A Tradition of Support
The history of St. Bede’s College is not unlike those of other Catholic colleges staffed for many years by religious orders. Invariably these institutions have grown and been sustained by the generosity of friends of the college, Old Boys and the families of Old Boys. Donors have supported building programmes, special projects and scholarships. The present day St. Bede’s owes much to the energy and determination of these donors.
From the earliest days scholarships have been endowed to enable boys to attend the College. In some instances these were for boarders and in others they were for specific regions or purposes. Some scholarships supported boys intending to enter the priesthood while others such as the Old Boys’ Association Scholarships supported the sons of old boys who had given their lives in World War II.
During the depression years and at various other times the College with the help of benefactors supported families who, through hardship, could not keep their sons at the College. In many cases the donors requested anonymity and few records remain of the boys whose fees went unpaid but who were able to stay at St. Bede’s.
The St. Bede’s College Foundation in conjunction with the Boards of Proprietors and Trustees has established a scholarships endowment programme to maintain and enhance this tradition of giving. Donors are encouraged to support future generations of Bedeans by endowing scholarships and by doing so help build the Foundation’s capital base.
This brochure details the process for establishing endowing a scholarship, the benefits from this form of donation and the options available for endowment funds.
The Scholarship Endowment Fund
The Foundation is responsible for managing scholarship endowment funds and works with the Rector and the Boards to establish the structures for awarding scholarships and for the ongoing management of the scholarship programme. The benefactors of these funds will be the students, staff and the College’s teaching programmes.
Scholarship endowment funds will assist St. Bede’s College in perpetuity. The capital value is protected for the benefit of future generations and a percentage of the interest earned through the Foundation is used to fund the scholarships.
Donors are not restricted to individuals. Groupings may wish to endow a specific programme or companies associated with the College may wish to align themselves to a subject or teaching programme.
The Scholarship Endowment programme is designed to:
• Provide a range of scholarships to support boys to attend St. Bede’s.
• Help families with sons attending the school, or who are intending to enrol, who are experiencing financial difficulties.
• Offer the widest range of educational opportunities to the greatest number of students.
Benefits of Giving
For individual donors the benefits are often very personal and tangible – the good feeling of having done something significant and valued, remembering a loved one through a named association with a special area of interest.
All endowments are recognised as donations and under current law are eligible for a tax benefit.
Individuals are able to claim a 33% or one third tax rebate for donations up to a maximum claim equal to their annual taxable income.
Example: An individual donates $3000 to various charities and other non-profit groups, including the church. This individual’s taxable income for the 2010 year (01 April 2009 to 31 March 2010) is $35,000. In the past the individual could only claim a maximum of $630. Now, under the new regime, he will receive $1000.
Companies will be entitled to a deduction for donations to charities limited only by the amount of the company’s net income.
Example: Company XYZ is a publicly listed company. In the 2010 tax year this company supported local charities by donating $20,000. The company’s net income before taking into account its donations was $200,000. Previously it could claim a tax deduction of $10,000. However under the new rules the full $20,000 can be deducted.
The Foundation in conjunction with the College offers a range of benefits to those supporting the Scholarships Endowment programme.
• Offering naming rights to scholarships or endowment projects.
• Publishing (if desired) the names of benefactors or companies.
• Ongoing involvement in the Scholarship Programme.
The College will work with donors to ensure their objectives are met and that the scholarship criteria reflect their wishes. In some instances guidance may be necessary to ensure the donors’ objectives are fully met.
• The Endowment and Scholarship options include
• Boarding and day scholarships
• Boarding Scholarships from specific regions.
• Day Boy scholarships from specific schools.
• Scholarships for students whose families are in financial difficulties.
• Scholarships to support staff furthering their teaching qualifications.
• Endowments to support specific subject areas such as the arts, sciences, technology and religion.
• Endowments to support the coaching of specific sports.