Frequently Asked Questions
What is the Southside Opportunity Fund (SOF)?
Founded in 2017, the Southside Opportunity Fund (SOF) was created by Southside Electric Cooperative’s Board of Directors. This 501(c)(3) nonprofit organization awards scholarships and other opportunities for SEC members and their families.
Where do the SOF funds come from?
Income to pay out the scholarships and other opportunities will come from donations and various fundraising events put on throughout the year, including but not limited to a golf tournament in the spring and clay shooting tournament in the fall, as well as the proceeds from Hooper Park rentals, individual and business donations and bequests.
How can donations be made to the SOF?
Donations to the SOF can be made in the form of cash or checks made payable to:
Southside Opportunity Fund
PO Box 7
Crewe, VA 23930
Are monies contributed to the SOF tax deductible?
SOF is a qualified charitable organization filed under 501(c)(3) of the Internal Revenue Code, and a tax professional should be consulted with to determine the amount of the contribution that is tax deductible.
What are the eligibility requirements for SOF Scholarships?
The applicant’s residence must receive electricity from Southside Electric Cooperative.
Applicant must receive a high school diploma or GED by the fall of 2018.
The applicant must be entering his or her first semester at college or technical/trade school.
Proof of admission is required.
How many scholarships will be awarded?
The number of scholarships will vary from year to year.
When will award recipients be notified?
Applicants will be notified within 60 days of the application deadline.
How are the awarded scholarship monies distributed?
The awarded monies will be paid directly to the higher learning institution. It is the recipient’s responsibility to notify the school as to how the funds are to be used.
What are the responsibilities as the award recipient?
The award recipient will receive a letter with instructions, which will include but is not limited to providing:
- Copy of acceptance letter on the college or trade school letterhead
- Student identification number
- Name and address of department that should receive scholarship check
- Notify school to confirm how scholarship award is to be used
Are scholarship awards taxable?
Scholarship awards are typically not taxable if the award is used for qualified education-related expenses; however, a tax professional should be consulted to determine the taxability of the scholarship.
What if I am interested in the SVCC Power Line Worker Training School scholarship opportunities?
For those interested in scholarship awards for the SVCC Power Line Worker Training School, please contact the Member & Public Relations department at Southside Electric Cooperative by calling 1-800-552-2118.
For more information regarding the Southside Opportunity Fund, please contact Member & Public Relations department at Southside Electric Cooperative by calling 1-800-552-2118.