About The Legacy Fund
|We have recently established an
advised fund within the New Hampshire Charitable Foundation (NHCF).
An advised fund allows us many of the benefits of a private foundation without the reporting and regulatory overhead. NHCF is the actual owner of the money and all donations to it are tax-deductable. Grants are made from our fund based on the recommendations of our advisory committee. NHCF will examine our recommendations and issue the grants as long as they are consistent with the purpose of our fund. Grants can be given for tuition scholarships or to any tax-exempt organization. Ordinarily grants cannot be issued directly to individuals.
We have named the intial ad hoc group as the Advisory Committee to our fund (Melanie Hamilton, Steven Konover, Judy Wallace, Natalie Woodroofe and Sara Young-Knox). Each year we can name successor advisors as different Franconia College people take turns serving on the committee. Our goal is to build an endowment so that within the next 3-5 years income earned from principal can begin to pay for the annual grants. Eventually we hope to raise enough money so that we can give away 5% of the fund each year in perpetuity.
Wouldn't it be an amazing accomplishment
if decades from now there are still Franconia College Legacy Grants being
awarded to creative students willing to take the risk of following non-traditional
educational paths? This is our goal.
Purpose Language Establishing Our Fund
"The purpose of the Franconia College Legacy Fund is to recognize endeavors that are expressive of the non-traditional educational mission of Franconia College. The primary focus of the Fund will be to recognize students who demonstrate a commitment to independent thinking, creativity and community involvement by:
The New Hampshire Charitable Foundation
The NHCF is a statewide community foundation that was created in 1962. They have more than $220 million in assets and distributed more than $9 million dollars in grants last year. Unlike a private foundation, the NHCF is comprised of hundreds of individually endowed component funds.They also have tremendous experience with educational grants. Their Student Aid Program is the largest private source of scholarship dollars in New Hampshire.
By working through the NHCF we have the advantage of pooling money into a large fund that is managed with the highest level of professionalism. We can also use the advice and technical resources of a large, experienced charitable organization. Overhead is much lower than if we established our own tax-exempt organization.
wind chimes by Jeb Bush, photo by Morgan Ackerly