Greetings from the Josephine Lilly Wolf Memorial Scholarship Foundation (JLWMSF)! We hope everyone had a blessed holiday season and a wonderful start to this new decade. With the 2019 fundraiser several months behind us and our 2020 event nearly seven months ahead, one might think there isn’t much going on at the foundation. As treasurer of the JLWMSF, I can tell you that nothing is further from the truth.
We announced back in the fall that the foundation was pursuing tax-exempt status (known as 501c3). When we first started that process in early 2019 it seemed daunting, but thanks to the foundation board, several of its volunteers, and the energetic counsel of our attorney (Jess Birken), we are proud and excited to announce the IRS approved our application in late December. Yes, you heard that correctly! The foundation is now tax-exempt, meaning many of the gifts received from our donors are now tax deductible.
Upon receiving this exciting news, we took a collective sigh of relief. We couldn’t relax too long, however, as it quickly became apparent that with tax-exempt status comes a host of added responsibilities. Things like governance, proper financials/tax filings, scholarship selection protocols, etc. As a board, we are committed to doing things the right way, and the right way means attention to detail and real work!
The board and several of our volunteers meet at least every other month to make sure we’re on track financially, with planning, and with meeting the obligations to our outstanding students. The foundation operates year-round and we are committed to continually improving how we conduct ourselves.
Going forward, we plan to communicate to our supporters at least once per quarter. Over the course of the months to come, you will hear from various board members and volunteers, as we work to keep you informed about our activities and, more importantly, the progress of our students. Providing opportunities to students who otherwise couldn’t afford to go to college is both an honor and an important responsibility. We are thankful we get to do this important work and to our many donors who make it possible.
With spring just around the corner, so too is the selection process for our next student. Our next update will come from foundation President Shayne Havens, and he will provide details of the selection process, our student candidates, and the next JLWSF scholarship recipient. Please remember that we launched a new website last year (https://www.jlwmsf.org). Information about our board, students, activities, etc., can be found there, along with the ability to make online donations.
We hope you find our communications helpful and are always happy to answer any questions you may have.
Thank you and kind regards,
Marc Havens
Treasurer
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