The Scholarship Foundation of Wakefield continued its impressive growth through the years. Some of our receipts resulted from fundraisers; most were unsolicited. The large majority of these donations were designated for our endowment. We receive capital gains on our investments that also increase our endowment. We do not use them for scholarships; they remain invested, providing income for our operating expenses.
Growth of Permanent Funds. Permanent funds became a big part of our current success during the 1980’s and have continued steadily. We require a $10,000 balance for a fund to be considered “permanent”. Some funds start with less and grow over a few years until they reach the $10,000 minimum balance; these are called accumulating funds and are part of our endowment. Other funds begin with the minimum balance or more. Once a fund reaches $10,000, awards are made each year from the income the fund earns. The principal remains invested “permanently” to earn income for awards “permanently”. Today, we have 610 funds of which 602 are permanent. TSF Scholarship Funds
Growth of the Endowment. Our endowment reflects donations from the community, the income of which is used for scholarships. These donations have come in gifts of cash, securities, property, and the like. We also receive bequests, some of them previously unbeknownst to us. Both realized and unrealized capital gains are invested to provide for our operating expenses.