FAQS

Scholarships

WHY IS THERE A COMMON APPLICATION?

The common application enables students to be considered for multiple scholarships and simplifies the application process. Additionally, the common application makes the community aware of the opportunities made possible by the generosity of people dedicated to higher education.

AM I ELIGIBLE TO APPLY?

Each scholarship has specific eligibility criteria that were defined by the donor when the fund was established. Please read through the specific criteria to determine your eligibility for each of the scholarship funds.

WHAT IF I HAVE QUESTIONS ABOUT THE SPECIFIC CRITERIA OR THE APPLICATION?

If you have questions, you can talk to your guidance counselor. In addition, you can call the CCCF office at 574-722-2200 with questions or to request additional information.

HOW MUCH DOES IT COST TO APPLY FOR A SCHOLARSHIP?

There is no charge to apply.

WHAT IS THE DEADLINE?

Application materials must be postmarked no later than February 26, 2010. (See instructions on application materials.) All materials must be submitted together in one envelope.

WHAT CAN SCHOLARSHIP AWARDS BE USED FOR?

The scholarships are for educational expenses and are sent directly to the school.

ARE THE SCHOLARSHIP AWARDS TAXABLE?

In general, for degree-seeking students, a scholarship used for tuition, books, and supplies is not taxable. Any portion of the scholarship that is used for room and board or miscellaneous expenses is taxable. Consult a tax expert for advice.

ARE THE SCHOLARSHIP AWARDS SUFFICIENT TO PAY THE COST OF MY COLLEGE EDUCATION?

No. These scholarships are intended to provide only partial support. In addition to applying for scholarships through CCCF, you should look into other financial aid resources such as federal grants, loans and work-study programs. A complete financial package can be put together by your college’s financial aid office and may include a portion of each of the above types of financial aid. In addition, you may find other scholarship opportunities by checking with your guidance counselor, other local organizations, or on the Internet.

IF I AM AWARDED A SCHOLARSHIP, HOW MUCH WILL I GET?

The individual scholarship funds offer varying award amounts, depending on the size of the particular fund, the number of qualified applicants, and the directions given by the donors or fund advisors of the funds.

ARE THE SCHOLARSHIP AMOUNTS THE SAME EVERY YEAR?

Not necessarily. Funds available vary from year to year. The anticipated scholarship amounts are provided in this booklet to give applicants a general idea.

WHERE CAN I GO TO SCHOOL WITH THESE SCHOLARSHIPS?

Most of the scholarships can be used at any college or university of your choice. Some scholarships are designated for students attending a specific college, or are limited to Indiana institutions. See the specific description of each scholarship.

MAY I RECEIVE AWARDS FROM MORE THAN ONE SCHOLARSHIP?

Yes, you may apply for all of the scholarships for which you qualify. Therefore, you could be selected as a recipient from multiple funds.

DO I NEED TO PAY SCHOLARSHIP MONEY BACK?

No. These are charitable awards that do not need to be paid back.

IF I AM SELECTED, DO I RECEIVE THE CHECK(S)?

No. The checks are made out to the school of your choice in your name. The checks are mailed directly to the school in early August, after CCCF has received your completed voucher form.

IF I RECEIVE A ONE-YEAR SCHOLARSHIP, WILL I AUTOMATICALLY RECEIVE AN AWARD FOR THE FOLLOWING YEAR?

No. Currently there are a limited number of renewable scholarships. The renewal criteria are different for each scholarship. See the specific description of each scholarship.

General

What are the benefits of utilizing the services of a community foundation?

Community foundations are rapidly becoming the philanthropic method of choice for their ease, flexibility, maximum tax advantages, and knowledge of community needs. As a depository for charitable funds, a community foundation manages charitable gifts from individuals, groups, corporations and other foundations. As the steward of endowed funds, a community foundation either acts on your behalf to place funds where community needs are greatest or considers your distribution recommendations. Working with a community foundation allows you full access to its extensive grant making resources and knowledge.

As a grant maker, a community foundation serves as a catalyst for charitable activity. By granting funds where the needs are greatest, a variety of different organizations and initiatives are greatly enhanced.

The Staff of the Cass County Community Foundation is available to assist donors and professional advisors with a variety of services. Essentially, our staff is your staff. These services are provided on a confidential basis at no cost:

* Assistance clarifying personal and philanthropic goals
* Information and guidance on the communities’ charitable needs
* Research to identify worthy charities that reflect your interests
* Counsel on giving instruments and funding alternatives
* Illustrations and multi-year projections of tax implications

What type of gifts can be made to the Foundation?

