Buchanan Promise Kickstart to Career Savings Fund

Buchanan Promise Kickstart to Career Savings Fund

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As part of the Buchanan Promise, we open a $50 Buchanan Promise Kickstart to Career Savings Fund for all kindergarten students.  We will make the initial deposit. These funds are held at Honor Credit Union but are managed by Michigan Gateway Community Foundation (You may opt out by completing the form below and returning it to Michigan Gateway Community Foundation or your child’s school) 

This is a free, deposit-only fund until high school graduation. It is designed to encourage students to start saving early for the future cost of post-secondary education and training.  Deposits are accepted from ANY source – your student, you as parents, family members, and relatives.  The Community Foundation and its donors will also make incentive deposits to your child’s fund throughout their school years. Upon graduation from Buchanan, your student may be eligible for the Buchanan Promise scholarship. (Eligibility for the Promise Scholarship requires graduation AND residency within the Buchanan School District, the BPK2C program is available to all Buchanan students.)  Buchanan Promise Kickstart to Career Fund is just another way you can plan and prepare for your child’s successful journey through post-secondary education and training on the path to their chosen career.

This savings fund is restricted for use in paying expenses related to going to college, pursuing a trade or professional certificate, or any qualified educational expense after high school.  This fund is NOT accessible until your student graduates from high school.  (Hardship withdrawals are allowed by application, see form below)

  • Kickstart to Career is a program designed to assist with post-secondary education expenses. The program is managed by the Michigan Gateway Community Foundation, with partner support from Honor Credit Union and Buchanan Community Schools. Each Buchanan Community Schools kindergarten student receives a savings fund at Honor Credit Union which is opened with a $50 deposit from Michigan Gateway Community Foundation.

  • It is a Children’s Savings Fund. This means the funds remain on deposit until the Michigan Gateway Community Foundation approves your withdrawal for future college and training expenses or until maturity. It is a deposit only fund.

  • No. The Michigan Gateway Community Foundation is the owner of the fund, but the funds are held in trust for you when you need them for post-secondary education.

  • Yes, your fund earns interest.

  • Interest is applied to each fund monthly.

  • No. Michigan Gateway Community Foundation has opened each fund with a deposit of $50. You may add to your child’s fund by making deposits of any size at Honor Credit Union. You need your child’s fund id number to make a deposit. Honor does not have a record of individual fund id numbers. Contact Michigan Gateway Community Foundation if you’ve lost your child’s fund id number.

  • Your fund is NOT subject to balance or transaction fees. It has been set up at Honor Credit Union as a fee free fund as a service to you and the community.

  • Yes, additional deposits are encouraged and accepted at any time.

  • School Deposit Days are on the 3rd Thursday of every month. Your child should bring their deposit in a sealed baggie or envelope with a deposit slip. Your child’s name and fund id should be on their slip. You can also make deposits at Honor Credit Union. Please make sure you have your child’s fund id number as Honor does not have access to individual student fund id numbers. Contact Michigan Gateway Community Foundation if you need your fund id number.

  • No. This is a savings fund for the benefit of students. There are no limits unless they are imposed by Honor Credit Union.

  • The Michigan Gateway Community Foundation will approve your qualified withdrawals for post-secondary education expenses after your graduation from Buchanan Community Schools.

  • If there is any remaining money after a student turns 25, they may request a withdrawal for the total of your private fund balance, including any earned interest.

  • You can contact the Michigan Gateway Community Foundation and complete an Education Completion Withdrawal Form to receive your funds.

  • Please contact the Michigan Gateway Community Foundation to discuss the possibility of an early withdrawal of private funds. Michigan Gateway Community Foundation, as fund custodian, will determine the eligibility of non-qualified withdrawals.

  • Please contact the Michigan Gateway Community Foundation to arrange an extension to the withdrawal date of your fund.

  • Interest earned on private deposits NOT used for educational purposes may be subject to IRS reporting; please seek professional tax advice.

  • No, your deposits are not tax deductible.

  • Only Michigan Gateway Community Foundation can access fund information as owner of the fund. You may contact the Foundation for updates on balance during our regular business hours. We recommend that you keep track of your own deposit activity.

  • Yes. There is an incentive program available We periodically offer incentive deposits or matching funds based on the availability of funds.

  • If you wish to keep the fund, you are still considered a participant in the program and can continue to make deposits and request withdrawals for post-secondary education expenses. It is your responsibility to keep your contact information current by contacting the Michigan Gateway Community Foundation at info@buchananpromise.com.

  • A parent or guardian can inquire about balances and update your address with the Michigan Gateway Community Foundation. Please email info@buchananpromise.com to make those inquiries.

Kickstart to Careers FAQs & Resources

Click on any of the questions in the list for more information!

Program Rules
Contact Change Form
Opt-Out Form
Early Withdraw Form

NOTES:

  1. The size of the matching dollar benefit will be determined by such things as funds available, number of eligible enrolled students, and a giving incentive minimum amount by the student.

  2. All kindergarten students receive a fund. New students may request to opt-in form and will receive a fund once we receive it.

  3. Students may commence withdrawals from their fund when they graduate from Buchanan Community Schools. If a student leaves the district before graduation, the money deposited by the student may be withdrawn. A portion of this withdrawal may be taxable income. Consult your tax professional. The initial deposit from Michigan Gateway Community Foundation and any matching dollars will be kept at the Foundation and redirected to new students entering kindergarten.