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College Funding: The Donor’s Perspective

College Funding: The Donor’s Perspective. Lima Community Foundation. Time Line: AUGUST -NOVEMBER . Students Applying to the schools. Begin searching for scholarships: List of those you are interested in and for which you are eligible.

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College Funding: The Donor’s Perspective

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  1. College Funding: TheDonor’s Perspective Lima Community Foundation

  2. Time Line: AUGUST -NOVEMBER Students Applying to the schools. Begin searching for scholarships: • List of those you are interested in and for which you are eligible. • Include application deadlines and information about how to apply. • Ask parents if the companies they work for offer scholarships. • 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). Foundations Project oriented times. Preparations or annual giving/year end campaigns. October/November is the celebration of National Philanthropy Day: • Public Events • Donor Recognition • Media Attentions

  3. Time Line: NOVEMBER -DECEMBER Students Many scholarship applications require a letter or letters of recommendation: • Include at least one from a teacher. • Others may come from counselors, school administrators, employers, pastors, youth directors or people other than family members. • Employers are particularly noteworthy. • 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. Foundations Annual giving/year end campaign contributions are recorded and acknowledged: • Individual letters of thanks • Appropriate donor listed for IRS purposes • Follow up contacts made for donor’s wishes Accounting prepares close of institution’s books.

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

  5. Time Line: April -May Students Award information about financial aid (scholarships, grants, loans, etc.) is released: Watch mail and email for reports and financial aid award letters. Carefully read each notification received. Respond to award letters if requested. Most awards require a response or signed agreement by a specific date. These deadlines are just as important as the initial application. If an FAFSA was submitted, then a Student Aid Report will be issued. Foundations Foundation’s Income Tax Return Form 990 due April 15th. • Scholarship Review Committees meet and make selections: • Scholarships may have different Committee members even within an organization. • Donors may be part of the selection process. 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: • Foundation Board • Donors • Guidance Counselors/School • Applicant

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

  7. 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.

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

  9. Foundation Centers 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

  10. Main Locations Headquarters: New York Field Offices, with comprehensive grant collections: Atlanta San Francisco Washington, DC Cleveland 1422 Euclid Avenue, Suite 1600 Cleveland, OH 44115-2001 216-861-1933 foundationcenter.org/cleveland

  11. Cooperating Collections Cooperating Collections are free funding information centers in libraries, community foundations, and other nonprofit resource centers that provide a core collection of Foundation Center publications and a variety of supplementary materials and services in areas useful to grantseekers.

  12. Near by Cooperating Collections

  13. Quality Assurance & Support

  14. Questions & Comments

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