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North Warren Scholarship Program


No. Warren School On January 1, 2014 the existing assets of the Dollars For Scholars Chestertown Chapter were transferred to the Helpers Fund, and the name of the new organization is the Helpers Fund North Warren Scholarship Program. Since “Dollars For Scholars” is a legal title belonging to the Scholarship America Company, a new title for the program being transferred had to be created.

Reasons for Dissolution
There were numerous reasons for the dissolving of the Chestertown Chapter, but the two that led to the transfer of assets was the retirement of the Director of the Chapter, Tena Bedell of Pottersville, and increases in manage­ment fees from the parent company, Scholarship America.

Requirements
In order for an organization which is a 501(c)3 charity to dissolve, which the Chestertown Chapter was, all assets of the existing charity must be transferred to another charity which has similar goals. In this case if the Chestertown Chapter dissolved and there was not another charity willing to assume the responsibility of the dissolving charity, the assets would have been transferred to Scholarship America, and they would have determined the management of the existing assets, or would have searched out another charity to take over the responsibilities. Whichever was chosen, the program as it had existed would have taken a much different form.

A Chance To Continue
It was at that point the Chestertown Chapter contacted the Fund to see if it would be interested in assuming responsibilities of the Chapter. The Fund has its own scholarship program under the direction of Mary Jane Dower, but its goals are a bit different from Scholarship America, and the Fund did not want to change its own program, or have that program become part of the dissolved Chestertown Chapter. After receiving approval from our legal personnel we were advised we would be able to assume their responsibilities as the Fund's by-laws are broad enough to include other programs. But the Fund was also advised to make the Chestertown program a separate entity, with its own financial accountability, its own committee and its own goals.

Board Acts On Request
After a number of board meetings, one with Mrs. Bedell explaining the program and answering questions, the board observed the award process in May 2013, and then voted unanimously to accept responsibility of the dissolved chapter, effective January 1, 2014.

History
Mrs. Bedell directed the program from its infancy and the program became one of the outstanding scholarship funds in the north country. There are none that we are aware of that became so successful in a rural town in the Adirondack Park, said a Fund's Board member. Mrs. Bedell worked with the North Warren Guidance Department as well as a committee of school employees who determined the scholarship winners.

What's Ahead For This Year
“I think we will see the same program in effect as we assume responsibility”, said Carl Lamm, Director of the Fund. “We are hoping the school's committee remains intact,” he added. “Our new committee headed by Nancy Fregoe has met with Mrs. Bedell to work out a smooth transition. Mrs. Bedell has agreed to help the committee with any part of the program, and remain available for any type of assistance needed.

Fund's Participation
The Fund's Committee will also include Edna Wells who will be the Account Head and handle the financial activities of the Program. Mark Carpenter will act as financial advisor. The Committee will also work with Mike Therio who will head the school's program.

Types of Scholarships Available
The program includes three types of scholarships. There are “permanently endowed scholarships” where a family, or individual, from the area creates an endowment of a set amount of money, with a statement stating to what purpose the scholarship is endowed. The annual income from the investment of that endowment will be used as the scholarship for that year. The purpose for that endowment may be for the scholarship to go to a student in the field of science or mathematics or any educational purpose. In the “permanent endowment” the principal remains the same and the investment income becomes the scholarship. A second type of endowment is a “non-permanent endowment” where a set amount of money is donated to the Fund with instructions that a certain amount of that money will be deducted from the principal each year and awarded as a scholarship. Once the principal is used, the Scholarship no longer exists. The person or family may add to the principal as the years progress, but neither the scholarship amount, nor the purpose, changes unless directed by the donor. The third type of scholarship is a general scholarship where anyone may make a donation to the program and the committees determine how it will be awarded.

What's In The Future?
With the exception of one Permanent Endowed Account all the other Endowed Scholarships, permanent or temporary, are all invested locally, and have no responsibilities to the parent Scholarship America, other than they are protected by the company's by-laws. The transfer of those funds will be relatively easy. The other, an invest­ment with Blackrock Investing, will take some time.

Investment Advice
The Fund will seek additional financial advice from other sources, but will not change the current investment philosophy unless there is some type of investment which gives a greater return, but must also be as safe as the current philosophy. “When those two are the basis of the investment philosophy, there are not many alternatives to the current very successful model,” Carl Lamm said. “In fact, we don't see many real investment changes in the future,” he continued.

Some Changes
School buses The Fund's chairperson, Nancy Fregoe, is planning to meet with the school's current committee hoping to keep that committee involved in the future. The Fund would like to increase the committee's role in fund-raising and its general approach to the goals of the program. The Fund will also attempt to keep the community informed, as to the program's working, with the intent of expanding the program as well as reaching out to offer more opportunities to seniors as they complete high school and take the next step in their lives.


The Helpers Fund is a 501(c)3 charity under the rules of the Internal Revenue Service and is incorporated under the laws of the State of New York and listed with the New York State Bureau of Charities.


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