About UsScholarship Policy and Guidelines
POLICY STATEMENT
It is the policy of the Board of Directors of the Lewiston Independent Foundation for Education, Inc. (L.I.F.E.) to encourage scholarship awards from private sources that are made available to the greatest number of students possible at any grade level to be used for a wide variety of purposes at institutions of higher education. New scholarships created after the adoption date of this policy that are to be administered by L.I.F.E. are subject to the guidelines and restrictions listed below (in addition to any restrictions stipulated by the donor).
OPPORTUNITIES
Individuals and groups wishing to create and award a scholarship through L.I.F.E. may establish an endowed scholarship fund, a gift scholarship, or a deferred scholarship, subject to the guidelines listed below. These scholarships may be funded in a variety of different ways. Scholarships may also be created in honor of or in memory of a person or family. The L.I.F.E. Board will work closely with scholarship creators and donors to accurately fulfill their wishes.
DEFINITIONS
Scholarship: A cash award to a student enrolled in the Lewiston public schools to be used to assist with financing continued education beyond the high school level.
Endowed Scholarship: A permanently invested fund created for the purpose of generating earnings that may be used to finance one or more student scholarships in perpetuity. Such scholarships shall have named funds in L.I.F.E.
Gift Scholarship: A non-endowed scholarship fund used to finance one or more student scholarships either from existing assets (until depleted) or with a year-to-year gift from a donor(s). Such scholarships shall have named accounts in L.I.F.E.
Deferred Scholarship: A scholarship fund, either endowed or gift, created to award scholarships to students at a later date, such as when the fund reaches a certain amount, or at a date specified by the donor.
Memorial Scholarship: A scholarship established for the purpose of memorializing a deceased person(s).
L.I.F.E.: The Lewiston Independent Foundation for Education, Inc., an Idaho non-profit corporation established in 1996 to assist the Lewiston School District with attracting and managing private assets.
L.I.F.E. Board: The Board of Directors of L.I.F.E.
GUIDELINES -- GENERAL
1. Scholarships currently in existence at the time of the adoption of these guidelines are "grandfathered" under their current provisions. They will be reviewed on an individual basis and, with the donor's agreement, amended in ways to bring them as closely as possible into compliance with these guidelines.
2. All donations to scholarship accounts in L.I.F.E. shall be managed in such a way that they meet the requirements of tax-deductible charitable contributions.
3. The L.I.F.E. Board reserves the right to refuse to accept or administer any scholarship funds that it deems contrary to its policies or interests.
GUIDELINES -- ENDOWED SCHOLARSHIPS
4. Endowed Scholarship funds in L.I.F.E. must have a minimum of $5,000 on account before a scholarship will be awarded from the interest earnings from the endowment.
5. Donors or others may set up a Deferred Endowed Scholarship fund with a minimum opening deposit of $2,000 and a fundraising plan in place to grow the fund to the required $5,000 minimum within 36 months. Interest earned by the deferred fund will be added to the fund principal during this time. If, after 36 months, the fund does not reach $5,000, all assets in the fund may be transferred to the 21st Century Scholarship fund at the discretion of the LIFE Board.
6. A Gift Agreement approved by the L.I.F.E. Board and the donor/creator of the fund will be written before an Endowed Scholarship Fund will be permanently established. Such agreements will specify the terms, conditions, and restrictions on the administration and award of each endowed scholarship. Agreements may be amended by mutual approval at any time, but such changes will not affect any scholarships which have been previously awarded.
7. The donor or creator of the fund may select the name of the scholarship and the endowment fund subject to the approval of the L.I.F.E. Board.
8. The L.I.F.E. Board will not guarantee any particular rate of interest on invested endowed funds. Earnings per scholarship fund shall be determined and paid annually according to L.I.F.E. policies.
GUIDELINES -- GIFT SCHOLARSHIPS
9. Gift Scholarships administered by L.I.F.E. must be a minimum of $200 per individual annual award. The full scholarship amount must be donated or on account by May 1 before the scholarship will be awarded.
