There are two specific purposes for the Circassian Education Foundation (the “Foundation”) 2020-2021 College Savings Matching Program (the “Program”):
- To provide grants for young children for future higher education; and
- To encourage families to save for college expenses of their young children.
Description of the Program
The Foundation will provide a one-time matching grant per child up to $1,000 toward qualifying 529 plan college savings accounts (“529 Plan”) opened between January 1, 2020 and November 30, 2020 for Circassian children 13 years old or younger (the “Grants”). Up to $3,000 in aggregate Grants will be awarded each year. The Foundation will provide no greater than one (1) Grant per child in an amount no greater than $1,000.
All applicants must meet the following criteria to be eligible to receive a Grant:
- A parent/grandparent/legal guardian must open a 529 Plan in the name of their child at a US financial institution (if needed, the Foundation can provide information to parents/grandparents/legal guardians regarding opening and setting up the appropriate account);
- Parents/grandparents/legal guardians must make an initial deposit into their child's 529 Plan;
- Parents/grandparents/legal guardians must commit to monthly automatically recurring deposits of at least $25 per month into their child's 529 Plan until their child’s eighteenth (18th) birthday;
- By December 24, 2020, parents/grandparents/legal guardians must purchase at least one (1) online ticket to view the Foundation’s 2021 Scholarship Awards & Fundraising Online Virtual Gala to be held on January 30, 2021; and
- An eligible child must be of Circassian descent, must be a U.S. citizen or permanent resident, must be 13 years of age or younger, and must not have previously received a Grant from the Foundation.
Any Grant may at any time be denied, revoked, rescinded, withdrawn or reclaimed if, in the Foundation’s sole and absolute discretion, a recipient of such Grant is found to have been ineligible based on any of the foregoing eligibility criteria.
Applying parents/grandparents/legal guardians are required to submit the following supporting documents to the Foundation between October 1st and November 30th
- A completed online Grant application form;
- Proof of a 529 Plan opened at a US financial institution between January 1, 2020 and November 30, 2020;
- Proof of an initial deposit to the 529 Plan; and
- Proof of monthly automatically recurring deposits of at least $25 per month into their child's 529 Plan.
If parents/grandparents/legal guardians have not opened a 529 Plan account, the Foundation can provide information to them regarding how to open and set up the appropriate account. To request assistance with opening an account, please contact Dr. Sameer Stas at email@example.com.
All documents must be received by the Foundation prior to the November 30, 2020 deadline, and must be mailed to:
Circassian Education Foundation
P.O. Box 2276
Wayne, NJ 07470
- Each Grant application received between October 1, 2020 and November 30, 2020 will be reviewed by the Foundation on a first-come, first-served basis, with no more than $3,000 in Grants awarded per year. Subject to availability of funds, an eligible child will be awarded a one-time Grant matching the initial deposit to the 529 Plan, or the aggregate amount of all deposits to the 529 Plan made from January 1, 2020 to the date of the Grant application, in an amount up to $1,000. If the initial deposit and/or aggregate deposits are greater than $1,000, the Grant will be $1,000.
- For families with more than one child, parents/grandparents/legal guardians may only apply for one child per year.
- The Foundation may offer the Program every year, but reserves the right to suspend or cancel, or to amend the terms and conditions of, the Program, at any time and without prior notice.
- The Grant application form will be available from October 1, 2020 to November 30, 2020. Applications received after November 30, 2020 will not be considered.
- All supporting documents must be received by November 30, 2020.
- Awardees of the Grants will be notified no later than December 31, 2020.