How did Alpha get the Hoitsma Fund?
Tilly Hoitsma and the Hoitsma Fund
Tilly Hoitsma was initiated into Alpha Chapter in April 1954. She served our chapter as Vice President and Program Chair from 1958 to 1960 and as Chapter President from 1960 to 1962. She was Personal Growth and Leadership Chair from 1966 to 1967 and Nominations Chair in 1968.
Tillie taught Home Economics in Dover, NJ for 37 years and in Levittown, NY for 2 years. She served the Dover Education Association as Secretary/Treasurer and as both Trustee and Secretary/Treasurer of the Dover College Club. She co-chaired the Family Relations Committee of the New Jersey Home Economics Association. She was an active member of the Morris County Retirees Education Association. Tillie also spent time in London, England as part of a teacher exchange program.
Ms. Hoitsma obviously practiced the lessons she taught about budgets and managing the family finances. When she passed away on September 10, 1993, she left an estate valued at more than $1,168,000. Alpha Chapter was one of seven institutional beneficiaries that shared the bulk of her estate and was honored to receive more than $85,000.
Tillie's will specified that the money was to be used for "...scholarships for deserving students that are members of Delta Kappa Gamma, Alpha Chapter..." In accordance with this direction, Alpha Chapter established a Board of Trustees to establish criteria for awarding the money and to oversee the administration of the Hoitsma Fund.
How does the fund operate?
The Hoitsma Board of Trustees consists of five members, four of whom are elected from among the chapter members for a term of two years, on a staggered schedule of two each, at the time of the Chapter general elections. The fifth member is the Scholarship Chair for the current biennium. The Chapter President appoints the Hoitsma Chair/Administrator from among the elected members of the Board of Trustees. Her appointment must be ratified by majority vote of the Chapter membership (required by the bank). The term of the Chair coincides with the Chapter President's biennium. She is responsible for the administration and disbursement of Hoitsma funds, as directed by majority vote of the Board of Trustees. The Hoitsma accounts are held separate from the Chapter's general fund. Accounts require the signature of the Hoitsma Board Chair and/or the Chapter Treasurer. The Hoitsma Board of Trustees meets at least once each year to review applications and criteria for awarding grants. An application must be approved by a majority of the Trustees, who also determine the amount to be granted. At the discretion of the Chair, members may be polled by telephone or email to expedite timely disbursement of funds as applications are approved. The decision of the Trustees on any given application is final.
The bulk of the Hoitsma bequest is currently held in Certificate of Deposit accounts. Interest earned is transferred to a savings account as the certificates mature and are reinvested. money market account. Interest from the certificates of deposit is automatically credited to the money market account by the Bank as it accrues. The amount of money available at any given time is dependent upon the status of Hoitsma Fund investments. Therefore, it is important to give advance notice of anticipated needs and to submit applications as early as possible to guarantee availability and equitable distribution of funds. To date, all approved grants have been awarded from monies held in the interest-generated savings account, although the Trustees have the authority to utilize up to 10% of the principal in any given biennium. every effort has been made to award grants from accrued interest. However, as interest rates have declined, principal has also been distributed. The Trustees have the authority to utilize up to 10% of the principal in any given year.
Tilly Hoitsma was initiated into Alpha Chapter in April 1954. She served our chapter as Vice President and Program Chair from 1958 to 1960 and as Chapter President from 1960 to 1962. She was Personal Growth and Leadership Chair from 1966 to 1967 and Nominations Chair in 1968.
Tillie taught Home Economics in Dover, NJ for 37 years and in Levittown, NY for 2 years. She served the Dover Education Association as Secretary/Treasurer and as both Trustee and Secretary/Treasurer of the Dover College Club. She co-chaired the Family Relations Committee of the New Jersey Home Economics Association. She was an active member of the Morris County Retirees Education Association. Tillie also spent time in London, England as part of a teacher exchange program.
Ms. Hoitsma obviously practiced the lessons she taught about budgets and managing the family finances. When she passed away on September 10, 1993, she left an estate valued at more than $1,168,000. Alpha Chapter was one of seven institutional beneficiaries that shared the bulk of her estate and was honored to receive more than $85,000.
Tillie's will specified that the money was to be used for "...scholarships for deserving students that are members of Delta Kappa Gamma, Alpha Chapter..." In accordance with this direction, Alpha Chapter established a Board of Trustees to establish criteria for awarding the money and to oversee the administration of the Hoitsma Fund.
How does the fund operate?
The Hoitsma Board of Trustees consists of five members, four of whom are elected from among the chapter members for a term of two years, on a staggered schedule of two each, at the time of the Chapter general elections. The fifth member is the Scholarship Chair for the current biennium. The Chapter President appoints the Hoitsma Chair/Administrator from among the elected members of the Board of Trustees. Her appointment must be ratified by majority vote of the Chapter membership (required by the bank). The term of the Chair coincides with the Chapter President's biennium. She is responsible for the administration and disbursement of Hoitsma funds, as directed by majority vote of the Board of Trustees. The Hoitsma accounts are held separate from the Chapter's general fund. Accounts require the signature of the Hoitsma Board Chair and/or the Chapter Treasurer. The Hoitsma Board of Trustees meets at least once each year to review applications and criteria for awarding grants. An application must be approved by a majority of the Trustees, who also determine the amount to be granted. At the discretion of the Chair, members may be polled by telephone or email to expedite timely disbursement of funds as applications are approved. The decision of the Trustees on any given application is final.
The bulk of the Hoitsma bequest is currently held in Certificate of Deposit accounts. Interest earned is transferred to a savings account as the certificates mature and are reinvested. money market account. Interest from the certificates of deposit is automatically credited to the money market account by the Bank as it accrues. The amount of money available at any given time is dependent upon the status of Hoitsma Fund investments. Therefore, it is important to give advance notice of anticipated needs and to submit applications as early as possible to guarantee availability and equitable distribution of funds. To date, all approved grants have been awarded from monies held in the interest-generated savings account, although the Trustees have the authority to utilize up to 10% of the principal in any given biennium. every effort has been made to award grants from accrued interest. However, as interest rates have declined, principal has also been distributed. The Trustees have the authority to utilize up to 10% of the principal in any given year.