SML Lions Reward Youths

                Financial need should not keep Franklin County’s best and brightest from attaining their educational goals. That’s the philosophy of the Smith Mountain Lake Lions Club Scholarship Trust. Last year, more than 20 students applied for four scholarships the SML Lions awarded at the end of the school year.

                “It’s difficult to turn any of these students away,” said Bill Telford, president of the Scholarship Trust, a 501 (c)(3) fund with tax-exempt status for donors. “We are hoping to raise enough money so next year we will have more scholarships.”

                Established in 1990, the trust commits to $6,000 in financial assistance per scholarship over a period of four years. This amounts to $1,500 a year. Recipients are typically near or at the top of their class and are recommended by school faculty members. Candidates are interviewed and approved by the Board of Directors of the trust. Telford said one of the most important criteria in choosing a recipient is financial need.

                “We believe that once young men and women receive their education they will return to the community as professionals and entrepreneurs,” Telford said. “This helps attract industry and creates new jobs.”

                Of the 25 scholarships awarded in previous years, every recipient has graduated from college or is on track to graduate, Telford added. Besides showing financial need and having a high grade-point average, students must graduate from Franklin County High School and attend a Virginia college or university.

                Scholarships are funded from trust earnings, said Tom Fansler, treasurer of the Scholarship Trust.

                “We hope to eventually reach $1 million in assets to fund scholarships,” Fansler said.

                By only using money that is “earned” by the trust from investments and interest, the principal remains untouched, Fansler explained, which allows the scholarship program to continue indefinitely. A $1 million principal in the fund would support about 10 scholarships, Fansler said.

                This year, the SML Lions Club Scholarship Trust  has added a “Diamond Eagle” level to its donor program, which recognizes a gift of $25,000 or more. A Diamond Eagle donor may “name” the scholarship and require a specific study such as agriculture, engineering, business or medical.

                “Naming a scholarship is an excellent way to honor an individual, family or organization,” Telford said.

For more information, contact Telford at 721.5972 or Fansler at 721.2055.