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In addition, on behalf of Old North Church, CSFM selects a scholarship recipient for the Church’s Blanche and Samuel Gray Scholarship, and on behalf of the Marblehead Academy, the Foundation selects a recipient for the Academy’s Trustees of the Marblehead Academy Scholarship. CSFM also administers a Marblehead Municipal Scholarship, but since funding has been limited, this scholarship has not been awarded in several years.
How do I establish a permanently endowed named scholarship in honor of or in memory of an individual?
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).
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 $2500 for two years, $1,000 for five years, or $1,000, $1500, $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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