Establishing a scholarship that benefits Melrose High School students for decades to come is a way to create a permanent memory of a loved one or a special event. There are three options for establishing a named scholarship:

One-Time Award
An award is defined to be given one time and is funded before the award is made. The deadline for defining and funding a one-time award is February 28th for the following June graduation. All of the funds are given for that year’s scholarship and no funds are held back. This option does not earn any interest or dividends.

Defined Annual Fund
An amount is delivered to the scholarship fund by February 28th with instructions on how the funds are to be dispersed over a 2 to 3-year period. At the end of the defined period, no funds will remain unless new funding is received. This option does not earn any interest or dividends.

Permanently Endowed Named Fund

A Permanently Endowed Named Fund requires a minimum balance of $10,000. Once established, the fund is invested within the Scholarship Fund’s financial portfolio, where it earns interest and dividends designed to support an annual scholarship award in perpetuity.

Each year, earned interest, dividends, and calculated asset gains are allocated, after expenses, back to each permanent fund on a prorated basis. These earnings determine the amount available for that year’s scholarship award. Any earnings in excess of the annual award remain with the individual fund to support long‑term growth. At times, the Fund may adjust allocation ratios based on expectations for future financial performance.

Newly established permanent funds that have not yet accumulated earnings are not able to support a scholarship award in their first year. If a donor wishes to have an award made before the fund has generated interest, an additional contribution must be provided. The minimum award amount is $500, but donors are welcome to contribute more if they would like the inaugural award to exceed the minimum.