College Funding: The Donor’s Perspective Lima Community Foundation How many of you know about Community Foundation’s How many of you work with a Community Foundation with regards to scholarships?

Time Line: AUGUST -NOVEMBER Students Foundations  Applying to the schools. Project oriented times.  Begin searching for scholarships: Preparations or annual giving/year end campaigns.  List of those you are interested in and for which you are eligible.  October/November is the celebration of National Philanthropy Day: Include application deadlines and information about how to apply. Public Events Donor Recognition Ask parents if the companies they work for offer scholarships. Media Attentions   Ask your own employer! Check with the financial aid offices of the colleges you are interested in attending.  Take the ACT or SAT October of the senior year (required for admissions and some scholarships).

Time Line: NOVEMBER -DECEMBER Students Foundations   Many scholarship applications require a letter or letters of recommendation: Annual giving/year end campaign contributions are recorded and acknowledged: Include at least one from a teacher. Individual letters of thanks Others may come from counselors, school administrators, employers, pastors, youth directors or people other than family members. Appropriate donor listed for IRS purposes Follow up contacts made for donor’s wishes Employers are particularly noteworthy. Accounting prepares close of institution’s books. Give them advance notice and a stamped, addressed envelope when you ask them to write the recommendation to the schools they may want to attend. Vital aspects of any scholarship application: FOLLOW THE INSTRUCTIONS OF THE APPLICATION-READ CARELFULLY Letter of Recommendation – Make sure the individual which writes the letter has an in depth understanding of the student who is applying ESSAY – STUDENT NEED TO SPEND TIME ON THIS ASPECT---This many time is the way in which the selection committee comes to know the student. REVIEW---REVIEW--REVIEW

Time Line: January-March Students    Foundations Scholarship information is made public.  Accounting prepares information required by IRS:   Many scholarships have deadlines during this time. W-2’s for employees 990’s for Contractors Foundation’s own 990 form (Income Tax Return)  Submit applications well before the deadlines. Initial meeting with scholarship donors Free Application for Federal Student Aid, FAFSA usually submitted by March Scholarship Review Committees are formed. Deadlines for Committees established. Guidance Professionals Time table for scholarship application is established. Dates for convocation/ awards and honors ceremonies need to be passed on to Scholarship Donors as soon as possible if they are presenting.  Meetings with Guidance counselors to review scholarship process.   

Time Line: April -May Students Foundations Award information about financial aid (scholarships, grants, loans, etc.) is released: Foundation’s Income Tax Return Form 990 due April 15th. Scholarship Review Committees meet and make selections:   Watch mail and email for reports and financial aid award letters. Scholarships may have different Committee members even within an organization. Carefully read each notification received. Donors may be part of the selection process. Respond to award letters if requested. Most awards require a response or signed agreement by a specific date. Foundations and the IRS have are much more detailed in their documentation of no conflict on interests. Notification of the successful applicants is sent to: These deadlines are just as important as the initial application. Foundation Board Donors Guidance Counselors/School If an FAFSA was submitted, then a Student Aid Report will be issued. Applicant

Time Line: June-September Students Foundations Get their awards. Notify colleges and universities of the student awards. If awarded a scholarship, send a thank you note to the provider. They appreciate hearing from you. Checks are issued directly to the college or university. Their summer break begin. Guidance Professionals   Wrap up loose ends …go sit on the beach for a well deserved rest.

SCHOLARSHIP SCAMS High school seniors notice the volume of mail they receive substantially increases. Offers of money for college abound from colleges, universities and financial agencies, as well as from companies guaranteeing college scholarships for just $39.95! This last offer is the one to avoid. Never pay for information about scholarships. Annually, scholarship scams take millions of dollars from unsuspecting students. Government attorneys investigating fraud in scholarship search services offer these six clues to identify scholarship scams: They ask for money. A legitimate scholarship does not require a fee to apply. They offer a money-back guarantee. Most guarantees have impossible restrictions. They claim to have access to information that can’t be found anywhere else. The same scholarships are listed in dozens of free online databases, directories and catalogs. They ask for a credit card or bank account number. They claim they will do all the work. For most scholarships, the applicant must fill out and submit the application themselves. They congratulate a student on winning a contest that was never entered or for being selected by a national foundation. For more information about scholarship scams, visit the Federal Trade Commission’s website at www.ftc.gov.

FREE SCHOLARSHIP SEARCH SERVICES www.college.gov www.collegetoolkit.com www.fastweb.com www.fastaid.com www.scholarships.com

Foundation Centers www.foundationcenter.org The Foundation Center is a non-profit organization that has connected grant seekers with grant makers for 50 years. It is the nation’s leading and most accurate online resource. Updated weekly: Over 100,000 U.S. foundations and corporate donors, over 2.4 million recent grants, and over half a million key decision makers. Nine comprehensive databases: Grantmakers, Companies, Grants, and 990s, plus five unique databases covering RFPs, philanthropy news, foundation- sponsored publications, nonprofit literature and jobs. Up to 54 search fields including keyword searching — even across all recent IRS 990s. www.foundationcenter.org

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