March 2, 2017
Kathleen Sayce
I've been asked what services South Pacific County Community Foundation provides to local nonprofit groups for scholarship management three times in the past two weeks, so here's a summary:
1. You do not need to set up a new stand-alone investment relationship to have your money invested. Your money is co-managed with other Foundation monies in our investment accounts. As we grow, the cost of funds management decreases--you get this benefit. This reduces your Fund's management expenses every year. It also means you can benefit from investing in the securities market, and grow your Fund's money at more than current interest rates.
2. You can check the status of your Fund at any time through our online accounting system. This includes expenses, income, donations, and donors to your Fund. The donor list is updated whenever a new donation is made to your Fund.
3. Your Fund has its own webpage, including photos, other images, and text content, along with a donation portal on our website.
4. Donors can make donations at any time convenient to them using a credit card. Donors automatically get a statement of donation for their IRS reporting. Donations are tax deductible to the extent allowed by federal tax law.
5. The Foundation has an established protocol for scholarships, so you do not have to recreate a process. This includes timing to take in applications for the current year, review of eligibility, reporting awardees to appropriate high schools (in which you may participate each year), and generating checks to appropriate colleges or other educational institutions when the student is ready to use the funds.
In sum, we leave choosing the students who get your scholarship to you, and do the rest. Or, if you prefer, we also make the selection for you, and announce this in your name each year at the appropriate high school.
If you are interested in learning more, call the Foundation (360-665-5292 or 360-665-4766) or email at info@spccf.org.
