General Information & Commonly Asked Questions
The Kavanagh Education Trust is an irrevocable Trust created by three brothers, Eugene Kavanagh, Joseph J. Kavanagh and Lloyd R. Kavanagh. This Trust was created in 2002. It supersedes a Trust made by the same grantors in 1986.
In hopes of providing some general information about the Kavanagh Education Trust, the Trustees listed below have prepared this information sheet. If you have additional questions or concerns about the Kavanagh Education Trust, feel free to contact any Trustee.
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1. Why was the Kavanagh Education Trust created?
The original grantors, brothers Joseph J. Kavanagh, Eugene W. Kavanagh and Lloyd R. Kavanagh, strongly believed in the value of education. The brothers were born to farmers in Greene County, Ohio. Each grantor indicated that his life was significantly improved because of the opportunity to get an education. At a time when education was not particularly valued or universally desired, the Kavanagh brothers believed that their education enabled them to progress and succeed in life. They wanted to carry on that principle by assisting their relatives that earnestly desired an education.
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2. Who operates the Kavanagh Education Trust?
The original Trust instrument that created the Kavanagh Education Trust provided for five Trustees to serve as the operating authority of the Trust. Currently, three nieces and nephews and two grandchildren of the original grantors have accepted the appointment as Trustees and continue to operate the Trust in conformity with the directives contained in the Declaration of Trust.
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3. What is the purpose of the Trust?
The stated purpose of the Trust is to financially assist relatives of William and Rose Kavanagh to obtain an education. The preference is for an undergraduate education, but the Trust allows for financial assistance to all relatives earnestly seeking an education.
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4. How long will the Trust last?
It is expected that the Trust will last for many generations. Successor Trustees will undoubtedly take over when the current Trustees are unable or unwilling to assist. It is hoped that with proper management of Trust assets, there will be funds available to assist worthy applicants for many years to come.
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5. How much financial assistance can an applicant receive from the Trust?
Generally, applicants may be entitled to annual financial assistance in an amount no greater than the cost of tuition, room and board for a full-time student at Ohio State University. That financial assistance could be used by the successful applicant at any institution of higher learning. No award is guaranteed to any applicant. The distributions vary annually depending upon income and the number of applicants.
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6. How does one apply for financial assistance from the Trust?
An applicant should apply using the online application form or request an application for financial assistance from one of the Trustees via email. An online or written application must be filed with the Trust no later than April 15th of any calendar year. The Trustees will review all applications, and it would be expected that an applicant would be advised of any award by June 1st. The award would be then used by the successful applicant to pay for education expenses for the next school year beginning the August after the award.
7. Does the grant from the Trust to a successful applicant go directly to the student or the school of his or her choosing?
At this juncture, the Trustees have decided to make the award payable to the successful applicant and allow it to be used by the applicant to pay for education expenses.
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8. Is the Trust a charitable organization as recognized by the Internal Revenue Service under Section 501(C)(3)?
No. The Trust is not a recognized charitable organization and contributions to the Trust are not tax deductible. Anyone is welcome to make contributions to the Trust at any time.
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9. Is the distribution from the Trust to a successful applicant taxable or tax-free?
The certified public accountants employed by the Trust have specifically instructed the Trustees that all distributions from the Trust to successful applicants are taxable to the applicant. Formal tax notification is provided to each successful applicant as required by law. It is the responsibility of the recipient of the grant to account for the tax consequences of any distribution from the Trust.
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10. Can an applicant apply more than once?
An application or a renewal application is required every year. Awards from the Trust are made annually. There is no guarantee that any applicant will be successful any year. The Trustees review all applications filed each year and make decisions anew based upon the available assets and the number and needs of the applicants.
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11. Is the award from the Trust need-based such that applicants in greater financial need would have a greater opportunity to receive money from the Trust?
