Northshore Scholarship Foundation
How
to establish and monitor |
Education
Scholarship opportunities for those interested in more general fields of academic study and vocational preparation are provided through these endowments:
Anderson
Additional
scholarships are offered by the following organizations: BHS
Alumni
Woodinville Chamber
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The mission of the Foundation: receive
public contributions, establish and maintain scholarship granting accounts, invest and professionally manage these assets, insure
that the scholarship sponsoring organizations and families receive money
sufficient manage
the Foundation�s assets in such a manner to preserve the contributions
Following is a step-by-step process for opening and maintaining an account. Scholarship distributions are made annually to organizations and families that grant scholarships under a program supported by the Foundation and the Rotary clubs of Woodinville and Northshore and the Kiwanis Club of Northshore. OPENING THE ACCOUNTThe Foundation requires a minimum contribution of $35,000 in order to open an account. Additional contributions at later dates are encouraged in order for scholarship awards to annually exceed $1,500. To consistently provide grants reaching or exceeding $1,500 a total in excess of $35,000 in total contributions would be required to assure this scholarship level. Sponsors are asked to provide the name and contact information for the person responsible to monitor the account on behalf of the donor. (See application form below). Donors are advised that the funds donated for this purpose are to remain as part of the principal assets of the Foundation and will not be returned to a family or organization once the account is established. In the unlikely event the Foundation is dissolved, the assets would be distributed equally to the participating service clubs for charitable purposes and for scholarships. The contributions are to be sent to the Foundation at P O Box 173, Bothell WA., 98041. In the event the donation will be made in a form other than currency, please refer to the Foundation�s �Gift Acceptance Policy�.
Application Form
to Establish CRITERIA
AND SELECTION OF RECIPIENTS The donor is responsible for establishing the scholarship name, purpose, criteria, amount of each grant and the selection process. The Executive Director and the Scholarship Program Coordinator are available to assist families and an organization�s representatives. The Foundation�s primary role is to accept donations, manage the invested funds, and distribute scholarship money directly to the institutions selected for enrollment by scholarship recipients. No funds are issued directly to a recipient with all checks made payable to the institution of enrollment. At present the Foundation maintains 56 scholarship accounts and works with nearly 50 selection committees. FINAL
STEPS Upon receipt of funds and information related to the criteria and selection process, the Foundation will acknowledge the tax-deductible contribution by letter and will notify the donor of the number of shares the donation represents.
The Foundation maintains a website presence (as you have discovered
here) and will ask for assistance in obtaining information and photos that
may be used to identify details of the scholarship offering and its
purpose.
DECISIONS:
FROM SELECTION TO RECOGNITION OF RECIPIENTS In September of each year the Foundation trustees determine an amount of the Foundation�s invested funds that will be made available for scholarship distribution in the following academic year. Each scholarship account representative is informed in writing of the amount of money the account will receive for its next scholarship. The amount to be distributed is based on the Foundation�s total assets as of June 30 of that year. The representative is asked to determine the dollar amount for the scholarship and notifies the Scholarship Program Coordinator of that amount and if any changes in the criteria or selection process is intended. This information is needed for the purpose of advertising the scholarship�s availability. Families or organizations may choose to increase the value of their scholarship by agreeing to reimburse the Foundation for the amount greater than dollars distributed to the endowment account. The added funds are to be received prior to December 31 of the year prior to which the scholarship is granted. All scholarships offered through the Foundation are announced and publicized early in November with applications due early in February the following year. The selection process is conducted during March and April with recipients notified in early May of the year. The three supporting service clubs sponsor a �Scholarship Recognition Breakfast� in late May of each year to honor the recipients. Family and organization representatives are invited to attend to meet their recipients and to join in celebrating the work of the Foundation.
No later than June 30, all scholarship recipients must inform the
Foundation of the school they plan to attend. By the end of July, checks
are issued by the Foundation for those who have responded. Recipients who
fail to notify the Foundation of their education plans are subject to
forfeiture of their scholarship under the Foundation�s �Policy for
Forfeiture of Unclaimed or Unused Scholarships�.
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