Tax Exempt

Any person may make a contribution of any monetary size to the Luverne Dollars for Scholars program.  And since the Luverne Dollars for Scholars program is recognized by the IRS as a 501(c)(3), all gifts are tax deductible.

 

The Size of the Contribution Determines the Frequency of the Scholarship

Gifts of $249 or less are placed into the Dollars for Scholars general fund.  No designation is made on a scholarship.

Gifts that are greater than $249 but less than $2,000 are also placed into the Dollars for Scholars general fund.  With this type of gift, the principal amount is dispersed as a one-time scholarship, and the name requested by the donor is attached to such a scholarship.

A gift of $2,000 or more becomes a perpetual scholarship.  With a perpetual scholarship only the interest earned during a one-year period of time is awarded each and every year thereafter to a most recent LHS qualifying graduate in the form of a scholarship.  The donor of such a gift is given the opportunity to name the scholarship.

Incidentally, additional amounts may be added to a perpetual scholarship at anytime.  This of course will increase the size of the scholarship award.

 

Gifts Don't Necessarily Have to be Personal Checks

Besides personal checks, the Luverne Dollars for Scholars has received various types of other monetary gifts.  The organization has received stock certificates, inherited a farm, been given a life insurance annuity, and received grants along with several bequests.