Hi Michael,
As John wrote, Pub 970 is a great place to start. Keep in mind that benefits beyond tuition and fees may be taxable to the student.
-Eric
Eric F. Valdescaro
AVP, Advancement Services
University of Hawaii Foundation
From: Advancement Services Discussion List [mailto:
FUNDSVCS@LISTSERV.FUNDSVCS.ORG] On Behalf Of John Taylor
Sent: Monday, May 6, 2019 9:47 AM
To:
FUNDSVCS@LISTSERV.FUNDSVCS.ORG
Subject: Re: [FUNDSVCS] Question about definition of "scholarship"
The general definition of the word is "financial aid for a student to further their education." In that context, the word fits.
FWIW, my oldest daughter received a "scholarship" from Elon 20 years ago that actually paid for every thing other than the tuition.
John
John H. Taylor
Principal, John H. Taylor Consulting
2604 Sevier St.
Durham, NC 27705
johntaylorconsulting@gmail.com<mailto:
johntaylorconsulting@gmail.com>
919.816.5903 (cell/text)
Serving the Advancement Community Since 1987
On Mon, May 6, 2019 at 3:32 PM Halverson, Michael <
mhalverson@luc.edu<mailto:
mhalverson@luc.edu>> wrote:
Thanks, John.
Let’s assume that our fundraising is for items that counsel indicates ARE deductible. In your opinion, is there an issue with referring to this funding as “scholarships” if it’s funding things other than tuition?
Michael Halverson, Ed.D.
Senior Director of Advancement Services
Loyola University Chicago
T. 312-915-7283 | C. 320-363-4987<tel:320-363-4987>
mhalverson@luc.edu<mailto:
mhalverson@luc.edu> |
www.luc.edu/advancement<http://www.luc.edu/advancement>
From: Advancement Services Discussion List [mailto:
FUNDSVCS@LISTSERV.FUNDSVCS.ORG<mailto:
FUNDSVCS@LISTSERV.FUNDSVCS.ORG>] On Behalf Of John Taylor
Sent: Monday, May 06, 2019 2:21 PM
To:
FUNDSVCS@LISTSERV.FUNDSVCS.ORG<mailto:
FUNDSVCS@LISTSERV.FUNDSVCS.ORG>
Subject: Re: [FUNDSVCS] Question about definition of "scholarship"
Perhaps a good place to start is sitting down with Counsel and reviewing IRS Publication 970 - Tax Benefits of for Education. Some of what your "scholarship" includes may - or may not - even be tax-deductible.
John
John H. Taylor
Principal, John H. Taylor Consulting
2604 Sevier St.
Durham, NC 27705
johntaylorconsulting@gmail.com<mailto:
johntaylorconsulting@gmail.com>
919.816.5903 (cell/text)
Serving the Advancement Community Since 1987
On Mon, May 6, 2019 at 3:13 PM Halverson, Michael <
mhalverson@luc.edu<mailto:
mhalverson@luc.edu>> wrote:
Hello, all –
I’ve been asked if we can create and solicit funds for something called a “scholarship” if the purpose of the “scholarship” is to fund elements of the student experience other than tuition.
Examples of these non-tuition expenses may include the following:
• Tutoring (faculty train students to conduct tutoring for other students).
• Career Services support.
• Meal programs for students with demonstrated financial need.
• Travel assistance (e.g. public transportation passes) for students with demonstrated financial need.
• New student orientation activities.
(NOTE: providing the items above would be consistent with our institution’s mission, regardless of whether or not they’re funded through gifts.
May I ask if anyone has thoughts about how broadly an institution can define what a “scholarship” is?
Many thanks,
Michael Halverson, Ed.D.
Senior Director of Advancement Services
Loyola University Chicago
T. 312-915-7283 | C. 320-363-4987<tel:320-363-4987>
mhalverson@luc.edu<mailto:
mhalverson@luc.edu> |
www.luc.edu/advancement<http://www.luc.edu/advancement>
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