, the CCIM Education Foundation has granted nearly $2-million in scholarships to over 2,000 students.  Its 24-member volunteer Board of Directors oversees the investment of over $6.5 million in assets from donations, fundraisers and matching funds generated by chapters around the world.

In the early days, the Foundation’s scholarship program was aimed primarily at granting financial aid to students taking CCIM’s CI 101 classes or those pursuing a degree through a participating university.  An “After The Pin” component helped designees refresh their knowledge of CRE investment practices and tools.

With evolution comes targeted populations
Over the years CCIM chapters recognized the value of participating more directly in the funding and awarding of scholarships, so in 2005 the Foundation established an endowment program.  Chapters could now solicit donations from their members and have the funds matched by the Foundation.  For every $12,500 generated, a perpetual scholarship account worth $25,000 is established.  Investment interest generated by the account helps fund an annual scholarship worth $1,000 which the chapter can award to a student of its choosing. The scholarship can be applied to any CCIM core course.

The concept quickly caught on and by 2023 there were 157 Named Education Scholarships (NES)—the “name,” specified by the chapter, usually is that of the donor or generator of the chapter’s matching funds. (Since the Foundation is a charitable organization (501c3), donations are tax-deductible.)  Several chapters have funded multiple NES, with the Alabama Chapter topping the list with eight.

As the NES program grew, those chapters with endowments no longer were awarded Foundation CI 101 scholarships.  These funds were instead used to target veterans and minorities.

First funded in 2021, the Veterans Scholarship Program provides up to $15,000 to qualified veterans pursuing a commercial real estate career by taking non-degree courses offered through NAR, CCIM, IREM, SIOR and the Realtors Land Institute.  In its first three years, 20 of these scholarships were awarded reflecting a financial commitment of $350,000.

The following year, the Foundation launched its Diversity Scholarship Program. Offered in conjunction with the Institute’s Cultural Diversity Education Program, the combined initiative is designed to advance “the professional growth of underrepresented groups in the commercial real estate profession.”  The Institute’s program offers membership and course discounts while the Foundation’s program grants scholarships to CCIM Candidates taking core courses CI 102, CI 103 and CI 104. In its first two years the Foundation awarded 21 Diversity Scholarships.

So where does the money come from?
In addition to the interest earned from over $6-million in investments, Foundation funding comes from three basic sources:  NES matching funds from chapter endowments, fundraisers and donations from individuals.  In 2023, NES funds accounted for about 32% of the total revenue of $438,549.

Fundraisers accounted for 31% for the 2023 revenue.  Typically they include a networking event at the Institute’s two annual meetings. Since 2017 they have featured a “Vacation Get Away” drawing which typically grosses over $40,000.

Donations come in two forms.  Annual contributions from companies and individuals usually range from $100 to $10,000. Individuals making “lifetime” commitments of $1,000 to over $20,000 become members of the “Leadership Society.”  Over the years membership in this group has grown to 100 people.

You too can support this noble effort.  Find out how by visiting the Foundation’s website: www.CCIMef.org.

By Terry Shores
September, 2024

The Legacy Project is an evolving collection of articles and photos chronicling the history of The CCIM Institute and its Northern California Chapter. Blogs are added regularly and updated as new information becomes available.  Readers are invited to comment and submit facts and photos.  Opinions expressed are those of the author or contributor and not of NorCal CCIM, the CCIM Institute or the CCIM Foundation.  We hope you enjoy The Legacy Project!