FREQUENTLY ASKED QUESTIONS ABOUT THE TRUST
What is the Trust? The Pexa Education Trust was set up by Margaret and Eugene Pexa
to benefit the families of their 17 nieces and nephews. It was funded after their deaths in
2011. It is administered by three Trustees chosen by the Pexas: Kevin O'Rourke,
Sheila Northrop and Joanna Plante. Their responsibilities are set by and their decisions
limited by the written terms of the Trust.
What will the Trust pay for? The Trust can only pay for educational expenses.
Educational expenses include tuition, necessary supplies, books and fees for grade
school, high school, college, vocational technical school, graduate school along with
educational experiences for those with disabilities. Travel expenses, room and board and
other personal expenses are not covered.
Who will it pay the expenses for? The Trust is set up for the “issue” (children,
grandchildren, great-grandchildren) of any of the Pexas’ nieces and nephews, up until
their 30th birthday or the Trust exhausts its funds.
How much will the Trust pay? There are lifetime limits on how much the Trust will
pay -- $20,000 for each beneficiary, or $25,000 if the beneficiary attends a Roman
Catholic school (which will be adjusted for inflation since 2003). You could ask the
Trust to pay that all in one school year or choose to use a little at a time.
How do I make a claim? First, you must apply to be recognized as a beneficiary. You
can find a copy of the Beneficiary Application at PexaEducationTrust.com. Complete the
application, sign it, have your parents sign it, attach a copy of your birth certificate and
mail it to us.
I’m a Beneficiary, how do I obtain the money? You can find a copy of the Funding
Request at PexaEducationTrust.com.
Fill it out,
sign it,
have your parents sign it if you’re under 24,
attach copies of your tuition statement and other receipts,
mail it to the Trust,
know when your tuition is due,
contact your school and let them know you expect the Trust to pay your bill,
provide the Trustees access to your tuition account, either electronic access or by
signing your school’s release form.
Except in special circumstances the Trust will make payments directly to your school.
You or your parent/guardian will be expected to give the Trust whatever information or
authorization is required for the Trust to access your tuition statements and accounts.
Can’t I just email it? No and Yes. You must send your first request via snail mail. On
it you can agree to submit and receive forms via email. Just fill out the email delivery
section of the request form. The Trust can then accept requests made from your email
address, but make sure you always use the same address. For security reasons, the Trust
will not consider requests made from any other email addresses.
What happens after I send my request? The Trustees will send you an email to
confirm they have received your request. If you don’t hear from them within the week,
please call one of the trustees.
Once your request has been considered, you will receive a letter from the Trust. If your
request has been approved, the letter will explain that payment is on the way. If any part
of your request has been denied, or more information is needed, that will be included in
the letter.
My request was approved! Am I done? Not quite. Make sure you check your tuition
account and confirm that your school has received the Trust payment. It may take several
weeks for processing. If you don’t see the payment within a month, call a Trustee.
Will this Trust affect my college financial aid? Maybe. Before requesting funds from
the Trust, you must apply for any scholarships or financial aid for which you are likely to
qualify. The Trust recommends that college and vocational technical students and their
families contact the financial aid officer at their school for advice on how the Trust will
affect your status. Because of certain tax and financial aid advantages, the Trustees have
chosen to invest some of its assets in a 529 College Savings Plan. If you believe this
could affect your financial aid, contact the Trustees for more information.
Why does the Trust need my social security number? The Trust will need it to
prepare tax forms when you receive distributions, and if you are named the beneficiary of
a 529 College Savings Plan. For any year when payments are made on your behalf, the
Trust is required to report distributions to the IRS. You may receive a K-1 from the Trust
and/or a 1099 Q from the Minnesota College Savings Plan to document the amounts you
received.
When should I make a funding a request? As early as possible! The Trust will only
pay current educational expenses. Requests for tuition must be made before the end of
any school term. If for some reason claims for books or other non-tuition expenses can
not be made during the term, please provide us with a full explanation.
You can choose to request all or just part of your qualified educational expenses, but for
whatever amount you request, you must provide a tuition statement or other proof of the
amount you are requesting. You may even choose to make more than one request for a
school term, one for tuition paid to your school and one later for books and supplies.
When will my school get the money? The Trustees meet once a month. Funding
Requests received before the 15th will be considered before the end of the month.
Funding Requests received after the 15th might not be considered until the following
month. Once a request is approved, it can take several weeks for your school to receive
the funds. Monies that have been invested with the Minnesota College Savings Plan
(529) have to be approved and sent via snail mail. Know when your tuition is due! If
you are facing a deadline, talk to your school and explain the Trust’s payment procedure.
Once your request has been approved, go back and check that funds have been applied
correctly.
My tuition is due tomorrow? What to do? The Trust can not pay late fees or payment
plan fees. If you have a deadline looming, let your school know about the Trust. Make
sure the Trustees have your complete and accurate Funding Request, and online access to
your tuition account. Once your Funding Request has been approved, the Trustees will
send notification to your school. College billing offices are aware of the procedural
delays caused by Trust payments and 529s.
