Major gift boosts scholarship drivecontinued from page 1 The campaign’s goal is to boost Michigan Retailers
Foundation assets to $1 million in order to increase the number and size
of scholarships awarded annually to MRA members, employees and families.
The ambitious drive began with the need to raise more than $560,000 to
reach the $1 million target. Sherman, a retired shoe retailer and long-time member
of the MRA Board of Directors, said a $250,000 contribution from the Michigan
Retailers Association Trust has provided an early boost to the fundraising
effort, but the toughest part of the campaign lies ahead. “This major contribution provides a valuable and
very welcome boost for the campaign. But pledges and regular contributions
from individuals are what’s going to determine whether we reach our
goal. We have a long way to go,” said Sherman. “And the need has never been greater,” he continued.
“State budget cuts are going to fall heavily on higher education,
with the result that universities will raise tuition significantly. More
students and their families in the retail community are going to be hard
pressed to meet rapidly escalating costs in future years. We can and must
do more with our scholarship program to help retail families meet these
challenges.” Individuals and member companies have contributed nearly
$11,000 to the campaign so far, Sherman reported. The campaign is titled “Links to a Legacy” because
it challenges every retailer to build his or her own legacy through tax-deductible
contributions to the Foundation. The Foundation has established different
contributor levels and provides increasing recognition to members as they
move up the giving ladder. Donors at the top “Legacy Club” level (more
than $10,000 in lifetime contributions) have an annual scholarship named
for them or their business and earn a spot on a “Wall of Fame”
MRA is creating inside the Lansing headquarters. Companies and individuals can request contribution information
by contacting MRA’s Retha Lachance at 800.366.3699 or e-mailing rlachance@retailers.com.
Information is also available on the MRA website at www.retailers.com. James P. Hallan, Association president and chief operating
officer, said the contribution from the Trust was planned in 1999 but
had been held up while the Trust sought a ruling from the Internal Revenue
Service to make sure the transfer wouldn’t have adverse tax consequences.
A favorable ruling was finally received last September and the contribution
formally approved by the Trust board in February. The Trust was established in the mid 1980s with funds
from discontinued insurance programs and proceeds from a successful tax
lawsuit. Its purpose is to provide programs that produce long-term benefits
to MRA members, Hallan said. Meanwhile, the April 1 application deadline for 2003-04
academic year scholarships is rapidly approaching. Approximately $12,000
is available this year for the single-year scholarships that range from
$500 to $1,000 (depending on whether the recipient is attending community
college or public or private university). Eligible students can apply online or request an application
online at www.scholarshipadministrators.net (the access code is MIRA).
To be eligible, the student or parent must work at an MRA-member business. High school seniors and college freshmen, sophomores and juniors may apply. |
The
“Links to a Legacy” campaign to expand Michigan Retailers Association’s
college scholarship program has raised more than $260,000 since it was
launched last fall, campaign chair D. Larry Sherman announced.