1.
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Is there a minimum contribution required to establish a fund? |
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A fund can be established for as little as $100, provided that it is accompanied by a commitment to reach a minimum goal of $5,000 within five years. No grants will be allowed from the fund until it reaches $5,000. If the fund does not reach $5,000 within the five year period, the fund will be discontinued and the remaining balance allocated to an appropriate fund selected by the Board of Directors. |
2.
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Is there a fee to establish a fund? |
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There is a $100 set up fee to establish a fund. This fee is waived for scholarship funds. |
3.
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Is there a fee to administer a fund? |
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Generally, each fund is charged an annual administrative fee in the amount of 1% of the respective fund’s average monthly balance. This fee is also waived for scholarship funds. |
