KICKSTART TO CAREER
Frequently Asked Questions
Les Cheneaux Community Foundation’s Children’s Savings Accounts Project: KICKSTART to a Career
What is KickStart to Career?
KickStart to Career is a Children’s Savings Account (CSA) program designed to assist with post-secondary education expenses. Currently there are CSA programs in many states. Ours will be the 5th CSA program in the state of Michigan. The program is managed by The Les Cheneaux Community Foundation, in collaboration with Soo co-op Credit Union and Les Cheneaux Community Schools.
Who can participate?
Each kindergarten student in the Les Cheneaux Community Schools has the opportunity to be the beneficiary of an account at the Soo co-op Credit Union opened with a $50 deposit from the Les Cheneaux Community Foundation.
What type of account is it?
Accounts are deposit-only, which means the funds remain on deposit until Les Cheneaux Community Foundation approves a withdrawal for future education and career-related expenses. Accounts are owned by Les Cheneaux Community Foundation, but the funds are held in trust for the student and available for withdrawal upon graduation from high school. Withdrawals must be a qualified withdrawal and approved by the Community Foundation.
Initial deposits and funds earned from incentives will be directly deposited into the student’s account by Les Cheneaux Community Foundation. Additional private deposits can be made at any Soo co-op Credit Union in person or by mail. The account number is required in order to make private deposits.
Do I own the account?
No. The Les Cheneaux Community Foundation is the owner of the account, but the funds are held in trust for each child when they need them for post-secondary education purposes.
Is this an interest bearing account?
Yes, accounts earn interest. Interest will be compounded each calendar quarter and will be credited accordingly. Accounts are not subject to balance or transaction fees.
How is my interest paid to me?
Interest will be compounded each calendar quarter and will be credited to your account each calendar quarter.
Is there a minimum balance to open the account?
No. The Les Cheneaux Community Foundation will make your first deposit of $50.
What fees will be charged to my account?
Your account is not subject to balance or transaction fees as long as a minimum of one deposit is made annually.
May I, or my family members, make additional deposits?
Yes, additional deposits are accepted at any time. They are also encouraged!
Are there other incentives for my child to receive additional funds other than the opening balance?
Yes. The Les Cheneaux Community Foundation will contribute additional funds by matching up to $25 in private deposits made to the child’s account each school year. Currently, The Foundation will match up to $25 AND our friends at Maples Hardwood, INC will add an additional $25 to that match, turning $25 into $75 toward the child’s future. Matching funds are limited to $25 per school year and must be deposited at Soo CoOp by June 30th of each school year. The Foundation is also looking for additional partners to add more incentives for earnings.
How do I make deposits to my account?
You can to make a deposit or mail a deposit to the Soo co-op Credit Union. If you would like to set up recurring deposits, please see a Soo co-op Credit Union representative.
Are there limits on how much I may deposit?
There is a $50,000.00 maximum limit for the life of the account.
How do I make withdrawals from my account?
The Les Cheneaux Community Foundation will approve your withdrawals.
How can funds in the account be used?
Funds can be used for any qualifying educational expenses after high school. Such expenses may include, but are not limited to: tuition, mandatory fees, books, supplies, and equipment required for enrollment or attendance, or for any other necessary cost of attending school, including travel to and from school, or for school application fees.
What if I don’t use all the funds in my account?
If there are any funds remaining, once the certificate of deposit matures, funds will be disbursed to the Les Cheneaux Community Foundation. They will then pay you the total of your private fund balance, including any earned interest.
What if I graduate from college and still have funds left in my account?
You can contact the Les Cheneaux Community Foundation and complete an Education Completion Withdrawal form.
What if my family encounters a hardship?
Please contact the Les Cheneaux Community Foundation to discuss the possibility of an early withdrawal of private funds.
What if I join the military before college?
Please contact the Les Cheneaux Community Foundation to arrange an extension to the maturity date of your certificate of deposit.
Do I or my parents have to claim the interest earned as income?
Interest earned on private deposits not used for educational purposes may be subject to IRS reporting; please seek professional tax advice.
Are my deposits tax-deductible?
No, they are not.
How will I know what my balance is?
You may view your statement by following the directions from the Soo co-op Credit Union’s Web page or calling the LCCF office 906-484-2484.
What if I move?
You are still considered a participant in the program and can continue to make deposits and request withdrawals for post-secondary education needs. Update your address by contacting the Les Cheneaux Community Foundation.
Who can inquire about my account?
A parent or guardian can be added to the account as an Account Contact. This will allow them to inquire about balances and update your address with the Les Cheneaux Community Foundation and the Soo co-op Credit Union.
How long will this project last?
At this time, the Les Cheneaux Community Foundation initiated this project as a pilot project in 2019 and is to run for five years. At year four, the project will be reviewed for its impact, administrative requirements, financial requirements, etc., for a determination about continuing the project for students through graduation.
uged INVESTING IN THE FUTURE
Les Cheneaux Community Foundation Scholarship Funds
Scholarship Funds Held by The Les Cheneaux Community Foundation:
Josh Goodell Memorial Scholarship
Josh Goodell was a 2019 graduate of Cedarville High School. He realized his goal of playing both basketball and football all four years of high school. His family wishes to honor Josh's memory by awarding a $1,000 scholarship to a student who shares Josh's love for athletics.
