Establishing a Scholarship
Since 1988, Marblehead residents and friends have made it possible for Marblehead Dollars for Scholars to award 1690 individual scholarships to students, totaling over $3,999,150 and to build the endowment fund to over $3 million.
In order to establish a permanently endowed scholarship in honor of or in memory of an individual, $25,000 must be raised or donated over a five-year period. This amount is the minimum amount the Foundation requires to assure the perpetuity of the named scholarship. The $25,000 becomes part of Marblehead Dollars for Scholars' endowment. Records are kept of all donations made to the named scholarship, and the person or family is notified of each gift (without dollar amount unless the family requests to know the amount).
Permanently Endowed Named Scholarships
As of April 2022 the Foundation has the following Permanently Endowed Named Scholarships:
Gabrielle E.K. and George W. Grader
Judy and Gene Jacobi Memorial Scholarship
Douglas F. MacLean "Go-Giver" Scholarship
Harold B. and Elizabeth L. Shattuck
Sandra and Arnold Shuman Scholarship
Francis W. Swain - Marblehead Rotary Club
Frequently Asked Questions on Establishing a Scholarship
I don't think I can raise or donate $25,000. Do I have an alternative?
Yes, you do have an alternative. After four years, should you only have $10,000 for example, Marblehead Dollars for Scholars could award a named scholarship for a limited number of years. In other words, you could have a named scholarship which is not permanent and supported by our endowment. When the funds are exhausted, the named scholarship would end. Marblehead Dollars for Scholars would reserve the right to determine the dollar amount of each scholarship and the number of years it would be given. In some situations families or individuals may wish to establish a named scholarship for a limited number of years at the outset.
Is Marblehead Dollars for Scholars only interested in establishing permanently endowed named scholarships?
No, Marblehead Dollars for Scholars would be happy to talk with a family or individual about establishing a named scholarship for a finite period of time. For example, if a family or individual wants to establish a named scholarship as a memorial or honorarium with $5,000, they could donate this sum to Marblehead Dollars for Scholars, and Marblehead Dollars for Scholars would award a named scholarship for a limited number of years. As in the question above, Marblehead Dollars for Scholars would reserve the right to determine the dollar amount of each scholarship and the number of years it would be given. In other words, using $5,000 as an example, Marblehead Dollars for Scholars might give out $2,500 for two years, $1,000 for five years, or $1,000, $1,500, $2000, and $500 over four years as the need might fall from year to year.
If I establish a named scholarship or a permanently endowed named scholarship in honor of or in memory of an individual, can I ask that the recipient have certain qualifications?
Although Marblehead Dollars for Scholars does try to take into consideration the wishes of the named person or family as to the talents, qualifications and interests of the recipient, the Foundation's first and foremost priority is of course financial need since we are a need-based scholarship foundation. In other words, we cannot guarantee that each year we will have an applicant with financial need who is a medical school bound student, English major, valedictorian, artist or star athlete, but we can guarantee that each of our recipients will need our financial support and have the confirmation of the guidance office (with which we work closely) and the approval of our Awards Committee. In spite of the requirement of need, we have done amazingly well matching up recipients and named scholarships while taking into consideration the individual's or family's wishes.
Who is on the Awards Committee for Marblehead Dollars for Scholars?
The Awards Committee is comprised of Marblehead Dollars for Scholars board members, many of whom have years of experience with this process. The Committee works closely with the Guidance Office of Marblehead High School.
How does Marblehead Dollars for Scholars determine the dollar amount of each scholarship?
When establishing individual scholarship amounts for qualifying students, the scholarship committee must work with funding that varies from year to year. Yearly funds to distribute to students are based on the net amount of our annual fundraising initiatives, a percentage of our endowment and the amount we receive from an external foundation. The Expected Family Contribution (EFC) as determined on the Free Application for Federal Student Aid (FAFSA) form is an important factor the committee considers (families with high EFCs are usually eliminated from consideration).
Whom should I contact for more information?
Call Jeff Frankel (781-631-8202). He can answer any additional questions you may have and set up a meeting with other board members including the Treasurer and President of the Foundation if you would like to talk further with Marblehead Dollars for Scholars.
Marblehead Dollars for Scholars PO Box 4 Marblehead, MA 01945
