Future of Maine Community Investment Fund

• To build early aspirations for higher education throughout Maine,
• And to provide students and communities with the information they need to aspire,
• As we engage communities in supporting the opportunity of higher education for their students,
• And we emphasize the value of effort and scholarship in creating more, and more affordable, higher education opportunities,
• To help Maine students of all economic backgrounds save for higher education,
• So that more Maine students make more of the opportunity of higher education,
• All to help our children build a brighter future for their community and state.


Maine College Circle has supported College Aspirations Scholarships in over 90 Maine communities since 1998. It has provided valuable information about the opportunity of higher education and inspired over 50,000 students and parents in schools and communities throughout Maine since 1992. Combining 1) College Aspirations Scholarships, 2) College Aspirations Workshops, and critical information on higher education, and 3) “Effort & Aspirations” Funds makes the Future of Maine program a new model for how to invest in the opportunity of higher education.

Statewide and Community-Based
The Future of Maine Community Investment Fund is led by the 501(c)(3) nonprofit Maine College Circle and is supported by concerned organizations, individuals, businesses, philanthropists, and communities. The scholarships and “Effort & Aspirations” Fund are hosted by a local financial institution and actively supported by the community.

One contribution of $300 could fund:
1. a $100 College Aspirations Scholarship for an aspiring Maine student in grades 3 – 6, earned through research and a scholarship essay.
2. $100 to support informational and inspirational College Aspirations Workshops, print and digital resources, college visits, and other college aspirations resources and activities for the scholarship recipients, their schools, and their community.
3. $100 of shares in the Effort & Aspirations Fund which Future of Maine scholarship recipients can earn through continued academic achievement and effort.

1. College Aspirations Scholarships
After participating in College Aspirations Workshops on the opportunity of college, colleges, college majors, college preparation, and career opportunities beyond college, students in grades 3 – 6 are invited to write an essay on current interests that might make a good career, what they will need to learn to prepare for this career, what college major they should pursue, and which college (broadly-defined) they are most interested in.

These essays may be written at home with support from parents, or, as is most often the case, written in classrooms. For more than twelve years, teachers have found these scholarship applications to be very valuable educational projects to develop research, writing, and career planning skills. Scholarship applications are submitted to Maine College Circle for review done outside of the school.

Maine College Circle and the Local Fund Committee will announce the scholarship recipients after consultation with the school. They will also coordinate an annual, local Future of Maine College Aspirations Scholarship ceremony in the spring of each year to recognize the scholarship recipients. The Local Fund Committee will include (at least) one representative from the host financial institution, one representative from education, and one other representative of the community.

Scholarships and shares of the Effort & Aspirations Fund may be redeemed after submission of an admissions acceptance letter addressed to the student from an institution of post-secondary education. Or, the student may choose to reinvest some or all of their share and scholarship value in the Effort & Aspirations Fund for younger students in the community. Scholarships and shares must be redeemed by age 21 or the funds will become part of the community’s Effort & Aspirations Fund.

Scholarship recipients will be given the option to withdraw their scholarship award to invest in a NextGen 529 College Savings Account.


2. “Aspirations and Information” Resources
Maine College Circle and partnering organizations will provide to scholarship recipients, their schools, and their communities “Aspirations and Information” Resources. These resources will include College Aspirations Workshops, conducted by the nonprofit Maine College Circle and by current and former college students in Maine. These resources will also include printed and digital college aspirations resources including Maine Educational Opportunity Posters, the annual Maine College Advisor Handbook, regular Maine College Advisor newsletters, college campus visits, College VIP support, the Maine College Knowledge Bowl, onsite program development support, and other resources.

These workshops have already reached over 40,000 Maine students in 107 Maine communities since 1997. These workshops can be offered to an individual classroom, several classrooms combined, each grade level, or to a larger school assembly.

Maine College Circle will also be available to answer follow-up questions from students by email, to oversee review of scholarship applications, to coordinate college visits for scholarship recipients, and, when available, to participate in the scholarship awards ceremony.


3. “Effort & Aspirations” (E&A) Fund
Students in grades 4 - 12 who have received a Future of Maine College Aspirations Scholarship can earn one share of their school’s Future of Maine “Effort & Aspirations” (E&A) Fund by submitting to the Local Fund Committee a semi-annual report card with all A’s and B’s (or the equivalent) plus an “E for Effort” recognition from the school principal and one teacher. High school students taking courses recognized as “Honors”, “AP”, or “IB” may receive an A, B, or up to two C grades in accelerated courses to be eligible.

The price-per-share will be determined by the sponsoring financial institution, on recommendation by previous Future of Maine College Aspirations Scholarship recipients (“the shareholders”) in that community. This price-per-share will be set at the two semi-annual meetings, within two months after the termination of the first and second semesters of school.

Future of Maine Shareholder Committees are advised to establish the price-per-share starting with the calculation of (the amount of funds available in the E&A Fund) divided by (the number of shareholders) divided by 20, which slightly exceeds the maximum number of semesters a student shareholder might expect to earn shares.

Example 1:
Amount of the E&A Fund = $5,000 (from additional $3,500 contributions from the community)
Number of Student Shareholders = 15
Potential Price-per-share = $16.66 ($5,000 / 15 students / 20)
Potential value of scholarship and shares at time of redemption on enrollment in college = $433

Example 2:
Amount of E&A Fund = $100,000
Number of Student Shareholders = 15
Potential Price-per-share = $333.33 ($100,000 / 15 students / 20)
Potential value of scholarship and shares at time of redemption on enrollment in college = $6,766

Example 3:
Amount of E&A Fund = $50,000
Number of Student Shareholders = 25
Potential Price-per-share = $100 ($50,000 / 25 students / 20)
Potential value of scholarship and shares at time of redemption on enrollment in college = $2,100


Shareholders and other individuals may purchase shares through cash contributions for individual, eligible student shareholders.