Make a Difference!

With rising college costs and ever-increasing operational expenses, we encourage you to establish a scholarship or help defray operating costs through the Friends of the Foundation Operating Fund. There are several levels of participation.

Options

A one-time donation
A lump sum donation of under $5,000 is a “named” unrestricted or designated (see Fund Criteria) scholarship that may be disbursed as a one-time award or awards. At the discretion of the donor, the funds may be earmarked for administrative expenses.

An annual donation
A donation of any amount over $100 is a “named” unrestricted or designated (see Fund Criteria) scholarship that may be disbursed in the current year for one or more awards. Over half of our annual funds are derived from these donors who represent a dedicated donor base that loyally responds to our annual appeal.

An endowment fund
A lump-sum donation of $5,000 or more is used to establish a perpetual “named” endowment fund which retains the identity of the donor and may be unrestricted or designated. These funds are invested at the discretion of the Finance Committee. Contributions may be made over a three-year period or less to arrive at the $5,000 minimum to establish an endowment fund. Further donations may be made to principal at any time.

A bequest
A bequest is made by adding a simple provision to a will. The proceeds of the bequest, if $5,000 or more, are invested in a perpetual scholarship endowment fund.

A memorial offering
Memorial offerings in lieu of flowers may be made for any amount. These tax-deductible contributions are individually acknowledged by the Foundation, and the deceased's family is notified of the memorial gifts received. The funds may also be disbursed as a one-time award, apportioned over one year ore more, or used to establish a perpetual endowment fund. Memorial offerings may also be made to the Friends of the Foundation Operating Fund. The gift is added to our list of supporters and family members are notified.

Planned giving
A pooled income fund provides continuing lifetime income to the donor and future scholarship support. A gift that gives back!

Anonymous
A one-time unrestricted or anonymous donation in any amount may be made and is deposited into the operating fund or the Friends of the Foundation Operating Fund.

Adding to existing funds
Contributions to existing funds may be made in any amount at any time.

Exceptions
Exceptions to the donor policy must be approved by the full Board of Trustees prior to acceptance of any monetary amount.

Fund Criteria

Undesignated
This type of fund is the most flexible and responsive to the more pressing scholarship needs. Unrestricted funds allow more students to qualify.

 Designated
Donors have the option of expressing preferences for how their scholarship is awarded. Examples of preferences are specific academic fields or majors, residency requirements, high school attended and club membership. We suggest the term preference, versus restricted, be used to allow flexibility in case no applicants fulfill the specific criteria.

Profiles

We believe it is important for recipients to have some knowledge of their donors and the reasons why the contributions were made or the endowment funds were established. A fund profile is incorporated in the recipient's award letter. Privacy of anonymous donors is always respected.

Tax Status

The Lakes Region Scholarship Foundation is a tax-exempt non-profit organization under section 501(c)(3) of the Internal Revenue Code of 1986. Contributions are tax deductible, as allowed by law. All contributions are individually acknowledged.

Investment and Distribution Policy

Donations are invested at the discretion of Foundation's Finance Committee. Distributions are guided by a conservative spending policy which allows the principal to increase in value. No awards are made the initial year an endowment fund is established unless the donor contributes additional funds to cover the first year. In subsequent years, the award is a percentage of the fund's principal. A minimum of 90% of the donor contribution is applied to scholarships and the balance is applied to operating the Foundation, unless an equivalent donation is made directly to the operating fund.

Donors Day

Donors are invited to personally choose the recipients of their scholarships from a list of prescreened candidates. Donors receive informational, but not confidential, data about the candidates, such as name, address, high school, college major and rating given by the screening committee, to help them make their selection. Donors Day is usually held on the last Tuesday in May, from 8 a.m. to 6 p.m. If a donor is not able to participate, their preferences or restrictions are always honored.

Philosophy of Giving

Scholarships are based primarily on financial need except where donors have specified otherwise.

Maximizing Dollars

 
Lakes Region Scholarship Foundation is a Dollars for Scholars Chapter of  Scholarship America,  a national, non-profit, student aid service organization. Access to the Dollars for Scholar's Collegiate Partners Program allows the donors' dollars to be maximized and the college grant portion of the students' aid packages to be protected. Many participating colleges match outside scholarships. Thus, the donors' funds work harder for them!