Oneonta City

School District

Scholarship Donations

Information for Potential Donors

Many kind benefactors, families and friends have donated funds to the Oneonta City School District in the past for the purpose of awarding scholarships for graduating seniors or grade level special achievement. Favorable market conditions allowed many donors to allocate the interest from an original donation for annual disbursement, while maintaining the principal over time. Due to changes in economic conditions and lower interest rates, many funds have produced little or no income, and the district is therefore unable to award according to the original intention. Scholarship awards based on interest earned have become increasingly difficult to maintain.

It has also been our experience that over time, criteria for making an award is lost as it has not been documented in writing. Those close to the source cannot be located.

For these reasons, The Oneonta City School District Board of Education and Administration would like to encourage those wishing to establish a memorial award or scholarship as follows:

Annual Scholarship or award to be sent annually by the family/donor to the district. Criteria would be previously established. The Oneonta City School District would send a letter reminding the donor and confirming that the award will be given that year.
Set up Funding through Dollars for Scholars. This is an organization that has been established specifically for the purposes of awarding annual scholarships.
Funding to be set up by the donor and handled by a Foundation and distributed to the school annually by the Foundation.
If set up with and maintained by the district, the scholarship must have specific written criteria, beginning date, ending date, amount to be distributed, a plan if funding is depleted, as well as a responsible contact person who can make decisions. The district can provide a form letter in which information can be completed and agreed to. IF there is no written plan or criteria, remaining funds will be deposited in the High School Scholarship Account, to be distributed to a graduating senior selected by the High School Administration.

The Oneonta city School District Board of Education, Administration, Faculty, Staff and Students are grateful for all of the support provided financially and otherwise to our district. We hope that these established guidelines will assist us in the continuation of scholarships being provided to our students according to the donors original intentions.

If you have any questions, please contact the Business Manager, 607-433-8200.

Sample Scholarship Agreement

Scholarship Establishment Under Trust and Agency

The ________________Memorial Scholarship

The Memorial Scholarship has been established in honor of who was a (teacher, graduate, _ of the Oneonta City School.

was known for his/her (list characteristics ).

Whereas, has established appropriate and clearly articulated criteria for said scholarship;

Whereas, it is in the best interest of the Oneonta City School District to serve as the fiduciary caretaker of trust and agency accounts for the purpose of disbursing scholarships;

THEREFORE, IT IS AGREED:

A trust and agency account shall be established for the Memorial Scholarship in an initial amount, to equal or exceed $ dollars, upon receipt of said donation;

A yearly Memorial Scholarship in the amount of

($ ) dollars shall be awarded at Graduation, to a graduating senior of the Oneonta High School. This award can also be an undergraduate or elementary award;

A check in the amount of dollars shall be issued;

The principal and interest maintained and accrued in the trust and agency account shall be utilized to fund the scholarship on a yearly basis;

In the event the interest income is less than the amount of the annual scholarship, the difference will be withdrawn from the principal;

In the event that the balance in the account falls below the amount of the annual scholarship, the remaining funds will be used to make a final scholarship presentation;

In the event that additional funds are added to the trust and agency account, the aforementioned distribution methodology shall be followed for the aggregate amount;

The Memorial Scholarship recipient shall be selected by the school administration and guidance department based upon the following criteria:

Please list criteria such as:

Candidates who intend to further their education either at a two year or four year college.

Candidates who intend to pursue a specific degree or vocation.

Candidates who exhibit financial need, motivation, work ethic, moral character, citizenship, demonstrated leadership and participation in community activities.

Preference will be given to a student residing in .

If all other criteria are met, preference shall be given to a student planning to attend

Graduates planning on entering the military service will be considered for a deferred scholarship award.

A previous recipient may continue to be funded should no other candidate meet the scholarship criteria in a given year.

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Signature of person establishing the scholarship Date

_______________________________________________________________________________

Signature of person establishing the scholarship Date

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Oneonta City School District, Superintendent of Schools Date