DO: SCHOLARSHIP AND AWARD FUNDS
The School Committee gratefully acknowledges the generosity of those persons who establish or contribute to scholarships and awards for the benefit of Lexington High School students. Following the acceptance of such gifts by the Committee, funds become the property of the school district, and will be held and invested by the Town Treasurer, as provided by law. To ensure that scholarship and award funds are distributed in a way that is both meaningful to the recipient and respectful of the donor(s), the School Committee has established the following rules for the acceptance, administration, investment and distribution of said funds.
I. Types of Scholarships and Awards:
a. Perpetual Scholarship or Award
Definition - A Perpetual Scholarship or Award (or nonexpendable scholarship) results from a gift offunds that may not be expended, i.e., the principal is to be invested in perpetuity. The income andgrowth can be distributed. The donor may specify certain aspects of the award, including, but notlimited to, the name of the award, the award amount, the purpose of the award, the qualifications ofthe award recipient.Gift Minimum - $10,000
The minimum dollar amount that may be accepted as a Perpetual Scholarship or Award is $10,000.Additions of not less than $1,000 may be accepted.
b. Expendable Scholarship or Award
Definition - An Expendable Scholarship or Award (or expendable scholarship) results from a gift of funds that may be expended, i.e., the funds may be distributed as well as any income and growth the funds produce. The donor may specify certain aspects of the scholarship or award, including, but not limited to, the name, the amount, the purpose and the qualifications of the recipient.
Gift Minimum - $500The minimum dollar amount that may be accepted as an Expendable Scholarship or Award is $500, provided that all of the funds, including principal, may be expended.
c. One-Time Scholarship or Award
Definition - A One-Time Scholarship or Award results from a gift of funds that is to be distributed within one year.Gift Minimum - $100
d. General Scholarship Fund
Definition - A gift to the General Scholarship Fund may be expended, i.e., the funds may be distributed as well as any income and growth the funds produce. Such funds are aggregated with other general scholarships to be awarded at the discretion of the School Department.Gift Minimum – none
II. Acceptance of Scholarship and Award Funds:
a. Gifts of Funds Equal to or Exceeding $5,000a. A gift of funds equal to or greater than $5,000 must be accepted by a vote of the School Committee. (see Attachment A (pdf format)b. Gift of Funds of Less Than $5,000A gift of funds of less than $5,000 may be accepted by a vote of the School Committee. In the absence of such vote, acknowledgement in writing to the donor by a member of the school department authorized to do so shall constitute acceptance. (See Attachment B (pdf format). Annually, at the close of the fiscal year, the School Committee shall receive a report of all scholarships accepted in this manner.c. Time Frame for Scholarship and Award Acceptance
The high school office must receive all funds intended for distribution in an academic year by April1st of that year. Funds received after April 1 will be expended for the following academic year.
a. A committee, annually appointed by the High School Principal to include representation from guidance, athletics and academic departments, shall conduct selection of recipients. All decisions of the committee shall be final.IV. Administrationb. Any cash distribution to a student must be a minimum of $100.
a. The Lexington High School Principal, or his or her designee, shall be responsible for the administration of the Scholarships and Awards. Administration shall include the following:
i. Maintain records of all scholarships and awards including correspondence, required forms and other pertinent documents.ii. Serve as the point of contact with donors and recipients.iii. Provide acknowledgement of the receipt of the gift.iv. Provide the Town Treasurer a copy of:
b. Scholarship Summary (Attachment D (pdf format)
v. Process receipts and disbursements through the Town’s warrant process.vi. Annually publish a list of the donors of Scholarship and Award funds in the NHS Awards Night program.vii. Annually, at the close of the fiscal year, provide the School Committee with a complete report of all scholarships and awards accepted during the fiscal year.
b. The School Business Administrator shall annually process the warrant necessary for disbursement of
c. The Town treasurer shall:
i. Hold and invest the funds.ii. Provide the school department investment performance results for each Perpetual Scholarship or Award, Expendable Scholarship or Award and the pool of general scholarship and award funds as of December 31st of each year for use in determining awards.
Lexington Public Schools, Lexington MA
Adopted by Lexington School Committee: July 2015