Funding of Our Scholarships
The need for scholarships in our West Marin community is great and the IGC Scholarship Fund uses every dollar we raise. Our scholarships are funded by current contributions and income distributions from our Endowment and Reserve funds. We rely primarily upon an annual appeal letter to fund our awards. A current priority is to increase our endowment fund in order to sustain our current level of scholarship awards.
The IGC Scholarship Fund is led and managed by volunteers. We have a hard-working, hands-on Board of Directors and our administrative expenses are minimal. More than 90% of funds raised goes to scholarships; the remaining funds pay for necessary professional fees, the website, and limited administrative support.
Contributions to the Inverness Garden Club Scholarship Fund
We welcome contributions for:
- Current year scholarships;
- Reserve Fund gifts, 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 income-only annual distributions and keeping the principal amount intact;
- Named or designated awards.
The Inverness Garden Club is a 501(c)(3) charitable organization. Donations are tax deductible as provided by law. Our EIN# is 94-6088058. Please contact us or your tax advisor for more information.
Ways to Give
Via Credit Card/PayPal
Contributions can be made using our PayPal account.
Contributions can be made via checks made payable to the Inverness Garden Club Scholarship Fund 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. Typically, charitable gifts can be made from retirement plans up to $100,000 annually without triggering tax consequences.
Gift of Appreciated Securities
Stocks, bonds or mutual funds may be transferred to the Inverness Garden Club Scholarship Fund account at Charles Schwab. Donations 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. Charles Schwab cannot legally disclose the identity of stock contributors to us–so we will only know the source of your gift if you notify us. Please contact us for further information.
The IGC Scholarship Fund 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. Contributions can also 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 our Reserve Fund or Individual Endowment Funds. Please contact us for further information.
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 our general endowment fund that distributes at the same rate.
A gift to the 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.
Gifts for Named or Designated Scholarship Awards
Gifts can be made to honor friends or family, and the Scholarship Fund will send a suitable notification on your behalf. If you wish, scholarships can be designated in the donor name or that of a selected honoree when making a current year contribution of $5,000 or an endowment or semi-endowment contribution of $100,000 or more.