The foundation understands that contemporary philanthropists want to make their giving as simple and effective as possible. Joining forces with the CCCF offers the donor simplicity, flexibility and maximum tax advantages. Your investment will benefit from the Foundation’s staff, experience, knowledge and resources. Our primary goal is to enable your gift to reach its potential ----today and well beyond your lifetime.

The foundation welcomes inquiries and will gladly work with attorneys, accountants and financial advisors to meet your charitable goals. The following are the types of gift options to consider:

Cash Gifts –This option is simple, fast and flexible. You can set up a fund in your name with the Foundation and add to it whenever you choose. It can be an effective vehicle when you want your donation to make an impact on a specific cause during your lifetime. All cash contributions offer immediate tax deductions and may be deducted up to 50% of your adjusted gross income with any unused amount carried over for up to an additional five years. (Consult your tax advisor.)

Appreciated Property – When designated as a gift, the donation of securities or real property can often provide important tax advantages. The full market value of your gift can generally be deducted without recognizing income on the gain from your real cost. Contributions of appreciated property owned more than one year may be deducted up to 30% of your adjusted gross income with any unused amount carried over up to an additional five years. (Consult your tax advisor.)

Bequests – This gift alternative takes a variety of different forms. As an enduring symbol of your generosity, a bequest supports the changing needs of our community for generations. A bequest can be a specific lump sum of money willed to one of the Foundation’s endowment funds or your own named endowment fund. It can also take the form of a percentage of your estate or a piece of property. In addition, the Foundation can be identified as the residual beneficiary of your estate, as the recipient of a specified gift, a contingent beneficiary or as the ultimate recipient of the assets of a charitable remainder trust. (Consult your tax advisor.)

Charitable Remainder Trusts – This planned giving strategy is ideal for donors who want to provide a life income for themselves, their spouse or children. The tax benefits for this type of trust are substantial. Upon the donor’s death, the assets go to the Foundation and benefit the community for years to come. (Consult your tax advisor.)

Charitable Lead Trusts – Your estate can take care of you, your children and grandchildren when you establish a Charitable Lead Trust. A portion of your estate is entrusted now with the income going to your fund for a specified number of years. This avenue is an effective way to reduce estate taxes. When the income is needed by your family members, the trust is terminated and the assets are directed toward their benefit. The community has reaped the reward of your gift for the years that the trust was in effect. (Consult your tax advisor.)

Life Insurance – Many overlook the value of a life insurance policy later in life. It is actually a creative avenue for charitable giving and can be an inexpensive way to make a substantial contribution to the Foundation. Name the Foundation as the owner and beneficiary and you are entitled to a tax deduction equal to the value of the policy. (Consult your tax advisor.)

Any future insurance premiums are also deductible as charitable gifts. The Foundation has a special life insurance program called Endow Your Legacy. (Consult your tax advisor.)

Private Foundations –Your private foundation can transfer all or part of its assets to the Community Foundation. Our staff will manage your funds and carry out your philanthropic vision. Your funds will benefit from our size and scope and you will enjoy reduced administrative costs, maximized giving and the knowledge that your foundation’s work will be recognized by future generations. (Consult your tax advisor.)

Retirement Plans – If you give to charities on an annual basis and are in the process of planning for your retirement, consider the many benefits of planned giving. A charitable bequest or IRA often turns out to be the best opportunity to give to worthy causes. A bequest on your behalf can prevent your IRA or qualified plan from becoming a liability to your estate, and the gift is made with pre-tax dollars. A careful plan could spare your family considerable estate and income taxes. (Consult your tax advisor.)

UPCOMING EVENTS

07-27-2010 GRANTS RECEPTION
We will host a press conference on August 26th to announce the recipients of the 2010 Competitive Grants Program![more]

NEWS

06-28-2010 WHERE ARE THEY NOW?
In 1998 we presented Eric Foerg with the first Cass County Lilly Endowment Community Scholarship. Since that time, we have awarded 29 Lilly Scholarships. See where these students are now by viewing th...[more]

01-15-2010 RLI HOOSIER HEARTLAND ALLIANCE PUBLISHES REGIONAL ASSET MAPS
The Regional Leadership Institute sponsored Hoosier Heartland Alliance will soon be distributing a comprehensive collection of asset maps of the 14-county region of North Central Indiana. The maps con...[more]

CREATING THE COMMUNITY WE WANT

Past Lilly Scholars


P.O. Box 441 \| 417 North Street, Suite 102 \| Logansport, IN 46947 \| (574) 722-2200