“A successful first year of college is vitally important to what follows
in the life of a high school graduate who aspires to higher learning”.
in the life of a high school graduate who aspires to higher learning”.
History of the Scholarship Foundation A foundation is established when there is potential for substantial financial contributions for a specific purpose from an individual, business or corporation. The purpose meets standards set forth in a statute of the State where the interested person or business resides. The US Department of the Treasury, Internal Revenue Service designates the status (tax codes) related to the purpose.
Some of the first residents of Leisure World (1966) were interested in financing college study (higher education) at college funded by the State of Maryland budget. The residents understood governance, human resources, philanthropic and financial accountability of service clubs and organizations The colleges are listed as the University System of Maryland. They retained legal counsel for guidance to gain status in the State of Maryland to function as a nonprofit charitable organization. In 1971, titles were granted as a nonprofit charitable organization and status was received as Internal Revenue code 501c3 from the U S Department of the Treasury. The founding residents were members of a Leisure World service club. They chose the name of the service club as the title/name of the Foundation. From 1971 to 1979, there was planning for tuition scholarships. Financial contributions to the Foundation have been from individuals, Leisure World residents, Leisure World organizations and businesses that provide services to the Leisure World Community. Providing some financial freedom to support the mission of college study was made possible from three endowments, a trust and a bequest executed with legal counsel. These financial instruments enabled an investment portfolio. This ensures continuity of full tuition scholarship. The investment portfolio is used in accordance with stipulations stated in the financial instrument of the donor. The gain on each financial instrument is used for funding the scholarship. All other contributions to the Foundation’s programs are held in the savings account for use as indicated on a contribution form. If a donor wants to contribute each year for a grant or scholarship, a formal agreement is executed with an attorney. The first scholarship was awarded for academic year 1979-1980. Over the forty -five academic years (1979-80 to 2024-2025), more than 350 full tuition scholarships have been awarded. In addition, financial contributions have been received for scholarship for specific college majors. Grants are awarded for when an applicant does not qualify for a tuition scholarship. Grants are awarded to assist with other expenses listed on college invoices. This money is identified as the Education Fund. The Foundation title/name was changed in 2020 with approval by the State of Maryland, Department of Assessments and Taxation. The title/name change in 2020 was to comply with fiduciary standards and to honor Leisure World residents for their commitment of expertise, commitment to purpose, time and money over decades. There was no change in the Foundation mission nor Foundation Programs. “Providing some financial freedom for college study” require timely assessment of actions and decisions. Foundation Directors collaborate with Principals and College and Career Counselors at the high schools. This assists with content of the application and process of distributing applications to graduating seniors. Foundation Directors determine goals for three years and objectives are each year. Input is welcomed from all supporters and contributors. Foundation's Mission
Implementing the Mission
Providing some financial freedom for the first year of college
Financial Assistance
Maryland State Supported Colleges
The founding residents were interested in financing higher education through college study. They wanted to provide assistance for students that needed financial assistance to attend college and enroll in a Maryland State System College/University.
Scholarships are available to graduating seniors from Montgomery County public high schools. Applications are received from the Career and College Counselors at the high school. Visit the Foundation website- www.betheirwings.org to learn about scholarship and grant requirements. |