Funding of Our Scholarships
We are extremely proud that we are currently able to grant scholarships annually that total approximately $600,000. These scholarships are funded primarily by funds raised annually from the community.
We are truly blessed with this extraordinary level of support. The need for scholarships in our West Marin community is great and we can use every dollar we raise. Our scholarships are funded by current contributions received and income distributions from our limited endowment funds. We are working to increase our endowment funds to sustain our ability to continue to fund at current levels.
IGCSF does not hold fund-raising events. Its formal fundraising consists solely of an annual appeals letter each fall. We do not have an Executive Director. We have a hard working hands-on Board of Directors and our administrative expenses consist primarily of necessary professional fees, the website, and limited administrative support. 95% of funds raised go to scholars.
Contributions to the Inverness Garden Club Scholarship Fund
Contributions can be made via checks made payable to the Inverness Garden Club Scholarship Fund (or IGCSF) and mailed to us at PO Box 724, Inverness, CA 94937. In addition, a special type of cash gift can be made using a portion of the Required Minimum Distribution from your IRA or other retirement plan to make a contribution. Charitable gifts can be made from retirement plans up to $100,000 annually without triggering tax.
Via Credit Card
Contributions can be made to IGCSF using our PayPal account. That option appears on our website at https://www.igcscholarships.org/make-donation/.
Gift of Appreciated Securities
Stocks, bonds or mutual funds may be transferred to the IGCSF Schwab account. We will then sell the securities to fund scholarships. Donation of securities receive a charitable deduction of the fair market value of the securities at date of transfer and avoid paying capital gains tax on the appreciation. Please contact us for further information.
IGCSF will work with you to facilitate a contribution that is not in cash or securities. Such a contribution could include, for instance, real estate or fully-paid whole life or other life insurance policies.
Types of Contributions
Contributions can be made for:
- Funds for current year scholarships.
- Semi-endowment gifts to the IGCSF Reserve Fund, generally gifts in excess of $50,000, one-time bequests from an estate or donations that have no restrictions from the donor. These will be used over time to supplement other funds available for scholarships.
- Endowment gifts which restrict us to distributing income only annually and keeping the principal amount intact.
Gifts can be made to honor friends or family, and IGCSF will send a suitable notification on your behalf.
Scholarships granted can be designated in the donor name or that of a selected honoree at time of making of a current year contribution of $5,000 or an endowment or semi-endowment contribution of $100,000 or more.
Contribution to IGCSF can be made through your Revocable Trust or Will. We can work with you and your attorney on gifting terminology and explain the options in detail. As discussed above, gifts can be designated for current scholarships, or additions to the IGCSF Reserve Fund or Individual Endowment Funds.
How are Endowment Gifts and Semi-Endowment Gifts Treated?
New endowment gifts of $500,000 or more will be treated as a separate endowment with distributions annually of 3% to 5%. Smaller endowment gifts will be added to the IGCSF general endowment fund that distributes at the same rate.
A gift to the IGCSF Reserve Fund is just an unrestricted bequest. Generally, such a gift of $50,000 or more is added to our Reserve Fund pool to allow us to use the principal amount as needed for scholarships, to supplement current gifts received and income transfers from our endowments.