Scholarship News

2024 Financial Update

  und Balance as of  1/1/2024               $     54,280.59
   Gifts to Fund                                         $          350.00
   Grants Approved                                  $      -2313.00
   Investment Return                               $        5725.62
   Foundation Fees                                   $         -534.58

Ending Balance as of   12/31/2024       $     57,508.63

Dear fellow classmates:
The plan of your scholarship committee is to continue our scholarship in memory our deceased classmates.  We would like to extend our thanks to all those classmates who have donated generously to the Class of 1971 Memorial Scholarship Fund over the last several years.  Your generous support has made this simple idea to remember our high school friends in a way that bridges our past with a commitment to our collective future.

The scholarship committee would like to make this scholarship award a perpetual scholarship for future graduating classes of North Smithfield High School as well as create a legacy from the Class of 1971.  
The Rhode Island Foundation would become the legal entity through which all donations are payable.  This qualifies all donations as legally tax deductible.  All contributions would be made payable to the Rhode Island Foundation North Smithfield Class of 1971 Memorial Scholarship Fund.
 

Another benefit of this arrangement is the scholarship committee is free of all legal and accounting expenses associated with being a legal entity.  The committee could simply forward the financial reports generated by Rhode Island Foundation to all contributors as verification that funds are being used appropriately.  Anyone interested in finding out more about the Rhode Island Foundation may go to the website at:

    https://www.rifoundation.org/default.aspx

The committee still meets to pick a qualified and deserving recipient for the scholarship.  We would encourage anyone interested in being part of the process to please make their desires known.
 

All of the donated money would earn an estimated 10 percent per year based on the average returns over the last 10 years.  The fund pays out approximately 4.5 percent of the total fund as scholarship money per year and takes 1 percent as a management fee.  All money earned above the payout to the scholarship and above the management fee would be added to our principal balance ensuring that our fund is continually growing.  This maximizes our return on money held in escrow, to insure that the scholarship is permanently established, and still give our class the ability to select the award recipient as long as we so desire.

Ultimately, as the last of the class is no longer able to manage the awarding of the scholarship, the Rhode Island Foundation will award the scholarship in perpetuity or as long as we deem appropriate.

As the beneficiaries of a quality education in the Town of North Smithfield, all of those who possess the means share an obligation to facilitate the continued education of the generations to follow.  The years will continue to pass quickly.  We can think of no better way to remember those friends from our youth than by your continued support of this scholarship program.  

Warmest regards,

Class of 1971 Memorial Scholarship Committee

Diane Couture                  Paul Paris
Richard Keene                  Steve Samborsky   
Sue Lemoine                    Debbie Lightowler
Jeanne Marion                 Martha Sheen
Adrienne Nys