(Wakefield, MA) – The Board of Directors of the former Citizens’ Scholarship Foundation of Wakefield, Inc. has changed the name of the organization to The Scholarship Foundation of Wakefield, Inc. (TSF). The new name is being used as of January 1, 2014.
In a letter to donors, TSF stated that the Board of Directors voted to become an independent, local organization after operating as an affiliated chapter of a national umbrella organization for most of its 53-year history. The umbrella organization issued guidelines in 2012 to its chapters that conflicted with TSF values, the most notable being the emphasis on merit-based scholarships rather than the need-based scholarships favored by TSF.
“After lengthy discussions in 2013, the Board of Directors decided to maintain the same needs-based scholarships TSF has been able to provide because of the generosity of its donors,” TSF President Faith Hodgkins said. “In the process of terminating TSF’s relationship with the umbrella organization, we agreed to change our name and to file with the IRS for TSF to have its own section 501(c)(3) charitable status.”
“These changes take time, and TSF is taking its first steps on its own beginning in January.” she added. “The paperwork has been filed for 501(c)(3) status, and we are waiting for approval from the Internal Revenue Service. In order to facilitate the transition, TSF is grateful to have The Savings Bank Charitable Foundation, Inc. as its fiscal sponsor to hold donations received while TSF’s own 501(c)(3) status is pending.”
During this interim period, any donations to TSF should be made out to “TSBCF f/b/o/ TSF of Wakefield” (The Savings Bank Charitable Foundation for the benefit of The Scholarship Foundation of Wakefield, Inc.)
This fiscal sponsorship arrangement facilitates the tax-deductibility of donations and allows TSF to continue its operations without interruption.
“We can all be proud of our local scholarship program which started with door-to-door donations of $1 per household and has grown into an organization that was able to award over $430,000 to Wakefield students during 2013. I look forward to an exciting and prosperous 2014 with The Scholarship Foundation continuing to serve the students of Wakefield.”
Concerns or questions about the transition can be directed to the TSF office at 781-245-4890.