What Other Towns are Doing
Here are a few examples of what other towns are doing in this area.
Citizens' Scholarship Foundation of Wakefield, Inc.
CSFW currently has a $12,000,000 endowment fund.
2007 Annual report lists hundreds of individual funds, mostly of $5,000 to $15,000 with several very large funds: $91,875 , $167,234 , $83,755 , $618,867, $170,035, $260,255, $209,568, $1,393,029
CSFW has over 500 permanent funds
Permanent funds are $5,000 and above
Acccumulating funds are under $5,000 , accumulating income and additional donations to reach $5,000 and permanent status
Scholarship Funds Awarded 2002 $309,275 2005 $450,000 2006 $525.900
CSFW has up to 60 directors
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Wellesley Scholarship Foundation
Scholarship Funds Awarded 2002 $170,000 2005 $195,000 2006 $205,000
"Although in 2006 the WSF was able to award $205,000 to 66 students, the 87 applications received by the WSF reflected an additional financial need which we could not meet of over $191,000"
$205,000 plus $191,000 equal $396,000 FINANCIAL NEED IN WELLESLEY
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Citizens' Scholarship Foundation of Marblehead
Scholarship Funds Awarded 2002 $120.000 2005 $130,000 2006 $127,000
CSFM has 40 directors
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Concord-Carlisle Scholarship Fund
"WHAT IS THE NEED"
"92% of Concord Carlisle High School graduates go on to college, or to business, technical or vocational schools. These students meet a portion of their financial need with institutional gifts, government loans, and entitlements. However, even after this support, our Fund applicants have an aggregate unmet need of more than $800,000 each year. CCSF grants have met only about 11% of that unmet need. In order to fully support all qualified scholarship applicants, the Fund would need a $16 million endowment."
CCSF made awards of $125,000 in 2005
CCSF website has excellent information for the application process with forms such as FAFSA
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Citizens' Scholarship Foundation of Bedford
CSFB on May 30, 2007 awarded to graduating seniors $86,000
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Wayland High School Scholarship Committee made awards of a total of $93,000 to 39 Wayland High School seniors
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Alumni and Friends of Lynn Classical High School, Inc
AFLCHS made grants of over $75,000 in 2006
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Boston College High School has reached $38,000,000 of their goal of $40,000,000 development fund
Over 75 other Massachusetts towns and cities have scholarship foundations, including Newton, Brookline, Winchester, Reading, and Arlington