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(Part of a series of articles on charitable giving and the Union County Foundation by David Vollrath - Exec. Dir.) One of the most meaningful ways to “preserve your footprint in time” is to establish an ongoing scholarship in the name of a family member or loved one. The Union County Foundation can help you achieve this admirable goal. I can't think of a more wonderful way to honor a loved one's memory. A scholarship fund allows you to impact our tomorrows by supporting a young person's education today. With college costs rising every year, scholarships are more meaningful and important than ever before. By setting up an ongoing scholarship through the Union County Foundation (or by supporting one of our many existing scholarships) you can invest in the future of Union County's students and encourage them to pursue their educational dreams. Maybe you have thought to yourself “I wish I could really do something significant that makes a positive difference but I just don’t know what or how.” If you have entertained such a thought, then establishing a scholarship fund might be exactly what you are looking for. A scholarship fund can be started by an individual, a family, an organization, or even a company or corporation. Your scholarship fund can be structured to benefit students pursuing specific fields of study (nursing, science, teaching, etc.) or broadly support any secondary education pursuit. A scholarship fund is usually established with a single tax deductible gift that becomes the endowment. This initial gift can be in the form of cash, appreciated stock, life insurance, or even property. The income earned by the endowment (or a fixed % of the fund, for example 5%) pays for the annual scholarships. Any donor may make additional tax-deductible contributions to the fund at any time. The Union County Foundation will work with you, the benefactor, to establish the guidelines for choosing the scholarship recipients. Such guidelines might include criteria such as: academic merit, leadership, motivation, financial need, or demonstrated talent. The Foundation will also work with you to establish the scholarship’s advisory committee, which is responsible for actually selecting the scholarship recipients. Often a member of the family who establishes the scholarship is represented on the advisory committee. Your level of involvement is up to you. If you have additional questions on this or other charitable giving topics please call us at 642-9618, email us at commfounduc@imetweb.net, or stop by our Marysville office at 126 N. Main St. As you can see, establishing a scholarship fund through the Union County Foundation is not a difficult process but it is a process that allows you to “preserve your footprint in time.” |
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