10. A Gift Agreement governing each Gift Scholarship should be written and approved by the L.I.F.E. Board before the scholarship will be awarded. Such agreements will specify the terms, conditions, and restrictions on the administration and award of each gift scholarship. Agreements may be amended by mutual approval at any time, but such changes will not affect any scholarships which have been previously awarded.
11. The donor or creator of the Gift Scholarship may select the name of the scholarship award subject to the approval of the L.I.F.E. Board.
12. The L.I.F.E. Board will not pay interest earnings to any gift scholarship funds held on account in L.I.F.E.
13. Donors are not obligated to continue the funding of a Gift Scholarship beyond a year-to-year basis. Donors are encouraged to inform L.I.F.E. annually at an early date whether they plan to continue or discontinue the scholarship.
GUIDELINES -- MEMORIAL SCHOLARSHIPS
14. Because of the potential of misunderstanding by students, extra care will be given to the establishment of named Memorial Scholarships in memory of deceased students or staff members. The L.I.F.E. Board encourages named Memorial Scholarships to be established as Endowed Scholarships.
15. Donors or families wishing to memorialize someone with a 21st Century Scholarship Fund have three options:
Create an Endowed Scholarship Fund with a minimum balance of $5,000 (or a Deferred Endowed Scholarship Fund with an opening balance of $2,000 and a fundraising plan to increase the fund to $5,000 within 36 months);
Place memorial gifts into L.I.F.E.’s general 21st Century Scholarship Fund; Create a Gift Scholarship with a minimum annual award of $200.
16. Memorial donations under $5,000 designated for scholarship purpose may be placed in the 21st Century Scholarship Fund upon approval of the Board. If at any time cumulative donations in memory of a single individual exceed $5,000, the donor and/or family shall be given the option of establishing their own Endowed Scholarship Fund.
RESTRICTIONS -- GENERAL
Selection of Scholarship Recipients
17. The application process for scholarships shall be publicized and opened to the widest possible pool of eligible students. The scholarship donor has the responsibility of defining eligibility qualifications and application procedures in accordance with the policies and guidelines in this document.
18. Scholarships may not be awarded to relatives of the donor of the scholarship unless the donor has no influence or an appearance of influence in the selection of the recipient.
19. LIFE has an established selection process, which is recommended for use when selecting scholarship recipients. However, the selection process may be determined by the donor, subject to approval by the LIFE Board.
20. In most cases, alternate scholarship recipients should be selected to receive the scholarship if for any reason the primary recipient becomes ineligible to receive the award.
21. The selection of all award recipients (and alternates) of scholarships administered by L.I.F.E. shall be ratified by the L.I.F.E. Board.
Administration of Scholarships
22. Restrictions on where and how scholarship awards may be used by recipients shall be defined by the donor or creator of the scholarship.
23. Scholarship funds shall be sent directly to the institution of higher education selected by the award recipient.
24. As part of its administration of scholarship funds, L.I.F.E. shall maintain contact with award recipients and their designated institutions of higher education until the scholarship is completely disbursed.
25. Scholarship awards under $400 will be sent as a single sum to the recipient's designated institution. Awards of $400 or more will normally be paid in two equal installments prior to the start of each semester, unless the donor specifically directs that an alternate payment plan be used.
26. Unless otherwise directed by the donor or creator of the scholarship, scholarship awards are to be used by the recipients beginning in the fall or spring semester following their graduation from high school. After such time, if the recipient remains unwilling or unable to use the scholarship for its intended purpose, it shall be awarded to the alternate recipient or, if none exists, shall be reincorporated into the scholarship account for endowment and/or future disbursements.
27. Costs relating to award plaques, trophies, certificates, etc. shall normally be the responsibility of the donor or creator of the scholarship award.
Did you know?
Contact L.I.F.E. for more information about starting a scholarship at 208.748.3050!
