FREQUENTLY ASKED QUESTIONS
Q: WHAT IS THE FUNDRAISING GOAL?
A: The goal is to raise $400 000 CAD for the endowment fund. We believe this is enough to continue the scholarship indefinitely. We came to this number because it represents a $1000 donation per Nicol Scholar. We developed this goal by considering the following: (1) If a Nicol scholar had received an OSAP loan for $10 000 CAD they would have paid about $600 in interest which they avoided by receiving the scholarship, (2) For many years the $10 000 USD scholarship was worth closer to $15 000 CAD, (3) The Nicol Scholarship allowed scholars to pursue higher education, and so the earning potential of scholars who are now 10-30 years into their careers is significant, (4) There are many ways to donate, from an annual donation, to monthly donations, (5) We would like to encourage anyone in the community who believes in supporting higher education to donate, not just former Nicol Scholarship recipients.
As of September, 2019 approximately $13 400 has been raised.
Q: WHY DID YOU PARTNER WITH THE SARNIA COMMUNITY FOUNDATION?
A: Rather than registering for charitable status ourselves, it was much easier to set-up a Fund with the SCF. They have experience administering Funds such as this and they have experience managing and investing endowments. It provided us with a way to accept donations by cheque and online, and to issue tax receipts. The SCF is connected with Lambton County and has the interests of our community at heart. The Sarnia Community Foundation charges a fee of 1.5%/year.
Q: WHEN WILL THE NICOL COMMUNITY SCHOLARSHIP FUND HAVE ENOUGH MONEY TO START AWARDING SCHOLARSHIPS?
A: Our initial goal is to begin awarding scholarships when we have $100 000 in the Fund. We want to ensure that the endowment is not jeopardized by awarding scholarships too soon. We hope to award scholarships in the short term, and also to ensure the Nicol Scholarship continues in perpetuity. We will revisit this goal annually.
Q: DOES THE NICOL COMMUNITY SCHOLARSHIP FUND HAVE ANY INFLUENCE OVER WHO IS AWARDED A NICOL SCHOLARSHIP?
A: No. The selection criteria and selection committee will not change. The Nicol Scholarship will continue to be awarded based on the criteria established by Mr. Nicol. Any scholarships awarded from the new fund will not be specifically identified and will be awarded as any other Nicol scholarship would. Our hope is for the new and old scholarships to merge seamlessly.
Q: WHO IS BEHIND THE NICOL COMMUNITY SCHOLARSHIP FUND?
A: It was founded by Lindsay Core. The volunteer committee includes: Olivia (Hewitt) Bernow, Nicole Brown, Lindsay Core, Karen Dalgleish, Jennifer Kumpf, Stacie O'Hara. These people are volunteers and take no honoraria or fees.
Q: HOW DO YOU DECIDE HOW MUCH MONEY GOES INTO THE ENDOWMENT FUND, VERSUS INTO FLOW-THROUGH FOR ANNUAL SCHOLARSHIPS?
A: In the agreement that established the Nicol Community Scholarship Fund it is stipulated that: "An initial donation of Five Hundred ($500.00) dollars to establish the fund. It is understood that generally 25% of the monies collected will be placed into endowment and that 75%, less any administrative hold backs, will be directed in to a flow through account to provide immediate scholarships to the extent defined later in this agreement. Donors will have the option to direct 100% of their donation to endowment provided that they so direct at the time of the donation."