Establish a Scholarship Fund

Establishing an Endowed Scholarship Fund

• A donor can establish an endowed scholarship fund with $25,000 minimum, from which the earnings will be used for an annual award.
• The donor has the ability to determine criteria and requirements for the scholarship award and designate a school from which recipients would be chosen.
• All scholarship awards are given directly to the educational institution of the student’s choice; this could be a vocational school, trade school, community college or university.

The scholarships are subject to review by the advisors and donors, in the event that investment returns cannot sustain the annual amount. In the case where the donors are unavailable, the GTRCF board will be authorized to make the appropriate adjustments.

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Traverse City Area Public Schools Scholarship Pool
This pool is designed to give donors a variety of options for offering students a scholarship or a monetary award with the Traverse City Area Public School System.

Minimum annual award $350

This would ensure that one named scholarship was awarded in the year the funds were received. These funds must be received by the foundation no later than February 1 of the award year. (The scholarship award amount would be $350; any fees would be borne in part by pool earnings)

One time contribution of $1,600 - A Named Annual Award of $350 for FIVE Years

One time contribution of $3,000 - A Named Annual Award of $350 for TEN Years

One time contribution of $10,000 - A Permanent Named Annual Award of $400

One time contribution of $25,000 - An Endowed Named Annual Award of $1,200

Benefits to giving through the scholarship pool:

• As all funds are pooled and invested, each scholarship will be able to earn more interest.
• Fees are nominal as they are collected as a pool not an individual scholarship.
• If the donor chooses to give to an endowed scholarship fund they would be eligible for the Special Michigan Community Foundation Tax Credit (please contact the foundation for more information).
• Donors can donate to the scholarship pool online or over the phone with a credit card.
• The foundation can recognize planned gifts for any scholarship fund, such as bequests, trusts, annuities, and other planned giving vehicles.

The donor can identify criteria for the named scholarship. Keeping donor intent in mind, the scholarship committee recommends the recipient(s) to the Community Foundation Board. The donor may participate as a member of the committee, but may not have direct or indirect control over the committee. The Community Foundation administers the scholarships. Please call the foundation at 231-935-4066 for further information.

The scholarships are subject to review by the advisors and donors, in the event that investment returns cannot sustain the annual amount. In the case where the donors are unavailable, the GTRCF board will be authorized to make the appropriate adjustments.

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