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Establishing a Scholarship
Since
1988, Marblehead residents and friends
have made it possible for the Citizens'
Scholarship Foundation to award 1075
individual scholarships to students,
totaling over $2,347,000 and to build
the endowment fund to $1,540,964.
In order
to establish a permanently endowed
scholarship in honor of or in memory
of an individual, $25,000 must be
raised or donated over a five-year
period. This amount is the minimum
amount the Foundation requires to
assure the perpetuity of the named
scholarship. The $25,000 becomes part
of CSFM endowment. Records are kept
of all donations made to the named
scholarship, and the person or family
is notified of each gift (without
dollar amount unless the family requests
to know the amount).
Learn
more how to establish a scholarship.
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Permanently Endowed Named Scholarships
As
of January 1, 2012 the Foundation
has the following Permanently Endowed
Named Scholarships:
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Robert
E. Blood III
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Edward
D. Carey
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Deborah
Caulkins
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Howard
Hunter Craig IV
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Joseph
P. Despres
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Emily
P. Foster
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Mary
Cook Gately
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Audrey
R. Goldstein
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Helen
Hammond
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Helaine
R. Hazlett
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H.
Alden Johnson, Jr.
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Patricia
Kammes
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Russell
W. Knight
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Alexander
W. Kulevich
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Linda
LoConte
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Doris
and Theodore Pearlman
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Harvey
A. Remis
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Joel
Saxe
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| Joel
Schwalbe |
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Ida
and William Sevinor
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Harold
B. and Elizabeth L. Shattuck
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Bradley
C. Sheridan
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Dr.
Eben Stoddard
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Francis
W. Swain - Marblehead Rotary
Club
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Twin
Towers Memorial Scholarship
Erik
Isbrandtsen
Dr. Frederick Rimmele III
William Weems |
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Eileen
Wall
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Margaret
and Ernest Woodfin
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| M.H.S
Class of 1982 |
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Accruing
Scholarship Funds
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David
T. Altshuler
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Frequently
Asked Questions on Establishing a Scholarship
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I
don't think I can raise or donate $25,000.
Do I have an alternative?
Yes, you do have an alternative. After
four years, should you only have $10,000
for example, CSFM could award a named
scholarship for a limited number of
years. In other words, you could have
a named scholarship which is not permanent
and supported by our endowment. The
funds would not be placed in our endowment.
When the funds are exhausted, the named
scholarship would end. CSFM would reserve
the right to determine the dollar amount
of each scholarship and the number of
years it would be given. In some situations
families or individuals may wish to
establish a named scholarship for a
limited number of years at the outset.
Is CSFM only interested in establishing
permanently endowed named scholarships?
No, CSFM would be happy to talk with
a family or individual about establishing
a named scholarship for a finite period
of time. For example, if a family or
individual wants to establish a named
scholarship as a memorial or honorarium
with $5,000, they could donate this
sum to CSFM, and CSFM would award a
named scholarship for a limited number
of years. As in the question above,
CSFM would reserve the right to determine
the dollar amount of each scholarship
and the number of years it would be
given. In other words using $5,000 as
an example, CSFM might give out $2,500
for two years, $1,000 for five years,
or $1,000, $1,500, $2000, and $500 over
four years as the need might fall from
year to year.
If I establish a named scholarship
or a permanently endowed named scholarship
in honor of or in memory of an individual,
can I ask that the recipient have certain
qualifications?
Although CSFM does try to take into
consideration the wishes of the named
person or family as to the talents,
qualifications and interests of the
recipient, the Foundation’s first
and foremost priority is of course financial
need since we are a need-based scholarship
foundation. In other words, we cannot
guarantee that each year we will have
an applicant with financial need who
is a medical school bound student, English
major, valedictorian, artist or star
athlete, but we can guarantee that each
of our recipients will need our financial
support and have the confirmation of
the guidance office (with which we work
closely) and the approval of our Awards
Committee. In spite of the requirement
of need, we have done amazingly well
matching up recipients and named scholarships
while taking into consideration the
individual’s or family’s wishes.
Who is on the Awards Committee for
CSFM?
The Awards Committee is comprised of
CSFM board members, many of whom have
had years of experience with this process.
A substantial percentage of our board
members are teachers or retired teachers,
who bring much experience and knowledge
to our committee and the selection process.
The Committee works closely with the
Guidance Office of Marblehead High School.
How does CSFM determine the dollar
amount of each scholarship?
The amount of a recipient’s scholarship
is determined first by the amount of
unmet and loan need and second by non-economic
criteria such as academic performance,
extracurricular activities, community
service and work history. The amount
of the recipient’s award is in
no way related to a particular named
scholarship, nor do we keep track by
named scholarship how much scholarship
money has been awarded. Awards range
from $500 to $7,000.
Whom should I contact for more information?
Call Jeff Frankel (781) 631-8202. He
can answer any additional questions
you may have and set up a meeting with
other board members including the Treasurer
and President of the Foundation if you
would like to talk further with CSFM.
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Permanently
Endowed Named Scholarships
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Click
here for the list of permanently
endowed scholarships.
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