What is the RV General Scholarship Endowment Fund and the RV Undesignated Fund?
Endowment Fund: The establishment of a permanent endowment fund gives the school district a new way to support the students and the school community. This endowment fund targets the needs that our students and faculty, and especially the donors to the Endowment Fund, identify as important to them.
Undesignated Fund: The RV Undesignated Fund shall be a non-endowed fund with no distribution restrictions from principal or income sources. Donations that are not earmarked for a specific fund will be placed in the RV Undesignated fund.
How an Endowment Fund Works
An endowment is funded by tax deductible donations that are invested to earn interest. Only the growth of the investment is used; the initial donation is held permanently. The RV General Scholarship Endowment distributions shall be restricted to fund income in excess of a minimum market value principal of 30K. The Endowment Fund is administered through the Clarion County Community Foundation, an affiliate of the Bridge Builders Community Foundations.
Who decides where my contribution goes?
A party may make a donation to a specific fund within the family of RV Funds by naming or identifying the fund. The Foundation will honor donor intent and shall use the gift(s) for designated purpose(s), based on recommendations of the Redbank Valley Education Foundation. If the donor’s original intent cannot be met, changes in use may be made with the donor’s agreement. The Foundation reserves the right to refuse gifts that do not meet the requirements for charitable purposes of the Foundations’ Gift Acceptance Policy.
Who are eligible grant recipients?
Students and organizations that support programs and activities designed to directly benefit students may apply to be recipients of RV Funds’ grants; however, it is the policy of the Foundation to disburse funds to charitable purposes solely.
How can I make a donation?
Donations received to support any of the RV Funds are fully tax deductible donations under applicable federal and state laws. Donations shall vest in the RV Funds upon receipt and acceptance by the Foundation. All gifts are subject to Bridge Builders Community Foundations’ Gift Acceptance Policy. Donations shall be made payable to Bridge Builders Community Foundations. For more information, call the administrative office at 814.275.2426 or visit our website www.RedbankValley.net/RVEF.