There are major advantages to establishing an endowed scholarship through the University of Maine Foundation. The principal remains intact and only the earnings are used for scholarship assistance.
Donors receive an income tax deduction for a current gift.
Should highly appreciated stocks or other assets be used to fund the scholarship, capital gains taxes may also be eliminated. Establishing Award Criteria Foundation staff members can assist donors with writing a detailed scholarship description specifying how the fund will be used and administered. If the donor prefers, the fund may be left discretionary for the President of the University to determine the greatest need. A scholarship may be named in honor or in memory of an individual, organization or corporation. Donors of memorial gifts receive an official acknowledgment and receipt from the University of Maine, and the family is notified of the names and addresses of all donors.