How much do I need to establish a scholarship fund at Badin?
It depends on the goals you have for a scholarship. If you want to create a scholarship that will go on in perpetuity, $10,000 is the recommended level to create an endowed scholarship. If you wish to build a fund to the $10,000 level, lower amounts can be given while the interest accrues and builds the fund. If you wish to offer an annual scholarship, gifts can be made to Badin and then awarded to the scholarship recipient in the same year. The Advancement Staff will work with you to determine the best fund structure to meet your goals.
What is an endowed scholarship?
When a donor establishes an endowed scholarship fund, the gift amount is retained in perpetuity and cannot be spent; the revenue from the endowed scholarship fund provides annual awards to students on a continual basis.
What is a quasi-endowed scholarship?
Quasi endowment funds must retain the purpose and intent as specified by the donor or source of the original funds and earnings may be expended only for the specified purpose. The principal (original gift amount) may or may not be invaded based on established criteria.
What is an expendable scholarship?
An expendable scholarship is spent down each year until the funds are exhausted. These funds may or may not be invested depending on the amount of the gift, the goals of the fund and the policies of Badin High School. Expendable scholarships can be established as annual awards, or can span several years.
How are scholarship funds invested?
Badin's investment strategy is set by the Board, with the approval of the Archdiocese of Cincinnati. Funds are managed by professional investment managers and offer a range of diversification with the lowest possible risk to ensure investment growth. Investment income is dictated by market performance and is influenced by prevailing conditions.
What is the difference between a Scholarship and a Tuition Grant?
Tuition grants are distributed to students during the financial aid application process. Criteria may be established, with the first being financial need. Generally, all students who apply and qualify for financial aid are eligible for tuition grants. Scholarships are competitive in nature, tend to be merit-based and involve an application and formal review process. The Scholarship Committee reviews all applications and makes selections based on established criteria.
Can I select the student who receives my scholarship?
A donor cannot take a charitable deduction for a contribution to Badin High School if the contribution is earmarked by the donor for the education of a specific individual, regardless of whether that individual is a relative or not. Such "contributions" fail the IRS's non-discriminatory test. (Note, however, that amounts paid directly to Badin for the education of a particular individual are not subject to gift taxes.) Donors can, however, be represented on the scholarship selection committee, and may vote on scholarship candidates based on the established scholarship criteria.
Can I establish criteria or certain restrictions for my scholarship?
Absolutely. Donors may establish criteria for the scholarship based on the scholarship fund's goals. Examples include field of study, parish or grade school affiliation, area of interest, community service, leadership, academic excellence, financial need, etc. Based on IRS guidelines for scholarships, donors may eliminate criteria after the scholarship has been established, but may not add restrictions or conditions. The Advancement Staff will work with you to determine criteria, which will be written to your specifications in the fund agreement.
Can I offer a college scholarship through Badin?
Donors have generously provided college scholarships through Badin, although this is not our main focus. Our priority is to work with donors to provide tuition scholarships and grants to help fund our students' Catholic high school educations. In many cases, other non-profit organizations (like community foundations) are better suited to administer college scholarships. The Advancement Staff will help you determine the best approach given your goals.
Will I know which student(s) receive my scholarship?
Yes. You will receive an acknowledgement from Badin and the student who receives your scholarship each year. Our students are very grateful to have the financial support of the Badin family, and they look forward to the opportunity to personally thank donors for their support. Badin also hosts an annual Scholarship Donor Breakfast each year where you may have the opportunity to meet some of our scholarship recipients.
What recognition will I receive for establishing a scholarship?
Gifts are acknowledged each year in the Badin annual report to investors. Your fund will also be listed in the annual report, along with a photo and a description of your scholarship.
Can I establish a scholarship and remain anonymous?
Of course. Donors always have the option to give anonymously to Badin. Please inform the Advancement Staff of your desire to make an anonymous gift.
Our class would like to establish a Scholarship Fund. How do we go about this?
We encourage classes to consider establishing scholarships for Badin students. The Advancement Staff will work with you to craft fundraising letters, do mailings and track class giving.