Funding a Scholarship
There are many ways that you can help EMCC’s work and benefit yourself.
Legacy or gift planning is a way for you to integrate your personal, financial and estate planning goals by making a lifetime or testamentary charitable gift to Eastern Maine Community College. The right legacy gift may provide you and your loved ones with tax and income benefits while helping us to further our mission.
- Are you looking for a way to avoid capital gains tax on the sale of your home or investments?
- Are you thinking about how to build your income for retirement?
- Would you like to create an inheritance for your children and also help EMCC?
- Do you need a tax-efficient way to sell your business this year?
- Would you like to receive high fixed payments for live and even some tax-free income?
Below are some of the most common legacy or planned gifts you can make:
You may desire to support EMCC but are unable to make gifts during your lifetime. For example, you may have property that is needed during life to cover your living expenses or healthcare costs. A bequest is a gift made through your will or trust. It is the simplest type of planned gift for you to make and one of the easiest to implement. A bequest allows you to make an estate tax deductible gift through your will. Your Will may include a gift of a specific asset, a dollar amount or a percentage of your estate to EMCC.
Charitable Gift Annuities
Make a gift of cash or property to EMCC in exchange for fixed payments for one or two lives.
This plan works well with your gift of cash or appreciated stock that is providing little or no income. Make a gift of cash or property to EMCC in exchange for fixed payments for one or two lives. These plans can provide you with lifetime income, a charitable income tax deduction while leaving a nice gift to charity.
Charitable Remainder Trusts
Income for retirement.
You own appreciated property that produces little or no income and would like to sell it without paying capital gains tax. You transfer your cash or property to fund a trust that makes payments for your lifetime or a number of years and then passes what remains to EMCC.
Make a tax deductible gift of your home and remain living in it for your lifetime.
Transfer your personal residence or farm to us and retain the right to use the property for your lifetime.
Family Lead Trust (CLT)
Pass specific property to your family without paying a lot of gift estate tax.
You transfer your cash or property to a trust that makes payments to EMCC for a number of years and then passes the trust property to your family with no additional tax.
You own appreciated property and want to help EMCC, but need a benefit in return (either cash or debt relief). We purchase your property for less than fair market value. You receive cash or debt relief and a charitable deduction.
Funding A Scholarship
Eastern Maine Community College is fortunate. Setting up a Scholarship Fund is a great way to support EMCC students with financial need. Often it is the difference that makes staying in school possible.
Establishing a scholarship fund is easy when considering the following:
- Determine what type of scholarship you want to set up. Will it be a One-Time Scholarship – a one-time donation that will be exhausted when awarded, or an Annual Scholarship? This type of scholarship can be funded annually, periodically or a one-time donation that will be distributed over a period of years until exhausted. You might want to also consider an Endowed Scholarship – a self-sustaining fund with the interest earned on the account funding the scholarship. An Endowed Scholarship can be set up for as little as $10,000, however to offer you some perspective, $15,000 will give you an annual award of approximately $500.
- Decide how much the scholarships will award annually and how you will fund it. How much and how often will you contribute to the fund? Can you get others to contribute on a one-time or periodic basis?
- Establish the criteria for the award. We administer many scholarship funds that have been created on behalf of EMCC students and are available to answer any questions in case you get “stuck” in figuring out your criteria.
- Name your fund.
- Meet the Educational Scholarship fund legal and IRS requirements:
- The scholarship must be awarded on an objective and nondiscriminatory basis.
- No grants may be awarded to an officer, manager or trustee of the organization, nor a member of the selection committee, nor to a substantial contributor.
- Family members of these individuals are also not eligible to received grants.
- The group of applicants from which the recipients are selected must be sufficiently broad as to be considered a charitable class.
EMCC Foundation Scholarship Application is a fillable PDF and can be used for ALL scholarships listed below. ALWAYS include an essay on the value of a scholarship to your education and your educational goals.
The application above or linked and any supporting information must be submitted to firstname.lastname@example.org or email@example.com. We will match your application to the scholarships available. Notifications and awards typically occur between March and May of each year.
Applications are accepted for all scholarships. In addition to meeting identified criterion, scholarship awards are based on the availability of funds.
Charles W. Lawson, Sr. Retiree (EMCC Retiree Memorial Scholarship)
Emera- Haskell/Stetson Fund
Unnamed – Allen Scholarship
Unnamed – Sargent Scholarship