How to Start a Fund
Are you thinking about starting a scholarship fund through The Scholarship Foundation of Wakefield?
Scholarship funds can be established for a variety of reasons. You can honor or memorialize a family member or members, a teacher, coach, or mentor, or you can establish a fund in your own name to start your own legacy. Funds can also be established in the name of a business or organization… a TSF of Wakefield fund is truly a gift that keeps on giving!
Currently, an initial contribution in the amount of $750 is required to start a fund, along with the promise of future yearly contributions of at least $750 until the fund reaches permanency at $7,500. A minimum principal balance of $7,500 is required before any award can be made from the income earned on the endowment fund.
These minimum requirements will change on January 1, 2016. After that date, an initial contribution of $1,000 will be required, along with the promise of yearly contributions of at least $1,000. Funds established on or after January 1, 2016, will reach Permanency when their minimum principal balances reach $10,000. This change will not affect any Permanent or Accumulating Funds that were established before January 1, 2016.
You may wish to establish a new fund now before the changes take place.
TSF of Wakefield has over 580 funds of which 547 are permanent, with a total endowment of over $13 million. Over its 55 years, TSF of Wakefield has distributed over $10 million in scholarships to Wakefield residents furthering their post-high school education as full time students. The continuing generosity of our donors, primarily the citizens, organizations, and businesses of Wakefield, have enabled us to make these generous awards.
Education is an investment in human resources and has a direct effect on the productivity of our nation. To start a fund, or for more information, please contact TSF of Wakefield at 781-245-4890, email tsfofwakefield@earthlink.net or visit the website www.tsfofwakefield.org.