George H. Nickels and Les & Jackie Stiner Memorial Endowment Scholarship Fund
The sole purpose of this fund shall be to provide a scholarship to a student attending the Great Lakes Boat Building School in Cedarville Michigan.
The selection of the student(s) for this special scholarship award will be made by the Scholarship Committee of the Great Lakes Boat Building School, as appointed by the Foundation’s Board of Trustees. Graduates who received a George H. Nickels Scholarship shall be recognized as such at graduation and called George H. Nickels Scholars.
Bonnie Mikkelsen Endowed Scholarship Fund
The sole purpose of the Fund shall be to provide financial assistance for students attending the Great Lakes Boat Building School who have met the financial need criteria as established by the Board of the Great Lakes Boat Building School.
Frank (Duke) Harding Memorial Endowed Scholarship Fund
The purpose of the fund is to provide an annual scholarship to a student attending the Great Lakes Boat Building School.
Les Cheneaux Arts Council Fund
The purpose of the fund is to provide annual support to art programs, classes & scholarships in the Les Cheneaux Community.
Les Cheneaux General Scholarship Fund
The primary purpose of the fund assets shall be to provide financial assistance for students who are attending a post-secondary school and are graduates of the Les Cheneaux Community Schools.
Les Cheneaux Lions Club General Scholarship Fund
The primary purpose shall be to provide FIRST YEAR financial assistance for students who are pursuing a post-secondary education and are graduates of the Les Cheneaux Community Schools.
Thomas (Tommy) Nelson Mertaugh Scholarship Fund
The sole purpose shall be to provide a scholarship to a student attending the Great Lakes Boat Building School and who meets the criteria established by the Great Lakes Boat Building School for financial aid.
Tricia (St Onge) Smith Memorial Scholarship Fund
Tricia (St Onge) Smith attended Les Cheneaux Community Schools and graduated in 1997. Not only was she a wonderful student but she was also passionate about sports. Tricia earned many awards in basketball, volleyball, and track. She later attended Central Michigan University and became an incredible teacher. This fund was set up to help others who share Tricia's passion for education and sports. This fund will award $500 to a recipient each year.
Trip Abnee Memorial Water Safety Fund
This fund was created by Trip Abnee's wife and daughters to honor Trip's love of boating and insistence on safety. He taught many kids how to drive a boat and made it possible for them to get their boating licenses. He had two rules: "Do what the captain says, when the captain says it" and "Have fun". Coming into the dock he would say, "Fingers and paws inside the boat" and after docking he would say, "Any landing you walk away from is a good one, every time without fail". This fund is used to provide life vests to area youth who complete the Water Safety Course offered free of charge each summer.
The Williams Family of Coryell Island Scholarship Fund
This $1000 scholarship was instituted in 2001 by the Williams Family who has had a long time presence on Coryell Island. The purpose is to provide financial assistance for continuing education or vocational training to graduates of the Les Cheneaux Community Schools based on their financial need, academic performance, and participation in extracurricular activities and community service.
Geraldine (Gerry) Naybeck Memorial Scholarship
The primary purpose is to support programs and projects that provide education and /or early detection of cancer: equipment, programs, or services to assist individuals diagnosed with cancer or other terminal illnesses. Also supported are programs and support services for families or scholarships for students studying nursing or a related health field.
Tassier-Nye Scholarship
The primary purpose of the fund shall be to provide financial assistance for students who have attended a school in the Les Cheneaux area.
Rae Taylor Memorial Scholarship Fund
Rae Taylor was an avid builder and lover of boats. This endowed scholarship fund was created by Rae Taylor's wife Dianne in his memory. The sole purpose of the fund shall be to provide an annual scholarship for a Great Lakes Boat Building School student who has a love of boat building & repair, or mechanical maintenance of boat engines & systems, and who demonstrates a financial need.
William T. and Ann Collins Charitable Fund NEW SCHOLARSHIP AWARD
Applications are being taken through June 30, 2022 for a $5,000 scholarship awarded to a graduate of Cedarville High School who is currently pursuing a career in the healthcare field. Contact our office for application. (906)484-2484 or [email protected].
William (Billy) Ryan Scholarship Fund
The sole purpose shall be to provide an annual $500 scholarship to a Cedarville High School graduate who intends to continue his/her education at an institute of higher learning, either university, college, or vocational/technical school.
Earl Law-Perry White VFW Post 7958 Scholarship Fund
The sole purpose of the fund is to provide $1000 or $1500 scholarship to a high school graduate from both Les Cheneaux Community Schools and Pickford Community School who intends to continue his/her education at an institute of higher learning. The graduating senior is required to be a veteran or related to a veteran. If related to a veteran who is a member of the Earl Law-Perry White VFW Post 7958, the scholarship shall be $1500 instead of $1000.
Archie and Ruth Visnaw Endowment Memorial Scholarship
Archie Visnaw grew up in Cedarville and was one of Cedarville's great ambassadors. Archie was the area postmaster for more than 30 years.
He was also an avid boat and snowmobile racer. Most importantly, Archie was a friend to everyone he met. Ruth came to Cedarville as a Home Economics teacher. She taught over 25 years in the Cedarville School system and was a highly respected teacher. The Archie and Ruth Visnaw Memorial Endowment Scholarship is a $500 scholarship given to a student who has attended Cedarville High School wishing to extend their post high school educational opportunities.