The financial award from the Trust is not strictly need-based, yet the Trustees recognize that all applicants are not equal and consideration is made of the needs of the applicant coupled with other resources available to the applicant. A financial disclosure form often used by institutions of higher learning is not required for applicant to the Trust or for award from the Trust at this time.
12. Is there a cost to file an application?
No.
12. Is there a cost to file an application?
No.
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13. What is the financial standing of the Trust and what could a successful applicant hope to receive from the Trust?
The assets of the Trust are prudently managed by the Trustees. The Trust endeavors to appropriately manage real estate and non-real estate assets. The Trustees generally make available for distribution on an annual basis all income and earnings of the Trust available after the payment of necessary taxes and expenses of operation.
Awards from the Trust are made annually and as mentioned above will not exceed an amount equal to the tuition, room and board of a full-time student at Ohio State University. Some years successful applicants receive more than other years. The amount of the award is dependent upon the discretionary decision of the Trustees each year. The Trustees are not bound to make equal distributions and the distributions can vary from year to year.
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14. Is a recipient obligated to repay the Trust for the money received?
No. There is no legal obligation to repay any or all of the money awarded, but the Trust hopes that the recipient recognizes a moral obligation to contribute to the Trust so other worthy applicants can receive assistance to obtain their education.
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15. Is the operation of the Trust made known publicly?
No. The Trust is not a governmental or public entity. Its operation is confidential to the Trustees, designated beneficiaries, and those to whom the Trustees make information available. Books and records of the Trust are maintained by the Trust in keeping with applicable law and the Declaration of Trust. Beneficiaries designated in the Trust are always able to review the records of the Trust.
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16. Should someone apply for a Trust grant if he or she intends to use the funds for graduate school?
The Trustees can and have awarded financial assistance to deserving applicants seeking graduate degrees.
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17. Is there an age limit for applicants?
No. Any relative of William and Rose Kavanagh may file an application for financial assistance.
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18. How closely related must an applicant be to be considered for financial assistance?
The Trust instrument provides that successful applicants should be descendents of William and Rose Kavanagh. The Trustees have acknowledged that one is related if an applicant is a descendent by blood, by marriage or by adoption. An unspoken rule seems to exist within the Trust that those more closely related to the original grantors should receive preference over those less closely related, but no requirement exists to that effect. Any person related by blood, marriage or adoption to William and Rose Kavanagh is welcome to file an application for financial assistance.
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19. Where can I obtain additional information about the Kavanagh Education Trust?
More information is available from Trustee Joseph Monnin, who can be reached by email at kavanaghtrust@yahoo.com. Other trustees' contact information is available on the trustees page.
Rules and Eligibility
The Trustees of the Kavanagh Education Trust have, by resolution, established these rules of operation. They are intended to be guidelines and standard procedure. Yet, the Trustees specifically reserve the right to make decisions or award grants that are separate or apart and different from those set forth in these Rules of Operation.
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I. APPLICATION
All applicants for grants from the Trust shall complete an application and submit the same to the Trust. The application is available from the Trust and shall be completed in its entirety. The application shall be received by the Trust no later than April 15th for consideration of grants for the school year beginning August/September. The application shall contain all required attachments and exhibits. The application shall be filed in writing or online. Until further notice, written applications shall be submitted to Kavanagh Education Trust in care of Joseph N. Monnin, Trustee, (contact kavanaghtrust@yahoo.com for mailing address) or filed online at this website.
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II. REVIEW OF APPLICATIONS
The Trustees of the Trust shall review all written applications between April 15th and June 1st of each calendar year. If additional information is required, a request shall be made to the applicant, and the records shall also be submitted no later than June 1st.
The Trustees, pursuant to the Declaration of Trust, reserve the right to operate the Trust in any manner as they deem appropriate and in compliance with the purpose and mission of the Trust. They are not bound by these rules, and specifically reserve the right, within their complete discretion to make decisions concerning the operation of the Trust and the distribution of its assets as they deem appropriate and warranted by the circumstances.
