THE CLARA ABBOTT FOUNDATION
Frequently Asked Questions
1. Most of us have heard of The Clara Abbott Foundation, but not everyone knows what it is you do for
employees. So, what exactly does The Foundation do?
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In 2015, we celebrated our 75th anniversary of helping Abbott families around the world.
We are here to help employees facing difficult financial situations.
We provide financial assistance grants and university-level scholarships to children of Abbott employees. In
2014 alone, we distributed nearly $4 million dollars to employees in need.
We’ve helped tens of thousands of people throughout the years. And most of them thought they would
never need our services.
Life can change in an instant. Anyone who has experienced a natural disaster, or an unexpected illness can
attest to this.
Not everyone has the resources available to cover these unexpected expenses, and still be able to pay for
their mortgage, rent or other monthly obligations. That’s where we may be able to help.
2. What is the most important thing you want us to know about The Foundation?
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The Foundation is very unique in that it exists solely for Abbott families. What makes us even more unique is
that we assist in a variety of different situations – we help with natural disasters, financial hardships, costs
associated with special needs children, university level scholarships and we also provide financial education
and consulting globally.
The most important thing we want people to know is, they don’t have to face a difficult financial situation
alone. We are here to help. That’s why we encourage anyone in a difficult financial circumstance to reach
out to us.
And our services are completely confidential.
3. Who was Clara Abbott?
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Clara Abbott was a remarkable person. She was the wife of Abbott’s founder.
She deeply cared about the employees of her husband’s company.
Before she died she put a provision in her will to establish a “charity” to help Abbott employees. Today this
charity is known as The Clara Abbott Foundation.
Her gift has helped tens of thousands of Abbott employees throughout the past 75 years; and continues to
help thousands each year.
4. What is the significance of the bridge?
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Clara’s gift connects us all. That connection has been represented with a bridge for at least two decades. It’s
present in our logo, our website and other communication vehicles.
The bridge also symbolizes how our services can connect people to a better, more financially stable future.
And a bridge, in general, symbolizes hope and promise for something different…something better on the
other side.
5. Where does The Foundation get its money?
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The Foundation is completely funded from the portfolio established with Clara Abbott’s original gift of
12,000 shares of Abbott stock.
6. Abbott has a worldwide focus. How does The Foundation meet needs around the world?
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The Foundation also shares Abbott’s worldwide focus--The Foundation is available wherever Abbott
operates.
To ensure we are meeting the needs of our colleagues around the world, we work closely with local HR and
management to ensure our services are relevant and meaningful.
7. Who should I contact for Foundation information if I don’t speak English?
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Several local consultants are available in many countries to help with translation.
You may also call The Foundation directly and utilize our translation services that are available seven days a
week, 24 hours a day.
8. Is every employee eligible?
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Not every employee is eligible for financial assistance. However, any employee can contact us to receive
help with reviewing their finances.
To be eligible for financial assistance you need to be a current employee with at least two years of
continuous Abbott service – or two years from an acquisition date.
For complete eligibility information, visit clara.abbott.com.
9. Will I still be eligible for the Foundation after I leave Abbott?
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Employees or former employees who have at least 10 years of continuous Abbott service, and are at least 50
years old will retain lifetime eligibility for Foundation services.
A financial crisis can happen at any time, but can be much harder to manage if you are on a fixed income.
10. How bad does my financial situation have to be before I could get assistance?
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This is not a one-size-fits all answer. We look at every case on an individual basis.
We are always looking for ways to help employees. We encourage anyone facing financial difficulties to
contact us so we can review their situation together and determine how we may be able to assist.
As part of the financial assistance review process, however, we do look at your entire financial picture.
Factors such as a large savings account, and a number of assets will help determine whether or not you
receive a grant.
Ideally, we would love to hear from you before your finances become a problem. Our consultants can help
evaluate your spending and help you make changes before they become a problem.
Financial Assistance
1. How do you define “need,” or financial hardship?
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The Foundation’s definition of financial hardship is any situation that threatens the family’s ability to provide
basic living needs.
And need is also relative. That’s why we encourage everyone to contact us if they are facing a difficult
financial situation. We look at each case on an individual basis.
Also, our assistance is meant to address a short-term need. For example, the majority of assistance we
provide to employees and retirees is driven by an extraordinary circumstance that created a difficult
financial situation for the family.
