2009- 2010 HAROLD ALFOND COLLEGE CHALLENGE FACT SHEET

2009 - 2010 HAROLD ALFOND COLLEGE CHALLENGE FACT SHEET

What is the Harold Alfond College Challenge?

The Harold Alfond College Challenge is an unprecedented higher education grant program that provides a $500 grant to start a NextGen® College Investing Plan account for all Maine resident babies (see restriction below). The Harold Alfond College Challenge is the nation’s first statewide philanthropic scholarship grant program,
launched right here in Maine!

 

What is the goal of the Harold Alfond College Challenge?
The goal of the Harold Alfond College Challenge is to give every Maine resident baby a start toward a promising future. With the $500 grant, parents can begin to help their children pursue education beyond high school. Starting an account now, with the ability to contribute as the child grows, is a great way to help put him on the road to success.

 

Who can receive the $500 grants?
Maine resident babies born on or after January 1, 2009, including babies who are adopted by Maine parents or whose parents move to Maine before the baby’s first birthday are eligible to receive the Harold Alfond College Challenge grant. Also, Maine babies born at MaineGeneral Medical Center in 2008 who are under 1 year of age are eligible. There are no income limits and, while there is no requirement to add to the accounts, it was Mr.
Alfond’s hope that families and businesses and possibly even communities would continue contributing to children’s NextGen® college savings accounts.

 

Who Administers the Harold Alfond College Challenge?
The Harold Alfond College Challenge is administered by the Finance Authority of Maine (FAME) which is also the program administrator of NextGen, Maine’s Section 529 plan. FAME is a quasiindependent state agency that provides innovative financial solutions to help Maine people and businesses pursue educational and business opportunities. To learn more about FAME, please visit www.famemaine.com.

 

What is the Alfond Scholarship Foundation?
The Alfond Scholarship Foundation is a nonprofit foundation established specifically to sponsor and support the Harold Alfond College Challenge. The foundation is a partnership of organizations and individuals who truly embrace Mr. Alfond’s philosophy, and includes representatives from the Maine Compact for Higher Education, FAME, the University of Maine System, the Maine Community College System, the Maine Community Foundation, the Mitchell Institute, and at large representatives from MaineGeneral Health and the Maine Hospital Association.

 

Who was Harold Alfond?

Harold Alfond is the late business entrepreneur, founder of Dexter Shoe Company, and Maine philanthropist who established the Harold Alfond Foundation, the first private foundation in Maine, in 1950. Mr. Alfond had a lifelong commitment to the people of Maine and was deeply committed to his charitable causes. He brought a business mindset to his philanthropy by partnering with organizations he felt were well run and had important missions, and by fostering teamwork and partnerships through his matching challenge grants. His giving focused on education and health care, especially programs for youth. He had a personal practice to open college funds for his grandchildren upon their birth, providing the impetus for the Harold Alfond College Challenge, his legacy gift to every Maine baby.

 

How can parents get more information about the Harold Alfond College Challenge?
Parents may request NextGen® enrollment materials be mailed to them directly or they may download the materials by going to www.500forbaby.org. Families may also call FAME at (800)228-3734 or email FAME at info@500forbaby.org. Information sessions to assist people in completing the NextGen account enrollment form are also regularly scheduled throughout the State.