Establish a Visionary Scholarship or Professional Education Grant/Fund
Donors can establish a named scholarship or professional education grant fund through the ASSE Foundation, the charitable arm of ASSE. Scholarships and grants advance the safety profession and provide national recognition for the donor. The Foundation manages the administrative details of this program and works with the donor to provide qualified award recipients each year.
The ASSE Foundation can administer a Visionary Scholarship/Grant Program where funds are invested in the Foundation’s portfolio. The goal is to keep your principle intact over time, depending on the investment results of the Foundation’s portfolio. This type of fund is ideal for the donor who wants their scholarship/grant to last over a long period of time and has the cash to fund such a program.
How much does it cost to establish this type of fund?
You can establish a Visionary fund with a $2,500 donation.
How much does it cost to fund a $1,000 award and do I have to pay it all at once?
$30,000 will fund a $1,000 scholarship/grant. You do not have to pay it all at once; you can make subsequent payments to the fund until you reach the appropriate benchmark (see chart on page 4). However, the financial goal and timeframe must be established when you set up the fund.
What are some of the other Visionary levels?
To fund a $1,500 award, $42,500 is needed.
To fund a $2,000 award, $55,000 is needed.
To fund a $2,500 award, $67,500 is needed
To fund a $3,000 award, $80,000 is needed.
These numbers are based on the ASSE Foundation Restricted Fund Policy for Visionary Awards which is based on the historical investment return for the ASSE Foundation. The ASSE Foundation Board of Trustees can revise the interest rate, the administrative fee or the annual award from time to time to reflect current conditions.
How much interest will my fund earn?
Donor funds with more than $2,500 will earn interest based on the 5-year average investment results as measured by ASSEF’s investment management firm on April 1 each year. Returns are limited to minimum of 0% and a maximum of 7%.
What is the current 5-year return?
As of April 1, 2010, it was 5.2%. Please keep in mind, this number may fluctuate each year.
How much money do I need in the fund before an award can be issued?
That is determined by you. If a long term scholarship/grant is a priority for you, you should wait until the fund balance reaches at least $30,000. If that is not a concern, we can award a scholarship at any time as long as you have enough to cover the scholarship and the administrative fee.
If I make a contribution in September, when will the first scholarship be awarded?
If you contribute in September 2010, the first scholarship will be awarded in April 2012.
The Foundation’s policy is to hold your funds a minimum of 12 months prior to awarding the first scholarship.
How do I establish the award criteria?
The Foundation will assist you in developing your award criteria by providing you with an agreement to fill out and sign. You will need to determine the following:
- Name of the award
- Amount of the annual award
- For a scholarship – type of degree program, level of student (grad or undergrad) and any restrictions (geographical, gender, diversity or university-based)
- For a professional education grant – type of program (seminars, conferences, college coursework, ASP, CSP, etc.)
Who determines the award winners?
The Foundation has a Selection Committee chaired by a Trustee of the ASSE Foundation Board. The committee consists of several ASSE members whose charge is to review each application and rank applicants accordingly.
When does the Foundation’s scholarship/grant cycle begin?
The ASSE Foundation’s scholarship/grant cycle runs as follows:
|August 1||Criteria due to ASSEF|
|September 1||Award Announcement|
|December 1||Student Applications Due|
|January 1 - March 31||Committee Review|
|April 1||Award Recipients Announced|
|May 1||Award Recipients Announced|
Is there a fee for this service?
Yes, for awards under $5,000, the annual fee is $300. For awards $5,000 and over, the fee is 7% of the annual award. This covers advertising, scholarship selection, mailing costs and publicity via our website and newsletters.
Do I have to send in the payment for the annual fee each year?
No, the fee is taken from the fund by March 31 each year and only when a scholarship or grant is awarded from the fund.
What is the minimum annual scholarship/grant?
The minimum annual scholarship or professional education grant is $1,000. Under the grant program, the Foundation reserves the right to divide the $1,000 award amongst a few candidates based on their requests.
What type of publicity would I receive?
Your scholarship or grant fund may be advertised in Society Update, Professional Safety, the Advocate, at ASSE’s annual conference, on the Foundation’s website or using other suitable media.Information may also be distributed to the colleges & universities with safety degree programs as outlined on the ASSE website and to any school specified within the donor’s criteria. When awards are combined, all donors will be recognized equally in all publicity.
How do I establish a scholarship or grant fund with the Foundation?
If you have additional questions about a named scholarship or grant program, please contact
Mary Goranson, ASSE Foundation Manager, 847-768-3412 or firstname.lastname@example.org.