The purpose of this fund is to provide economic support to individuals and families who have significant financial need in pursuit of educational goals and academic preparation.
Principles
(1) In order to establish a base endowment for the fund, funds will not be disbursed until the year following the fund reaching $50,000. At that time, a financial plan will be generated to balance the growth and longevity of the fund and the scholarships provided by the fund.
(2) Within a year of reaching the $50K plateau, a small committee of donors will form to outline the procedure for disbursement of scholarship funds. This committee will establish its own rules for membership, procedures, meeting times, and awarding of scholarship funds according to the principles and primary goal of the fund.
(3) Donations are made to assist individuals who could otherwise not afford to pursue educational goals. Examples of the type of awards that might come from this fund include: scholarship awards to alleviate tuition expenses for college students, application awards to supplement expenses associated with applying to college, or support for child-care for working parents who would like to earn their high school diploma.
(4) All administrative work specific to this fund (i.e., beyond the administrative costs associated with being part of the Charlottesville Area Community Foundation) should be performed on a volunteer basis.
(5) Ideally, funds will be disbursed in such a way as to make a significant impact on the recipients of those funds. As the endowment continues to grow, the fund will seek to make a large difference in the lives of fewer recipients, rather than make a small difference in the lives of more recipients.
Why start a fund? Click here to read why.
Why are educational scholarships needed? Read Boston Globe report from 6/26/02
Saraswati - Hindu Goddess of Learning
This fund is a member of the Charlottesville Area Community Foundation.
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