Beneficiary Payments over the last 8 years.
The Trust committee reviews the benefit level every year; the benefits for 2007 are as follows:
First Generation members include Glenn, his brothers and sisters. Second generation members include their children, Third generation members are the children of the second generation. For example in my family, Gene Halls my father is the first Generation, I (Earl Halls) am a member of the Second Generation, and my daughter Lauren is a member of the Third Generation.
- First Generation members are eligible for 100% participation from the trust for college and/or missions.
- Second Generation members are eligible for 75% participation.
- Spouses of second generation members are eligible for 50% participation.
- Third Generation members are eligible for 50% participation.
So what does participation mean?
For those Beneficiaries attending college; traditionally we cover your non reimbursable expenses (tuition, lab fees, etc.) , at your participation level. Books, supplies, housing and other costs are usually not covered. We require that you maintain passing grades each semester to qualify for the next semester. The Trust has some students that have received financial aid and/or reduced fees; the money the trust provides covers the rest. We recommend that you visit your financial aid office and see what is available to you; review all the options and get the best deal you can. We know that there are special circumstances for some that make college unattainable even at the participation level you qualify for. The purpose of the trust is to make sure every beneficiary has the opportunity to attend college, if you need more help please ask. Glenn wanted to provide opportunities, not create roadblocks.
Glenn was a thrifty man; we operate the trust in that same spirit. We have at our disposal an excellent national education system that includes community colleges, state schools, and economical private education. The trust will help fund your education based on your needs, your own effort, and your success, if you need additional assistance please ask. While we would like everyone to have an Ivy League education, the trust simply cannot afford that. By choosing economical institutions for your education, we can help with a larger percentage of your costs. The Trust reserves the right to cover less than the levels noted above for those beneficiaries who choose to attend more expensive private or exclusive educational institutions.
For those going on missions we will cover, at your participation level, that portion of The Churches recommended fee for your mission. Senior missionaries will also qualify based on The Churches estimated monthly expenses.
Keep in mind that all benefits the Trust pays to you or on your behalf are taxable to you. You will receive tax documents from the trust for each tax year that you receive money. You might want to plan for these by having a few extra dollars withheld from your paycheck so you don’t end up owing taxes at the end of the year.
If you still have questions please Contact me.