For example, one employee we helped was suffering from cancer, and the bills remaining after insurance
were completely out of reach financially for the family. They needed short-term assistance to bridge them to
a better financial state.
Another example was when an employee’s husband lost his job and all of a sudden they couldn’t meet their
monthly financial obligations. We helped them pay their rent and utilities for a couple of months until they
could reassess their new financial situation and make changes to meet their monthly obligations.
2. I am a very private person, and prefer to keep my financial troubles separate from work. If I use the
Foundation, will my manager find out?
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Information provided to The Foundation is kept confidential. Foundation cases are not shared with your
manager and they are not part of Abbott records or personnel files.
3. Is there a certain income range that precludes me from receiving financial/scholarship assistance?
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Not necessarily. Sometimes special situations such as a death of a family member, loss of a spouses’ income,
natural disaster, personal disaster such as a fire or flood, or a special needs child can severely impact a
person’s financial situation.
Income is a factor in the evaluation, but doesn’t necessarily preclude you from receiving assistance. We look
at the whole picture.
Again, that’s why we encourage all employees who face a personal hardship to contact us.
4. You helped my husband and I through a difficult financial time about 5 years ago. Am I allowed to get help
again? How many times can I come to the Foundation for help?
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The Foundation recognizes that life can change in an instant. A natural disaster or a sick child may
completely devastate your financial situation.
So, we don’t put a limit on the number of times you can come to The Foundation for assistance.
However, our assistance is not meant to be long-term.
We can work with you to help review your expenses and see where changes can be made.
5. How long does it take to get an answer after you apply for financial assistance?
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It usually takes two to three weeks to get an answer if an employee submits all requested information to
The Foundation. If an employee delays providing the requested information, it may take longer. In an
emergency (funeral, natural disaster, utility disconnection or eviction), help may be provided more urgently.
6. Can The Foundation help me pay my mortgage?
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Yes. Assistance is short-term, so we may help with your mortgage if you’re facing a specific situation where
it makes it difficult to afford your mortgage for a few months; however we won’t be able to pay a mortgage
every month on a home that you can’t afford over the long term.
The great thing about our services is even if you don’t qualify for assistance; our consultants will look at your
financial situation and give you recommendations to reduce your spending, or help you develop a strategy
for a more solid financial future.
7. Will The Foundation look at my financial situation and help me figure out where I can make changes?
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Absolutely. Our consultants meet with people all the time who aren’t in financial trouble, but recognize that
they could use some guidance to ensure they remain on solid financial footing.
Scholarship
1. College tuition is unaffordable for most parents. Why does The Foundation focus on financial need? Families
may need help no matter what the salary level.
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Our mission, and Clara’s desire has always been to help those most in need.
While we recognize affording college is not easy – there are definitely some Abbott students who wouldn’t
be able to attend college if it wasn’t for our help.
We also offer a College Prep Center on our website that hosts many resources and scholarship links (US/PR).
2. Why do some people receive a higher scholarship award than others?
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We get this question from time to time, and we remind people that no two situations are alike.
We encourage everyone who is in need to apply. Our services are completely confidential.
3. What is the income limit in order to receive a scholarship?
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Income limit varies from year to year.
Scholarships are awarded based on the pool of applicants.
That’s why we encourage everyone to apply for a scholarship.
4. Does the scholarship grant amount ever increase? How much money would I expect to receive?
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Scholarship amounts vary from year to year and from country to country.
Over the past couple of years, we’ve been awarding more scholarships and we’ve been increasing the
average award amount.
5. Does The Foundation provide scholarships/assistance to employees seeking higher education?
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No. Only dependents of eligible employees and retirees worldwide.
And students must be between the ages of 17-24.
6. When are the scholarship deadlines?
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The Scholarship deadline in the US/PR is in April of each year. Scholarship deadlines outside the US vary.
Please visit clara.abbott.com to see your country’s deadline.
Contact The Foundation for more Information:
E-MAIL: [email protected]
PHONE: 1-847-937-1090
WEBSITE: CLARA.ABBOTT.COM
Need help with translation?
You can contact The Clara Abbott Foundation 24 hours a day, seven days a week. Translators are available in
95 different languages.
To contact a Foundation translator:
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Dial 1-847-937-1090 and press 5 to access the translator
The translator will facilitate contact with The Foundation
All calls will remain confidential