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III. NOTIFICATION OF ANNUAL GRANTS
On or about June 1st of each calendar year the Trustees shall notify applicants of any grant or award to be made to the applicant for the upcoming school year beginning August/September.
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IV. DISTRIBUTION OF GRANTS
The Trust shall make distribution of the grant to the recipients in June or July. Grants may only be used and expended for educational purposes in compliance with these Rules of Operation and the Declaration of Trust.
As a general rule, distributions from the Trust will be made semi-annually; one-half will be paid in June/July, and one-half of the annual award will be paid in December.
The Trustees further reserve the right to increase or decrease the awards and distributions as they deem appropriate.
In addition to the rules set forth above, the Trust shall further modify the distributions granted to all beneficiaries whose residence is outside the State of Ohio to conform to the Ohio pass-through entity tax. The Trust shall withhold from the second half award to each out-of-state beneficiary the amount equal to the tax assessed against the Trust as a result of the annual award to the out-of-state recipient. The tax withheld from the second half distribution to an out-of-state recipient shall be in turn paid by the Trust on behalf of the out-of-state beneficiary to the Ohio Department of Taxation.
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V. RECORDS OF GRANTEE AND USE OF AWARD
All applicants that receive grants from the Trust shall comply with the following:
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Confirm enrollment in and completion of education program in the prior 12 months that was funded in whole or in part by the Trust by providing a copy of a transcript from the institution of higher learning no later than August 15th.
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Provide records that explain how the grant money was used for proper educational expenses. No particular form is required to be used so long as the records account for the use of the grant.
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Notify the Trust immediately if any grant money is not expended as indicated in the application.
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Maintain current information for the Trust of the recipient's residence address, email, and phone number.
The Trustees further reserve the right to request additional information. Failure to provide requested information may preclude a future award or distribution.
All money awarded shall be spent directly or indirectly for expenses reasonably necessary to complete the educational programs described in the application. Any portion of a grant not expended for this purpose shall be returned to the Trust.
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VI. ADDITIONAL GRANTS
The Trustees may, at any time, make additional grants or awards in addition to that set forth above.
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VII. GRANTEE COMPLIANCE
The failure of a grantee to comply with the rules of operation, the terms of the application, and the award process contained in this document may cause the Trust to withhold any additional award and/or seek reimbursement of grants or awards previously made.
The failure of a grantee to maintain a grade point average of at least 2.0 will prohibit the additional award of any grant from the Trust until an applicant's grade point average is 2.0 or better. The grantee shall repay all grants or awards to the Trust if the grantee does not enroll in school or complete the educational programming that served as the basis of the award from the Trust.
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VIII. MAXIMUM AWARD
A. ANNUAL AWARDS
1. Maximum annual award. No grantee will receive for any one school year a distribution or award in excess of the amount equal to the cost of tuition, room and board for a full- time student at The Ohio State University. The cost of the tuition, room and board for a full-time student at The Ohio State University shall be determined annually by the Trust.
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B. MAXIMUM LIFETIME AWARD
1. In addition to the annual award limit described above, a Grantee shall be limited to receipt of funds from the Trust for a maximum period of eight (8) school years. The award shall be made to a Grantee for no more than five (5) undergraduate years. If a Recipient receives a grant for five (5) undergraduate years, then he or she shall be limited to no more than three (3) years of funding for graduate school. Conversely, if a Recipient receives awards for four (4) years of undergraduate school expenses, then the Recipient shall be eligible for up to four (4) years of graduate school awards. Additionally, a different combination of eight (8) years may be accomplished by an applicant with the approval of the Trustees.
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IX. REPAYMENT OF AWARD
Repayment of any award is not required. Grantees are asked to contribute financially to the Trust during their lifetime so that others may enjoy the benefit of an education.
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EFFECTIVE AUGUST 6, 2011; Revised May 2016