Create a Tri-County Scholarship
Giving the Gift of Hope
There are different types of scholarships, but we outline three here: endowed, restricted and unrestricted.
- Endowed Scholarships:
Because the principle is preserved, an endowed scholarship fund becomes a permanent and growing resource for the Tri-County Scholarship fund and for our students. Your gift can establish a fund in honor or memory of a family member, a friend or a mentor. That gift is invested as part of Tri-County’s endowment fund and 5% of that gift is expended annually for the scholarship.
- Adopt-a-Student Sponsor:
The Adopt-a-Student Program restricts your gift to the academic year and to the student for which the money is allocated. These gifts are fully expended in the academic year in which they are given, but are restricted to the particular purpose the donor has requested.
- Unrestricted Scholarships:
Annually, Tri-County Scholarship Fund provides over $1,200,000 in funds to assist hundreds of students ranging in age from 5 to 17 access a private school of their choice. Your gift can be designated to the annual fund benefiting these students.
Options for Creating a Scholarship
You can make a gift of cash, stocks or securities.
Write a check or use stocks to make your commitment.
Make your gift all at one time or pledge a larger gift over several years. For example: you may wish to establish an endowed scholarship in memory of your parents for $25,000 which will provide a student an annual scholarship of $1250.00 per year in perpetuity. You can pledge the $25,000 to be paid over two or three years to help you make this happen, after which the scholarship will be established.
A bequest is a gift in your will; which might be simply worded: “I hereby give, devise and bequeath to Tri-County Scholarship Fund, Four Century Drive, Parsippany, New Jersey 07054, Federal Tax ID Number (22-2354475), this amount of $_____. This bequest is to establish the (your name) Scholarship at Tri-County Scholarship Fund.” Alternatively, “This bequest is to be used for the purposes deemed most appropriate by the Board of Trustees.”
Charitable Gift Annuity
- Simple contract. You make your tax-deductible gift all at one time and your tax deduction is available to you immediately.
- You receive income from this annuity for your lifetime (and your spouse’s lifetime).
- The annuity payment is based on your age at the time of the gift.
- When the second person passes, the amount remaining in the annuity is used to support the scholarship fund you have named.
- The minimum gift for a Charitable Gift Annuity is $10,000.
Gift of Life Insurance
This gift can be an existing insurance policy that you and your family no longer need. The ownership and beneficiary of this policy is transferred to TCSF and your tax deduction is based on the current value of the policy. When the insured passes on, the face value is used by TCSF to create a scholarship fund.
This insurance gift can also be a newly created policy.
You can create a scholarship fund from a new gift of life insurance. An amount of insurance is arranged on your life with TCSF being the owner and beneficiary of the policy. Your annual annuity payments to TCSF are considered tax-deductible gifts.
For more information, please call:
Tri-County Scholarship Fund
Four Century Drive, Parsippany, NJ 07054
Phone 973-984-9600; E-mail: firstname.lastname@example.org