Endowment Trust and Memorial Donations
To make an Endowment Trust or Memorial donation please contact the Dracut Scholarship Foundation, Inc. Dollars for Scholars at dracutscholarship@yahoo.com OR Mail
Dracut Scholarship Foundation, Inc. Dollars for Scholars
P.O. Box 117
Dracut, MA 01826
WHAT TYPES OF MEMORIALS ARE AVAILABLE?
1. Permanent
2. One-Time
3. General Fund
1. PERMANENT MEMORIALS
A Permanent Memorial is a donation to the Foundation of at least $10,000. The monies may be accumulated over a four year period as defined in a following section. The donation becomes part of the Foundation's Endowment, which is then utilized to provide annual income to the General Fund. Annually, the Foundation uses the net proceeds in the General Fund to award scholarships to college bound graduates of Dracut High School.
The Permanent Memorial is individually named to honor a person (living or deceased), organization, business, DHS Class, or the like. A Memorial reaches permanency when $10,000 has been donated to the Foundation.
Permanent Memorials are acknowledged each year in Dracut Scholarship Foundation, Inc. Dollars for Scholars Annual Recognition Booklet and during presentations made at the DHS Pride Night and at the Dracut Scholarship Foundation Dollars for Scholars Awards Night.
DOES THE $10,000 MINIMUM HAVE TO BE DONATED ALL AT ONCE?
No. Arrangement may be made with Dracut Scholarship Foundation, Inc. Dollars for Scholars to start an accumulating fund. At the time of the initial pledge, if it can be projected that the balance of the fund will be a minimum of $2,500 by the end of the second year and $10,000 upon completion of the pledge, the Board of Directors can consider approval of a request by the donor that a Permanent Memorial be named for a group, business, or individual. Monies collected from a pledge, the sum of which does not meet the minimum of $2,500 by the end of the second year and $10,000 within four (4) years, may, upon action of the Board of Directors, be used for annual scholarship awards.
HOW DOES A PERMANENT MEMORIAL OR AN "ACCUMULATING" MEMORIAL CONTINUE TO GROW?
A Memorial "grows" when additional principal monies are directly contributed. Anyone can contribute at anytime for a particular Memorial and some Memorial sponsors conduct private fundraising activities.
2. ONE-TIME MEMORIAL
If the total monies donated in memory of a loved one amount to $1,000 or more over a twelve month period ending March 31st, and there is no intention of establishing a Permanent Memorial, those funds will become part of the General Fund and the honoree shall be acknowledged along with the rest of the Permanent Memorials in Dracut Scholarship Foundation Dollars for Scholars Annual Recognition Booklet and during presentations made at the DHS Pride Night and at the Dracut Scholarship Foundation, Inc. Dollars for Scholars Awards Night.
3. GENERAL FUND MEMORIAL
If the total of all contributions received in memory of a loved one amounts to less than $1,000, monies contributed will be put into the General Fund to be combined with other, unrelated contributions for distribution of scholarships that June. Those donations totaling more than $100 will be acknowledged in the name of the loved one in Dracut Scholarship Foundation, Inc. Dollars for Scholars Annual Recognition Booklet.
Anytime you or your family wishes to remember your loved one, contributions are gratefully welcome. Gifts of stocks, bonds, or mutual funds are also welcome and easily arranged through any Board of Director.
HOW IS A DRACUT SCHOLARSHIP FOUNDATION DOLLARS FOR SCHOLARS MEMORIAL ESTABLISHED?
To establish a Dracut Scholarship Foundation, Inc. Dollars for Scholars Memorial, Email: dracutscholarship@yahoo.com.
If, however, you wish to start a fund at the time of bereavement, it is not necessary to contact Dracut Scholarship Foundation, Inc. Dollars for Scholars immediately. At the request of the next of kin, the funeral director will include in the obituary notice "In Lieu of Flowers, donations may be made to the _______ Memorial Fund, Dracut Scholarship Foundation, Inc. Dollars for Scholars, P.O. Box 117, Dracut, MA 01826." This will quickly notify family and friends of your wishes. When ready, (usually after a few weeks), the family may contact the President of Dracut Scholarship Foundation, Inc. Dollars for Scholars directly. The family's wishes as to the type of memorial desired can be determined at this time.
