Scholarship Funds can be established to honor a family member, friend, teacher, coach, or mentor whether living or deceased. Funds can also be established in the name of a business or organization. The scholarship will be maintained by the MHS Permanent Scholarship Fund Organization (Scholarship Fund) and the selection of students who receive the scholarships will be made by the Selection Committee which is part of the High School and separate from the Scholarship Fund. Members of the Selection Committee are appointed by the Principal of Melrose High School. The values of awards and the stipulations of certain scholarships to be awarded are given by the Scholarship Fund to the Selection Committee each spring. Scholarships are awarded to graduating students of Melrose High School in Melrose, Massachusetts.
There are three types of scholarships that can be established:
1. Permanent Fund
2. Annual Fund
3. One-time Scholarship Fund
A Permanent Scholarship Fund
This type of scholarship requires an initial endowment and awards are funded with the investment gains earned by the original endowment and any future contributions. The minimum starting endowment required is $ 10,000 and can be funded over a maximum period of two years. This type of scholarship is designed to be permanent and awarded in perpetuity. Any requested awards in excess of the interest and dividends earned will reduce the principal balance of the award. If the principal balance falls to $500 or lower, the scholarship will be awarded one final time and then permanently retired. Before retiring a fund, every possible attempt will be made by the scholarship Fund to reach the listed fund contacts and determine if there is a desire to augment the principal balance to a level that will allow the fund to remain active. Please help keep your contact information current.
An Annual Scholarship
This type of scholarship is funded annually with a contribution equal to the scholarship to be awarded. The funding for the award is to be received by the Scholarship Fund by March 1st of each year with instructions regarding the desired execution. The minimum annual award is $500 for a recurring annual scholarship. Any funds for this type of scholarship will not earn interest or dividends. This type of scholarship can remain in existence as long as the annual funding is received, and the documentation is kept current. Any awards not redeemed by the student after 5 years will be added to the General Fund to support future awards.
A One-time Scholarship
This type of scholarship is designed to be a one-time award to be given in the spring. The minimum award is $500 with the funding for the award to be received by the Scholarship Fund by March 1st with instructions regarding the desired execution. Any funds for this type of scholarship will not earn interest or dividends. Any awards not redeemed by the student after 5 years will be added to the General Fund to support future awards.
Additional Information
The original donor will determine any stipulations associated with the scholarship and document them in the attached application. Any changes to the desired award stipulations should be communicated to the Treasurer of the Scholarship Fund (treasurer@mhsfund.org). The Selection Committee will make every attempt to award the scholarship as stipulated. If a perfect match cannot be made in accordance with the stipulations provided, the Selection Committee will award the scholarship to a deserving student who best matches the spirit of the requested stipulations. A stipulation is not required for a scholarship as many of the scholarships have no stipulations attached to them. If there are no defined stipulations, the Selection Committee will award the scholarship where most needed or deserved.
The Scholarship Fund highly recommends that a one-page biography and photo be provided describing the person(s) or organization the fund is named for. This biography along with the fund’s contact information will be added to our website (www.mhsfund.org) and provided to each student receiving the scholarship. If you do not wish to have certain information provided, please note this in the application. Students are requested to send a thank you note to the contact of the permanent scholarship fund upon being awarded the scholarship.
The Melrose High School Permanent Scholarship Fund Organization is a non-profit 501(c)(3) governed by State and Federal constitutions, statutes, and regulations. Donations made to the Scholarship Fund are considered tax deductible and are often eligible for matching gift programs.
For additional information on establishing a scholarship, examples of existing biographies, or understanding of the execution of the Scholarship Fund activities, refer to our website or contact the Treasurer of the Scholarship Fund. The information provided with this application is intended to help the donor understand how the Scholarship Fund functions and to assist in establishing a scholarship that functions as the donor desires. Once you have given some thought to what is desired, we encourage you to contact the Scholarship Fund to ensure that any donation intended for establishing a scholarship is executed exactly as you intended.
Susan Sullivan
Treasurer
Melrose High School Permanent Scholarship Fund Organization
treasurer@mhsfund.org
www.mhsfund.org
781-590-5217
