Frequently Asked Questions
What is the difference between an annual scholarship and an endowed
scholarship?
Donors may establish an annual named scholarship with
a minimum balance of $1,000. Occasionally, a donor will give a lump
sum and ask that a scholarship be disbursed for a set number of
years, or until the fund balance is zero. An endowed scholarship
requires
a minimum contribution of $20,000, which is invested. Income from
the fund is distributed on an annual basis, and the scholarship
fund will last in perpetuity.
Is my donation tax deductible?
Yes! All contributions are tax-deductible
to the extent allowed by the law. (Tax ID 030367034).
How much of my donation goes to scholarships?
One hundred percent.
Administrative costs for development efforts are absorbed by the
Vermont Student Assistance Corporation. In addition, there are
generally no fees attached to the administration of your scholarship.
What is the relationship between VSAC and the Vermont Scholarship
Fund?
The Vermont Scholarship Fund is a 501(c)(3) affiliate of VSAC.
The Vermont Scholarship Fund acts as a charitable receptacle for
donor gifts; VSAC administers scholarships set up by donors to the
Vermont Scholarship Fund. The VSAC Board of Directors also serves
as the board of directors for the Vermont Scholarship Fund.
I can’t
decide whether to establish a scholarship fund with my local high
school or with VSAC.
Can you give me advice? If your
scholarship is meant to benefit high school seniors from one particular
school, then you should consider making your donation directly
to that school. However, if you would like to help students from
more
than one town, a particular region or county, or the entire state,
then the Vermont Scholarship Fund is a viable option for you to
consider.
How long will the Vermont Scholarship Fund last?
We are building
a scholarship endowment that is intended to exist in perpetuity.
Our annual distribution rates are determined on
an annual basis and are meant to ensure that the principal
of the funds
will gradually increase.
Does the Vermont Scholarship Fund
accept matching gifts?
Many companies have matching fund programs
through which they match
some portion
of your gift to the scholarship fund. This is an easy and
effective way to increase the amount of your donation.
How much money is in the Vermont Scholarship Fund?
Each year, more
than $3.5 million dollars are received from philanthropic sources
and distributed for annual scholarships. The staff of the Vermont
Scholarship Fund has just begun its fundraising efforts for the
endowment, which is currently approximately $700,000.
Are scholarships
awarded in cash?
The vast majority of awards are for tuition, fees, or room and board. Checks are made payable to the institution
the
student is attending.
When will my scholarship be awarded?
VSAC scholarships are awarded in late spring, summer, and early fall. We will work
with you
to determine the best time to award your scholarship.
I would
like to establish an endowed scholarship fund. How long do I have
before I need to meet my $20,000 commitment?
The pledge
period
for an endowed scholarship fund is three years from receipt
of your first contribution.
May I make a gift in memoriam?
Endowed memorial gifts of less than $10,000 will be added to the
Great Expectations
Scholarship
Fund.
Annual named memorial scholarships require a minimum
commitment of $5,000.
How can I learn more?
Contact a member of our development staff.
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"It
is important that those of us with the means to contribute help others
get a college degree."