Some employers choose to establish an Individual Company Scholarship Fund; a lump sum contribution. These funds are used for any construction-related training, including college tuition and books.
A minimum fee of $500 is assessed for contributions of up to $5,000 and then 10% of the amount over that up to $30,000, for a maximum fee of $3,000. Funds must be used within a 2-year period. OVCEF will issue checks to the appropriate educational provider within ten (10) business days of the donor’s request. Because of OVCEF’s 501(c)(3) status, these donations are tax deductible. Quarterly statements are provided to the contractor.