What is the Trust? The Pexa Education Trust was set up by Margaret and Eugene Pexa
to benefit the families of their 17 nieces and nephews. It was funded after their deaths in
2011. It is administered by three Trustees chosen by the Pexas: Kevin O'Rourke,
Sheila Northrop and Joanna Plante. Their responsibilities are set by and their decisions
limited by the written terms of the Trust.
What will the Trust pay for? The Trust can only pay for educational expenses.
Educational expenses include tuition, necessary supplies, books and fees for grade
school, high school, college, vocational technical school, graduate school along with
educational experiences for those with disabilities. Travel expenses, room and board and
other personal expenses are not covered.
Who will it pay the expenses for? The Trust is set up for the “issue” (children,
grandchildren, great-grandchildren) of any of the Pexas’ nieces and nephews, up until
their 30th birthday or the Trust exhausts its funds.
How much will the Trust pay? There are lifetime limits on how much the Trust will
pay -- $20,000 for each beneficiary, or $25,000 if the beneficiary attends a Roman
Catholic school (which will be adjusted for inflation since 2003). You could ask the
Trust to pay that all in one school year or choose to use a little at a time.
How do I make a claim? First, you must apply to be recognized as a beneficiary. You
can find a copy of the Beneficiary Application at PexaEducationTrust.com. Complete the
application, sign it, have your parents sign it, attach a copy of your birth certificate and
mail it to us.
I’m a Beneficiary, how do I obtain the money? You can find a copy of the Funding
Request at PexaEducationTrust.com.
Fill it out,
sign it,
have your parents sign it if you’re under 24,
attach copies of your tuition statement and other receipts,
mail it to the Trust,
know when your tuition is due,
contact your school and let them know you expect the Trust to pay your bill,
provide the Trustees access to your tuition account, either electronic access or by
signing your school’s release form.
Except in special circumstances the Trust will make payments directly to your school.
You or your parent/guardian will be expected to give the Trust whatever information or
authorization is required for the Trust to access your tuition statements and accounts.
Can’t I just email it? No and Yes. You must send your first request via snail mail. On
it you can agree to submit and receive forms via email. Just fill out the email delivery
section of the request form. The Trust can then accept requests made from your email
address, but make sure you always use the same address. For security reasons, the Trust
will not consider requests made from any other email addresses.
What happens after I send my request? The Trustees will send you an email to
confirm they have received your request. If you don’t hear from them within the week,
please call one of the trustees.
Once your request has been considered, you will receive a letter from the Trust. If your
request has been approved, the letter will explain that payment is on the way. If any part
of your request has been denied, or more information is needed, that will be included in
the letter.
My request was approved! Am I done? Not quite. Make sure you check your tuition
account and confirm that your school has received the Trust payment. It may take several
weeks for processing. If you don’t see the payment within a month, call a Trustee.
Will this Trust affect my college financial aid? Maybe. Before requesting funds from
the Trust, you must apply for any scholarships or financial aid for which you are likely to
qualify. The Trust recommends that college and vocational technical students and their
families contact the financial aid officer at their school for advice on how the Trust will
affect your status. Because of certain tax and financial aid advantages, the Trustees have
chosen to invest some of its assets in a 529 College Savings Plan. If you believe this
could affect your financial aid, contact the Trustees for more information.
Why does the Trust need my social security number? The Trust will need it to
prepare tax forms when you receive distributions, and if you are named the beneficiary of
a 529 College Savings Plan. For any year when payments are made on your behalf, the
Trust is required to report distributions to the IRS. You may receive a K-1 from the Trust
and/or a 1099 Q from the Minnesota College Savings Plan to document the amounts you
received.
When should I make a funding a request? As early as possible! The Trust will only
pay current educational expenses. Requests for tuition must be made before the end of
any school term. If for some reason claims for books or other non-tuition expenses can
not be made during the term, please provide us with a full explanation.
You can choose to request all or just part of your qualified educational expenses, but for
whatever amount you request, you must provide a tuition statement or other proof of the
amount you are requesting. You may even choose to make more than one request for a
school term, one for tuition paid to your school and one later for books and supplies.
When will my school get the money? The Trustees meet once a month. Funding
Requests received before the 15th will be considered before the end of the month.
Funding Requests received after the 15th might not be considered until the following
month. Once a request is approved, it can take several weeks for your school to receive
the funds. Monies that have been invested with the Minnesota College Savings Plan
(529) have to be approved and sent via snail mail. Know when your tuition is due! If
you are facing a deadline, talk to your school and explain the Trust’s payment procedure.
Once your request has been approved, go back and check that funds have been applied
correctly.
My tuition is due tomorrow? What to do? The Trust can not pay late fees or payment
plan fees. If you have a deadline looming, let your school know about the Trust. Make
sure the Trustees have your complete and accurate Funding Request, and online access to
your tuition account. Once your Funding Request has been approved, the Trustees will
send notification to your school. College billing offices are aware of the procedural
delays caused by Trust payments and 529s.