Scholarship Policies and Disclosures

The polices and disclosures that govern the Freestone Future Leaders Scholarship’s recipient selection and award distribution are detailed below.

Freestone developed its scholarship program in compliance with IRS and other federal government regulations, anti-discrimination laws, residency rules for the U.S., Washington state, Oregon and California, and in a manner to ensure applicant information is secured and managed appropriately. 

Non-Discrimination Rules

The Freestone Future Leaders Scholarship does not discriminate or request information to make award decisions based on ethnicity, national origin, gender, identity, sexual orientation, disability, religion or age, in accordance with federal anti-discrimination laws and the statutes below.

Scholarship award processes – whether at public or private institutions or administered by private organizations – must not discriminate on the basis of race, ethnicity, national origin, sex or gender (per the Equal Protection Clause in the Civil Rights Act of 1964 p.18).

For the award of privately funded scholarships, two federal statutes may be applicable:

a. Section 1981 of the Civil Rights Act of 1866 protects the right to make and enforce contracts free of discrimination. In some cases, scholarships may be described as “contracts” when both parties are expected to perform a certain task.

b. Section 1985 of the Civil Rights Act of 1866 prohibits private and public conspiracies to discriminate intentionally on the basis of race by interfering with civil rights created by other laws.

First Dollar Scholarship Contribution

The Freestone Future Leadership Scholarship is a first dollar scholarship, to be awarded as a one-time $5,000 tuition reimbursement before other means of financial aid are received.

Students should know that first dollar scholarships may reduce government financial aid by lessening their overall financial need.

The Freestone Future Leaders Scholarship is only usable for tuition and fees and tax-free by the IRS.

The Freestone scholarship program is being administered and awarded directly by Freestone Capital Management, LLC as a corporate entity and not being managed as a non-profit foundation.

Applicant Records Security and Retention

Freestone Capital Management does not collect highly confidential information for the privacy and protection of our scholarship applicants. All information collected during the application process is managed safely and not shared with anyone outside of Freestone’s scholarship selection committee for application review and awarding purposes, and the company’s accounts payable department to distribute tuition reimbursements to scholarship winners.

Freestone Capital Management does not sell, license or otherwise use applicant information or data for any additional purposes.

To track scholarship tuition reimbursement payments and to ensure that each awardee only receives one scholarship, Freestone will permanently retain the names and details of its five annual scholarship winners. Additional electronic applicant records will be purged after the scholarship award selection process has concluded.

Consent for Marketing and Media Activities

Freestone Future Leaders Scholarship award recipients authorize that their name and image may be shared publicly in Freestone communications, and agree to participate in marketing activities as appropriate, which include but are not limited to media interviews, and inclusion in Freestone’s website, blog and social media content. Freestone Capital Management may request from you at a later time that you sign a lengthier, more detailed consent provision.

IRS Reporting

Freestone is not required to report scholarship award funds to U.S. residents as income, either to the IRS or the student recipient, or to withhold taxes from scholarship payments.

Federal tax laws consider it the student’s sole responsibility to know when income is taxable or not, and to report income accordingly on his or her personal tax returns.

Scholarship awards are tax-free for the recipient when:

  • The scholarship award is used to pay for tuition and fees, or books, supplies and equipment required for courses at the institution.

  • The recipient is a candidate for a degree at an educational institution that maintains a regular faculty and curriculum and has a regularly enrolled student body (i.e. an accredited college or university).

Applicant Residency Rules

The Freestone Future Leadership scholarship is only made available to U.S. residents who are enrolled as a full-time student at an accredited two-year or four-year college, university or technical school in Washington state or California. Residency eligibility requirements by state are outlined below.

U.S. Residency Criteria

For the purpose of this scholarship, students are considered U.S. citizens if they can provide one of these documents:

  1. U.S. passport

  2. U.S. birth certificate along with a government-issued photo identification document

  3. Consular Report of Birth Abroad, or FS-240

  4. Certificate of Citizenship

  5. Naturalization Certificate

Washington State Residency Criteria

Students who are U.S. citizens and those with DACA (Deferred Action for Early Childhood Arrivals) status may qualify for Washington state residency when they are either:

  1. A financially independent student who has established a residence in Washington and have permanently lived in the state for purposes other than attending college for at least one year prior to enrollment at an institution.

  2. A dependent student whose parent(s) or legal guardian(s) have established a residence in Washington by taking certain actions outlined in the state’s residency laws and have permanently lived in the state for purposes other than attending college for at least one year prior to the student’s enrollment at an institution.

Oregon Residency Criteria

Students have established Oregon residency when one of the following conditions applies: 

  1. An independent student or the parents of a dependent student have continuously resided in Oregon for 12 months.

  2. A student is continuously enrolled (completes an academic year within any 12-month period) at an Oregon high school or postsecondary institution.

  3. An independent student or the parent(s) of a dependent student serving on active duty in the U.S. Armed Forces has Oregon listed as their "home of record."

  4. A student is an enrolled member of a federally recognized Native American tribe of Oregon or a Native American tribe which had traditional and customary tribal boundaries that included parts of Oregon.

California Residency Criteria

A Student who is under age 18 and unmarried as of the college application deadline is a California resident if one of the following conditions applies:

  1. One of the student’s parents is a legal California resident as of the college application deadline.

  2. The student has lived for two years with a responsible non-parent adult and that adult has been a legal California resident for at least one year immediately before the college application deadline.

  3. One of the student’s parents is in the U.S. Armed Forces, stationed in California and is on active duty as of the first day of college classes.

All married students, regardless of their age, and all unmarried students age 18 or older, must establish their own residency. Students must have lived in California for at least one year prior to the college application deadline.

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