WSF Text

Woodbury, Connecticut


 

Perpetuate Your Organization or the Name of a Loved One by Creating an Endowment

The Woodbury Scholarship Fund (WSF) is organized to manage endowment funds of various types and thereby acts as an umbrella organization on behalf of the community. An endowment is a means of perpetuating scholarships (to qualified Woodbury students) for a specific purpose such as the memory of a loved one or the recognition of a local organization. All contributions are tax deductible.

How are endowments established?

Endowments can be established for a specified purpose by grant contributions directly to the WSF. These contributions are placed in a "Permanent Endowment Fund" and provide a basis for future scholarship awards. Local organizations or individuals wishing to benefit from the WSF's experience in scholarship management often establish such endowments. Endowments are also established as memorials in memory of a loved one.

What is the minimum amount required to establish a Permanent Endowment Fund?

Contributions totaling at least $5,000 are required to establish a Permanent Endowment Fund.

How does a Permanent Endowment Fund work?

A Permanent Endowment Fund works on a simple concept. Moneys contributed to these funds are awarded interest quarterly. Scholarship awards are made from an endowment when the value of the fund reaches a level that can sustain at least a $500 award. On this basis, endowments may not generate a scholarship award each year. The amount of the award is subtracted from the endowment fund balance whenever an award is made. The WSF uses strict guidelines in managing endowed funds (available on request).

Does the minimum $5,000 have to be donated all at once?

Endowments can be established over an extended period. Arrangements can be made with the WSF to start an "Accumulating Fund." To achieve "Accumulating Fund" status, $500 must be accrued within 6 months of the fund being established. Thereafter, a minimum of $500 must be accrued each year to make the fund permanent within 10 years. While the fund is growing to permanent status, no awards will be given. Some Accumulating Funds reach permanency quickly while others may require the full 10 years to reach permanency.

How does a Fund continue to grow?

A fund grows through interest on the principle and when additional moneys are contributed directly to the fund. Additional moneys may be contributed during the WSF annual appeal. Memorial funds often receive contributions on anniversary dates. Permanent Endowment Fund sponsors often make annual grants. Some Fund sponsors hold fund raising activities to help their funds grow.

How are Memorial Funds established?

Memorial Funds are established in the name of a loved one often at the time of bereavement. It is not necessary to contact the WSF immediately. At the request of the next of kin, the funeral director will include in the obituary notice "Contributions may be made to the (Name of the person being memorialized) Fund, Woodbury Scholarship Fund, P.O. Box 716, Woodbury, CT 06798.; This will quickly notify family and friends of the interest in setting up the fund and the details can be worked out later. The WSF will be responsive to the wishes of the family.

Do all moneys contributed for a specific purpose lead to endowments?

If the total contributions for a specific purpose amount to $500 or more, and there is no desire to establish a Permanent Endowment Fund (or, if the total contributions received are less than $500 and there is no interest in creating an Accumulating Fund) moneys can be used to make a direct scholarship award at the discretion of the sponsor(s).

Does the WSF accept specific contributions other than for endowments?

Yes. A contribution to the WSF in honor of individuals on special occasions is always appropriate. These funds will be pooled with other contributions for unrestricted scholarship awards.

Who acknowledges contributions to funds?

An acknowledgment is made for contributions of $25 or more and, unless requested otherwise, the name of all contributors is sent to the sponsor of the endowment.

Who can I contact if I have further questions?

The primary contact is Henry Hart, Endowments Coordinator (203-263-2777). If you would like to be called please write to our P.O. box, attention "Endowment Funds". You can also E-mail a message. Please be sure to include a telephone number where you can be reached.

What if I wish to contribute to an established Permanent Fund now?

Make Checks payable to: "The Woodbury Scholarship Fund, Inc." and simply write in the memo corner of the check for the (Specific Fund name) Fund. Send checks to: The Woodbury Scholarship Fund, Box 716, Woodbury, CT 06798.


E-Mail to: INFO@wsfund.org