Scholarships are fully endowed once the principle balance is $5,000.00
A scholarship that is established and has less than $5,000 can be deposited in the Sacred Heart Scholarship Fund and given as a One-time Scholarship or kept in a named fund until it reaches $5,000 after which it will be disbursed on a yearly basis according to the criteria guidelines set forth when the scholarship was established.
The Scholarship award recipient will be notified through the mail in early summer. Recipients will be determined by Sacred Heart Administration according to IRS mandated acceptable charitable contributions. Scholarship sponsors may not specify scholarship recipients or may not benefit from or expect to receive a benefit from any contribution to the scholarship fund.
Guidelines filled out by the establishing individual/s include; where the student is from (parish or location), the grade level of the student, whether the scholarship is need-based or academically based and the number of recipients to receive the scholarship each year. Also, indicated for distributions, the choice of 4% of the total interest or a lump-sum amount for the yearly award.
A certificate of the scholarship will be given to the establishing individual/s indicating the name of the scholarship and the criteria determined at the time the scholarship was established. If changes or additions need to be made to the scholarship a Scholarship Addendum Form can be filled out and submitted. Changes can be made to the scholarship at any time during the life of the scholarship. (exp. addition of a name to the scholarship after a family member has passed, number of recipients that may receive the scholarship each year.)
Gifts can be added to the scholarship at any time, by any person. If a gift is donated by someone other than the establishing individual/s, the indicated thank you recipient will receive an acknowledgment. Establishing individual/s will receive a notification each year indicating the fund balance and will also receive a thank-you letter from the student awarded the scholarship.
If you have any questions or concerns regarding scholarship please contact Dennis P. DeMers, Foundation Director at Sacred Heart Parish Office 218-773-0877 or by email at firstname.lastname@example.org.