Scholarship Successor Advisors?
Hello everyone! Our scholarship program at The Findlay-Hancock County Community Foundation is celebrating 30 years and we are starting to have a generational shift. The individuals who signed the original fund agreements would like to "pass their scholarship" on to the next generation of their family. What policies do you have in place for successor advisors for scholarships? Specifically advisors that would be able to make changes to the criteria of a scholarship. Currently, the donor(s) who signed the fund agreement is the only person who can make material changes to the scholarship. Family members can be involved as evaluators following IRS guidelines and can receive updates and information about the scholarship, but they cannot make material changes. Thanks in advance for your input!
Comments
-
Hi Andrea.
We do not allow donors to designate a successor for their scholarship fund for the purpose of making changes to how the fund operates, eligibility criteria or to be involved in recipient selection. Once the donor passes, the scholarship remains as is. The donor can, however, designate someone to receive fund statements upon their death if they have a family member, friend, etc. who wishes to be informed in this capacity. Hopefully this is helpful.
2 -
Greater Lowell Community Foundation allows successors to be added at any time. This helps with getting the younger generation involved in philanthropy.
2 -
@JaninneNocco Thank you for your reply! Can you describe what successor advisors on scholarships are able to do at your Foundation? Are they able to change how the fund operates and eligibility requirements? Or are they able to sit on the selection committee, receive statements, etc? Or some combo of those?
1 -
Andrea,
We have a scholarship Committee of aprox 100 people that read all the applications. We have a few scholarships that are grandfathered in for having an outside committee. We found that outside committees don't tend to follow the rules. So we really don't allow that anymore. Trying to keep the process simple with over 325 scholarships funds at one school. Successor advisors follow the terms and conditions of the original donors wishes. They can not change the name or take ay fund out. If for any reason the scholarship can no longer be giving out, then GLCF has variance power to make that change for them. We want to keep the younger generations involved with philanthropy. If you have any other question sp;ease feel free to call me 978-970-1600.
Janinne Nocco
Controller & Administrative Officer
Greater Lowell Community Foundation
100 Merrimack St., Suite 202
Lowell, MA 01852
(978) 970-1600 o * (978) 580-0275 c
janinne@glcfoundation.org
1
