Congratulations to all you Dean Descendants who are ready for the next step in your educational journey. We would love to help you take advantage Aunt Pat's careful planning and Grandma Gwen's commitment to your education!
Background
As explained in the notebook given to each family, Aunt Pat is Grandma Gwen's sister. She was a school teacher for 45 years. She lived a simple, private life. Consequently, she left quite a financial legacy. As Pat did not have children or a husband, her estate went to her surviving siblings. She often spoke of wanting to sponsor a scholarship fund. Therefore, Grandma Gwen designated her portion of Pat's estate to this fund.
Specifics:
Each great grandchild of Ray and Gwendolyn Dean is eligible to receive a one-time award of $5000 toward educational expenses. Recipients may receive the scholarship for their first semester of college if they have maintained a minimum 3.0 GPA in high school. Otherwise, recipients may apply after at least one semester in college in which they maintain a minimum 2.5 GPA. These GPA requirements were set by Grandma Gwen in the original trust document.
Disbursement:
Our funds are managed by the financial advisor of Pat's choosing. They have been very careful, ensuring that funds will be available for all great-grandchildren. In order to pay scholarships, the trustees request funds from those investment accounts. This is not always a quick process, so it is imperative that we know as soon as possible what funds we will need for any given semester. The Intent to Apply form must be submitted no later than 45 days before funds will be needed by the recipient. The official application, including transcripts, must be received at least 14 days before funds are needed. This gives us the best odds of meeting tuition deadlines.
Scholarship checks will be made out to the recipient AND the educational institution, and then mailed to the recipient. If the amount of the check exceeds the institution's fees, the institution will issue a refund check to the recipient. It is expected that recipients will use all funds for educational expenses, including room and board, textbooks, computers, equipment, etc. Recipients will receive a tax form for the year they receive funds. Your individual accountant will need to determine whether or not there is a resulting tax burden for the recipient. The IRS does allow deductions for most educational expenses but we cannot advise the specifics because each case may be different
Partial Payments: Depending on the cost of attendance, some recipients have chosen to divide their award into multiple disbursements, allowing them to better budget for future tuition costs. As trustees, we have no preference for whether or not recipients request multiple disbursements, but we must have adequate notice for when disbursements will be needed. That notice is the responsibility of the recipient.
How to Apply:
- Please complete the Intent to Apply form as soon as possible.
- Complete the official application and mail or email it to : (Application includes short essay responses, proof of admission, photo, and completed application.)
Aunt Pat's Scholarship Fund 514 North Orchard Ave Farmington, New Mexico 87401
marileeherman@msn.com
- Have official transcripts sent to one of the addresses above.
