As you can see by reading the descriptions of our scholarships, their founders had a broad range of reasons for wanting to start a scholarship. A great many of them were started to memorialize a family member or friend. Others were founded to honor an individual’s life accomplishments. Some were founded for business reasons, or simply desiring to return something to the community.
Whatever your reasons, Legacy Scholarship Funds, Inc. volunteers will be happy to sit down with you and help you polish your ideas and put them down on paper. We will explain the many options available which will make your scholarship exempt from taxation and gifts to it from yourself and others tax deductible.
Among the questions to be addressed are:
Whom do you wish to be eligible to be considered to receive the scholarship? We will offer advice on how to describe the eligibility requirements in a manner which will stand up to changing times.
How do you want the size of the gift calculated? Most scholarship funds distribute the total annual net return from the investment of their funds. Some scholarship founders make annual contributions to boost the annual gift.
Who will decide which of the applicants are to receive the gift or gifts? Usually a selection committee includes representatives of the school(s), the LSF, and the founders.
How much on-going participation in the management of your scholarship do you wish to maintain and for how long? For instance, would you like to be designated a “Trustee” and to attend Board meetings?
How much money is needed to fund a scholarship? Legacy Scholarship Funds, Inc. will accept donations for a new scholarship starting immediately upon being contacted, but the new scholarship being created must reach a total of $5,000.00 within one year from the time that donations are first received. In the succeeding three years, the scholarship principal must reach a total of $10,000.00. If the scholarship does not reach these amounts at the specified time limits, the LSF, Inc. Executive Committee will place the funds in the LSF General Account.
For many years we have been proud to say that the answer has been “yes” to nearly every question a founder asks about starting a scholarship. It is our function to do all that is necessary to ensure your scholarship is a good and lasting one.
To start a scholarship simply contact us and give us a way to get in touch with you.
Write to us at : Legacy Scholarship Funds, Inc.
3095 S. Commerce Road
Walled Lake, MI 48390
You may also call the Walled Lake School Employees Federal Credit Union at 248-624-5222 and ask to be contacted by an Executive Board Member of LSF, Inc.
or e-mail: WLLegacyScholarships@gmail.com