Named Scholarship Fund

Supporting the Pursuit of Higher Education. The Lake Mills Area Community Foundation provides the opportunity for you to establish a Named Scholarship Fund that recognizes graduates of Lake Mills High School who are continuing their education at the community college/university/trade school level. Normally, such scholarship funds use only the interest earned from the funds donated to establish the fund in making awards to worthy students. Depending on the investment climate at a particular point in time, you can plan on your Named Scholarship Fund making awards annually that amount to between 3% - 5% of the fund principal. For example, a scholarship fund with a $100,000 invested principal would typically be able to grant a scholarship(s) in the amount of $3,000 – $5,000.

You Stipulate the Recipient Selection Criteria. In establishing such a Named Scholarship Fund you may set forth the selection criteria upon which the recipient(s) is/are selected. For example, you may designate that selection criteria include the areas of study supported (engineering, life science, fine arts, etc.), areas of achievement for the recipient (e.g., academics, athletics, extra-curricular activities, etc.), minimum grade point average, etc. Further, you may designate those members of the Lake Mills High School faculty and staff whom you wish to administer the selection process, e.g., superintendent, principal, guidance counselor, science teacher, athletic director, etc. In the past, the school district has invited donors or donor descendents to be members of the selection committee. The Foundation works closely with the school district in administering Named Scholarship Funds.

Tax Benefits of Your Gift. Since the Lake Mills Area Community Foundation, Inc. is a non-profit 501(C)3 agency, your contribution to the Named Scholarship Fund is tax-deductible to the full extent allowed by the tax laws.

Example of an Existing Named Scholarship Fund. As part of his estate, Clinton B. Setz set up the Setz Scholarship Fund to recognize worthy graduates of Lake Mills High School. The fund was to be administered by the Lake Mills Area Community Foundation. The Setz Scholarship Fund was initiated with a gift of $100,000 with the intent to award two (2) scholarships annually of at least $1,500 each, one for academic excellence and one for athletic excellence. The Setz Scholarship Fund is one of the assets of the Lake Mills Area Community Foundation. The current asset manager for the Foundation, The Trust Department of Badger Bank of Fort Atkinson, provides investment advice to the Foundation Board and is the day-to-day manager of the Fund.

Minimum Donation to Establish a Scholarship Fund: $25,000