April 2012 Archive

Free Professional Photographs and Help Offered to Receive the

$500 Alfond Grant at Both Locations

Augusta, ME – Hundreds of Maine babies under the age of one are expected at the upcoming “Future Faces of Maine” Casting Calls.  The Casting Call events are held to find new Maine baby faces to promote the Harold Alfond College Challenge and to assist families with applying for the $500 grant for higher education available to all Maine babies up to their first birthday.  Casting calls will be held at the Rangeley Hall on Sylvan Road at EMCC in Bangor from 10:00am – 2:00pm on Saturday, March 31, at Woodbury Hall Campus Center on Bedford Ave. at USM in Portland from 10:00am – 2:00pm on Saturday, April 7, at Auburn Mall from 10:00am – 2:00pm on Saturday, April 28 and at UMA Augusta from 10:00am – 2:00pm on Saturday, May 5.

“Casting Calls have proven to be enjoyable experiences for babies and their families, we rarely hear a single cry,” said Elizabeth Vanderweide, program manager for the Harold Alfond College Challenge.  “Not only will families receive a free, professional photograph of their baby, but Casting Calls also provide an opportunity for families who wish to receive help to complete the NextGen account application, which is required in order to receive the $500 Harold Alfond College Challenge Grant (Alfond Grant).”

The $500 Alfond Grant is available to all Maine babies when a NextGen College Investing Plan (NextGen) account is opened by their first birthday.  At the casting calls, Maine babies under the age of one will receive a free professional photograph and may have their picture appear in future Harold Alfond College Challenge promotional materials.  For interested families, Finance Authority of Maine (FAME) staff will be on hand to provide information and assistance in completing the application for the $500 grant. FAME is the administrator of NextGen.

Casting call events over the past two years have attracted about 3,000 Maine babies and assisted in the opening of nearly 2,000 NextGen accounts.  Over 13,000 Maine babies have opened accounts and received the $500 Alfond Grant, with 25% of them also contributing their own funds.  There are no income limits and no contributions are required to receive the $500 grant.  Funds in the NextGen account may be used to pay for qualified higher-education expenses at any accredited post-secondary school, including four-year and two-year public and private colleges, certificate programs, trade schools, and even graduate schools.

1 To be eligible for the favorable tax treatment afforded to any earnings portion of withdrawals from Section 529 accounts, withdrawals must be for “qualified higher-education expenses,” as defined in the Internal Revenue Code.

Please remember there's always the potential of losing money when you invest in securities.

Over 13,000 Harold Alfond College Challenge Grants Awarded

March 5, 2012, Augusta, ME – March 6 is the 98 anniversary of the late philanthropist Harold Alfond’s birth and an appropriate time to celebrate the fact that the Alfond Scholarship Foundation has awarded over 13,000 grants of $500 each (totaling more than $6.5 million) since 2008 program inception to Maine babies in order to start college investing accounts.

The grant concept was given birth to by Mr. Alfond and his Foundation as a way to encourage every Maine baby’s family to start investing in the future of that child and in Maine’s future, as well.  Such was Mr. Alfond’s dream, and one of the newest “Alfond babies” to enroll in the program is actually an Alfond baby - Mr. Alfond’s great-grandson, Jacoby.  Jacoby is the son of State Senator Justin Alfond and his wife, Rachael.

“Growing up as Harold Alfond’s grandson, I was taught early and often about the importance of saving for college and investing in the future.  So when my wife and I welcomed our new baby into the world recently, it was only natural that we’d open a NextGen College Investing Plan account and obtain the $500 Harold Alfond College Challenge Grant,” says proud father Justin Alfond.

Each month, nearly half of the more than 400 eligible Maine babies who sign up for the grant do so online – a new method of enrollment that started in March 2011.

Recently, Gretchen Schaefer blogged her thinking about the grant on Bangorbaby.com:  “I was THRILLED to learn that you can now enroll online. [The Alfond Grant program is]  not a scam, it’s the vision of one of Maine’s most generous philanthropists, Harold Alfond — take the money.  He wanted you to.”

“Mr. Alfond believed that all Maine children deserved the opportunity to pursue higher education.  He knew that Maine needs an educated work force to have a viable economy, and, with this legacy gift, you begin to see the seeds are forming roots,” said Elizabeth Vanderweide, program manager for the Harold Alfond College Challenge.  “With nearly 40 percent of all eligible babies enrolling, we still have many more children to reach. Some people still believe the $500 grant is too good to be true, while others are concerned because they don’t feel comfortable with investments.  We encourage those people who hesitate to reach out to FAME, their financial advisor or the 500ForBaby.org Web site because this program is true - $500 for every eligible Maine baby - and we can help.”  

The $500 Alfond Grant is available to all Maine resident babies when a NextGen account is opened by their first birthday.  There are no income limits and no contributions are required to receive the $500 grant.  Administered by the Finance Authority of Maine (FAME), funds in the NextGen account may be used to pay for qualified higher education expenses at any accredited post-secondary school, including four-year and two-year public and private colleges, certificate programs, trade schools, and even graduate schools.

Parents of Maine babies (or others) may apply for the grant by visiting http://www.500forbaby.org or calling FAME 1-800-282-3734 and completing an application prior to the child’s first birthday.  To assist  with opening accounts, the Alfond Scholarship Foundation also hosts “Casting Calls” around the state.  At a Casting Call,   a free professional photograph of the  baby is provided along with assistance in completing the NextGen application.  Spring Casting Calls are currently scheduled for March 31, 2012 10am – 2pm, at Rangeley Hall at Eastern Maine Community College (EMCC) Bangor, April 7, 2012 10am – 2pm at Woodbury Hall at University of Southern Maine (USM) Portland, April 28, 10am - 2pm at Auburn Mall and May 5, 10am - 2pm at University of Maine Augusta (UMA).

1 To be eligible for the favorable tax treatment afforded to any earnings portion of withdrawals from Section 529 accounts, such withdrawals must be used for “qualified higher education expenses,” as defined in the Internal Revenue Code. Any earnings withdrawn that are not used for such expenses are subject to federal income tax and may be subject to a 10% additional federal tax as well as state and local taxes.

Please remember there's always the potential of losing money when you invest in securities.