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. The permanent scholarship fund – This type of scholarship is underwritten with 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.
2. The 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 April 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.
3. The one-time scholarship award – This type of scholarship is designed to be a one-time award to be given in the spring. The minimum award is $100 with the funding for the award to be received by the Scholarship Fund by April 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. The original donor will determine any stipulations and document them in the attached application. Any changes to the desired award stipulations need to be communicated to the Treasurer of the Scholarship Fund. The Selection Committee will make every attempt to award the scholarship as stipulated. In the event that 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 any 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 donations given to underwrite a permanent scholarship fund are permanently invested in the Scholarship Fund’s financial portfolio. Annual earned interest, dividends and calculated asset gains are allocated on a prorated basis back to the permanent scholarship funds, after expenses, to help determine the amount available for annual awards. Any earnings in excess of the award are kept with the individual permanent scholarships to fund growth. At times the Fund may elect to adjust the allocation ratios based on expectations of the future performance of its financial portfolio.
For any scholarship, the Scholarship Fund highly recommends that a one-page biography be provided describing the person(s) or organization the fund is named for. This biography along with the fund’s contact information will be 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 501c3 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, please 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.
Melrose High School Permanent Scholarship Fund Organization
Please donate to help the seniors of Melrose flourish in higher education. Thank you for contributing the fresh minds of Melrose. Every bit is important to their success.