FREQUENTLY ASKED QUESTIONS
The HEF’s purpose is to attract, aggregate, grow, and distribute private gifts of cash and equities to and for the exclusive use of educational enhancement for the students, educators, and programs of the Huron City Schools.
The HEF is managed by a Board of Directors made up of private citizens representing many aspects of the community including business, cultural, civic, and educational leadership. This Board has currently contracted Merrill Lynch, Sandusky, to manage its assets.
Yes. The Superintendent and a representative of the Board participate as ex-officio, non-voting members of a nine person board. The remainder of the Board of Directors are not associated with the school district, except that as citizens they are interested in and committed to the betterment of the Huron City Schools.
When the HEF is funded to the benchmark where disbursements are able to be made from the earnings of its endowment, it will distribute funds on scholarships, primarily for students, but also for teachers, for any and all programs, materials, projects, and activities that will enhance teaching and learning. Funds will be distributed in response to grant applications for financial assistance. HEF funding is NOT meant to be used for usual and customary salaries and/or expenses that are the provenance of established district budgetary line items.
Donors who establish a named donor-directed fund for scholarships are able to design their criteria into their own unique requirements. A donor may want to designate students with passing grades, or specify trade school, or not require them to be full time college students. While donors cannot select the specific recipients of their fund directly (legal requirement), donors may serve an advisory role on the selection committee.
No. HEF funding is intended to supplement, enhance, enrich, to complement the basic school programs already in place by providing additional educational opportunities, training, and resources that would not ordinarily be available to Huron students and programs except through private contributions.
Today there is a lot of student need for financial assistance with post high school education. The competition for scholarship funds is growing. Huron High School personnel and scholarship selection committee members have established the following “general requirements” for scholarship awards:
Awards are made to graduating high school seniors and/or current undergraduates who are:
1.Residents of Huron City and Huron Township
2.Enrolled full-time in a two-year or four-year college or university or post high school training program in the
fall after graduation
3.In the top third of their class academically
4.In need of financial aid
5.Involved as volunteers in school, community, or other extracurricular activities.
Huron students seeking HEF assistance must submit a completed scholarship grant application consisting of records of past academic, social, physical, and civic growth as well as a personal essay. Annually the Scholarship Selection Committee will individually review each application, and then as a body assess the applicants’ preparation, likelihood of success, character and need before selecting the requisite number of awards for that year.
What types of donor assets does the Huron Educational Foundation accept? What to give?
Cash, Securities, Closely-held Stock, Life Insurance, Other Assets
When choosing how to establish a fund or donate to any of the HEF Funds, there are many types of assets that can be accepted.
The choice of which asset to give depends on your financial plans and the type of gift vehicle you choose.
Cash: Cash is the simplest asset to give, and there are in most cases, very favorable tax implications.
Securities: Appreciated securities (stocks and bonds) are one of the most effective assets for a charitable gift, because most often the donor will avoid the capital gains tax that would be imposed if they sold the stock and donated the proceeds.
Closely-held Stock: Stock assets in a closely-held business can be distributed by the donor, pending review and acceptance by the HEF Board of Directors.
Life Insurance: A life insurance policy can be the ideal tool for charitable giving. You may well find that you can make a much larger gift than you thought possible.
Other Assets: Other donor assets may be considered by the HEF Board of Directors.The HEF suggests that Donors discuss their giving options with their financial planner/tax accountant to determine all the donation’s tax implications.
I am considering donating money to support education. What are some of the things I should think about as I make that determination of whether to create my own charity or give to the Huron Educational Foundation?
It is good to consider the alternatives that might meet your needs without the responsibility of managing your own educational charity.
Think about the following questions:
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How much money will you devote to this fund? (A HEF Donor Named- Directed Fund requires a $25,000 donation to establish.)
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Will you want to continue adding to this fund? (A HEF Donor Named-Directed Fund can be added to at any time in any amount.)
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What kind of grants do you want to make from your fund? (A Donor Named-Directed Fund can specify the criteria for distribution of grants or scholarships.)
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What is the geographic scope of your charitable interests? (The HEF is limited to supporting Huron City School Students, Staff and Programs.)
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In considering establishing your own charity, how comfortable would you be managing record-keeping and tax filings?
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Do you look forward to soliciting and reviewing grant applications, site visits and grant follow-ups? Would you be comfortable declining grant applicants?
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How much time can you and others in your family devote to this endeavor each month? Each year?
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How do you expect to involve other members of your family?
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Do you want public credit for your grants? Anonymity?
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How important is it to you that you personally manage the investments of your fund?
The HEF Scholarship Endowment Committee helps donors articulate their values and priorities, identify what causes matter to them most, craft the best giving strategy for their financial situation, and more.