FAQ
1. What is the McDonough Scholarship Foundation?
The McDonough Foundation is a volunteer organization whose sole mission is to solicit monies on an annual basis for the purpose of awarding four-year college scholarships to young men and women, employed at New Hampshire golf courses, who are attending colleges and universities of their choice. The Foundation is a not-for profit organization. Its Employer Identification Number is 02-6012491 and copies of its 501(c) 3 and W-9 are available upon request.
2. Who is qualified to apply for a McDonough Scholarship Grant?
Any student employee of a New Hampshire golf course or club, inlcuding pro shop, grounds, wait, kitchen & office staff, may be eligible for scholarship. Candidates should demonstrate promise of academic success, as well as require financial assistance. Once awarded, a McDonough Scholarship may be renewed each year for a total of four years. Annual grants are renewable, upon application, depending upon annual maintenance of academic standards and the continued need for financial aid. All candidates must be recommended by the golf club where they are in at least their second year of employment.
3. How are scholarships recipient’s chosen?
New applicants and previous recipients are interviewed by a member of the Scholarship Committee. Their qualifications are reviewed and an award is made, determined on meeting the criteria set forth by the Board of Directors.
4. Does the amount donated by a given club have any bearing on the amount awarded to an employee or employees?
No. In 2017, 16 clubs donated to the Foundation, with recipients representing 26 New Hampshire clubs.
5. If a scholarship recipient does not return to his or her employing club, are they still qualified to apply for a scholarship grant the following academic year?
Yes. Often scholarship recipients will attend summer school or take an internship in their chosen field between his or her junior and senior year. They are still qualified to apply for their upcoming academic year.
6. What are the Foundations primary sources of revenue?
For the year 2016, annual fundraising receipts broke out as follows:
- Club Donations 60.2%
- Annual Tournament 6.8%
- Annual Dinner 0%
- Associations & Corporations 15.2%
- Individual Donations 4.3%
- Interest & Dividends 1.5%
- Transfer from Permanent Fund 12%
7. What percent of annual donations actually go towards scholarship grants?
80% of monies raised on an annual basis go towards scholarship grants. This is possible as the McDonough Foundation is a volunteer organization with no paid administrative staff. The only expenses incurred involve the McDonough Annual Appreciation Dinner, the McDonough Annual Benefit Golf Tournament and some promotional materials. The Foundation is extremely fortunate to have donations in kind for legal and accounting services and the majority of printed promotional materials.
8. What is the McDonough Permanent Fund?
The McDonough Permanent Fund is an endowment fund created to provide a conduit whereby a donor or donors can create an endowed named scholarship representing an organization or association or in honor of or in memory of an individual. The McDonough Permanent Fund currently consists of twelve named endowed scholarships currently endowed in the amount of $510,000. Cambridge Trust Wealth Management is the custodian and investment advisor for the Permanent Fund. Interest earned on an annual basis is applied to scholarship grants.
9. What is the McDonough Heritage Society?
The McDonough Heritage Society is an adjunct to the Permanent Fund which provides an opportunity for individuals to make bequests to the Foundation as part of their estate plans. Bequests and other planned gifts to the Foundation,when received, become part of the Permanent Fund or designated as specified by the grantor.
10. How can I help and or get involved?
There are many ways, for example – a financial contribution, volunteer to become the McDonough Representative at your club, serve as a McDonough liaison within your local business community, inform friends of the McDonough “Mission”. Consider becoming a member of the McDonough Board.