Grant Criteria
The following lists the criteria that are required for grants/loans in each of the areas as well as the information required to be submitted with the application. The Trustees reserve the right to change the requirements, the criteria and any maximums to be paid at any time.
EDUCATION PRIMARY RESIDENCE EARNED INCOME MATCHING BUSINESS
Education -- Education grants have a limit of $3000/semester (or $6000 per year) for a full-time student. Part-time students may be granted a prorated amount. Any pre-school, primary, secondary, technical, vocational, graduate or post-graduate program will be considered. Coursework required to maintain certification required for employment and school-related costs such as room and board, books, etc. are also included as costs eligible for grants. Students are required to maintain a "C" average to be eligible for educational grants/loans.
Loans may be awarded for amounts above the annual grant maximum. Loan repayment will begin one year after graduation at the lowest interest rate allowed by law. The term of the loan will normally be for 3 years.
The application should be submitted in advance of the school year, with estimates of costs (i.e. previous semester’s costs), if necessary. The preferred method of payment is directly to the institution. Other payment options (i.e. directly to the beneficiary) will be considered on a case-by-case basis.
Information to be submitted with the application is:
- Tuition invoice (or verified estimate of costs if invoice not yet available)
- Up-to-date transcript of grades
Purchase or Repair/Remodel of Primary Residence -- Grants/loans will be made to help with the purchase of a primary residence or the refurbishment of an existing primary residence occupied by the beneficiary. Things that could be considered refurbishment are: new windows, insulation, replacement furnace or water heater, etc.
The Opportunity Fund will not pay 100% of the house's closing costs or the refurbishment; the beneficiary is expected to contribute to the cost.
Beneficiaries may take advantage of a home purchase grant only one time. The grant will be made only after the home purchase is complete.
Information to be submitted with the home purchase application is:
- HUD-1 Closing Statement
For any repair/remodel of a primary residence, the beneficiary is expected to get 3 independent quotes by reputable contractors for the work to be done. All work is expected to be contracted out. Beneficiaries will not be granted money for work they do themselves. All grant/loan payments will be made directly to the contractor(s).
Information to be submitted with the repair/remodel application is:
- Background on the project
- 3 independent quotes from reputable contractors on business letterhead
Earned Income Matching –- On an annual basis, beneficiaries are eligible to apply to the fund for an award for increasing their earnings from one year to the next. The application must be submitted by June for the previous year, to be reviewed no later than the July meeting. The Distribution Committee decides on an annual basis the percentage of the salary that will be granted. The current percentage rate is set at 3.0% of the most recent year’s salary (as shown on Box 1 of the W-2 form augmented by employee paid tax-free deferrals, such as 401K or HSA contributions). Not all employee paid tax-free deferrals are reported on the W-2 form. If beneficiaries wish to take full advantage of all available tax-free deferrals they should submit their year-end paystubs for both year's in addition to their W-2 forms.
Beneficiaries should only apply if they had a year-over-year salary increase and must apply in a timely basis. The award amount is equal to the actual dollar amount of the increase or 3.0% of the latest year’s salary, whichever is smaller.
Information to be submitted with the application is:
- W-2s from all employers for both years
- Year-end paystubs from all employers for both years (optional)
For the ease of the committee's review, please compute the total income from all sources for each year (using Box 1 of all W-2 forms) and supply that information on the application.
Family Business – Beneficiaries may apply to the trust for investment in a family business. This benefit is only available to beneficiaries where the business is the primary livelihood for the beneficiary’s family. It is not intended to be used for part-time or casual forms of business often associated with Avon, Pampered Chef, etc.; it is not available for businesses where the primary business participant is not the beneficiary, but the spouse of a beneficiary. As a guideline, the beneficiary should show knowledge in the area of the business and must provide a business plan, revenue projections, and pro-forma financials expected as a result of the investment. Since businesses are expected to be profitable, all applications will be considered only for loans or for a percentage ownership in the business. There will be no grants for business applications. Loans will be at a low interest rate and the term of the loan will be determined based on the amount requested and expected cash flow of the business.
Information to be submitted with the application is:
- Background on the project
- Profit & Loss statement for the business
- Revenue projections
- Pro-forma financial statement
- 3 independent quotes from reputable contractors on business letterhead (if applicable)
- The most current two years personal and business tax returns
- A personal credit report