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FOUR OPTIONS FOR FINANCIAL SUPPORT

1. ANNUAL FUND DRIVE

2. ANNUAL SUSTAINING GIFTS

3. NAMED SCHOLARSHIPS

4. MEMORIAL GIFTS IN MEMORY OR RECOGNITION

Annual Sustaining Gifts

A number of businesses, organizations, and individuals have generously provided annual contributions which are passed through directly as scholarships to one or more graduating seniors each year. Usually these annual sustaining gifts are a minimum of $1000. Recipients are informed their awards come in whole, or in part, from the donors (given the respective donors' authorization to use their names), and Sustaning Gift donors are advised of the names of their recipients.

The Annual Fund Drive

The annual fund drive is the major community effort to provide needed funding. Unless designated as gifts to the endowment fund, these annual amounts go directly as awards to the applicants. Almost 100% of the funds contributed goes to the applicants, due to volunteer help and control of fund-raising costs.

Named Scholarships

Gifts to the endowment fund of $10,000 or more can perpetuate the memory of a loved one or recognize an organization through a named scholarship. Proceeds from the contribution are awarded in whole or in part, and recipients are informed of the source of the funds. The principal in these accounts remains intact and grows with additional contributions and with endowment fund earnings in excess of awards. Donors are informed annually of the balances in their Named Scholarship funds and the names of the recipients of their annual awards. Donor preferences may be specified, such as direction of the award to a nursing or technical school student. These preferences will be considered in making awards.

All endowment fund Named Scholarship gifts are co-mingled. The overall earnings of the fund are credited proportionately to each named account. Each year the board of directors determines a withdrawal percentage for awards, hopefully less than the overall earnings, so the fund will continue to grow.

A Named Scholarship fund may be established with less than $10,000, with a pledge of additional contributions. Named funds are co-mingled in the endowment fund, and a percentage of the earnings is determined annually to be awarded as part of the general fund, until the Named Scholarship exceeds $10,000. Thereafter, the Named Scholarship is identified, and grants are made with the Named Scholarship identified to the recipient.

Often, funds from a Named Scholarship are supplemented by funds from the general endowment fund or annual gifts, to meet as much of the student's unmet needs as possible. The dollar amount of an award which comes from a Named Scholarship is not identified to the student who receives it, but the student is informed that all or part of the award comes from the Named Scholarship source.

CLICK HERE FOR A LIST OF NAMED SCHOLARSHIPS AND ANNUAL SUSTAINING GIFTS

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Memorial Gifts In Memory or Recognition

Memorial gifts to the endowment fund are welcomed in memory or in recognition of a loved one. Often, these are made at the time of significant birthdays, anniversaries, or death.

At the request of the next of kin, the funeral director can be asked to include in the obituary notice, "Donations may be made to the Boothbay Region Student Aid Fund in memory of _______, PO Box 293, Boothbay Harbor ME 04538." This quickly notifies family and friends of the desire to establish the fund. The BRSAF may be contacted subsequently to arrange details. The BRSAF will acknowledge the gift to donors and notify the family. Depending on the amount of gifts and the wishes of the family, a Named Scholarship could be established if gifts exceed $10,000.

And Finally,

Gifts may be made to the endowment fund for any reason, even just to feel good, with confidence the gift will keep on giving.