If you are interested in learning more about how to establish a scholarship fund and you would like to discuss the process, please call (877) 253-4380.
Set Up A Scholarship
CommunityGiving is proud to administer more than 125 scholarship funds established by individuals, clubs, corporations and associations across Minnesota and the Upper Midwest. They, like you, see the value in assisting area students in continuing their education at a 2- or 4-year college or technical or trade school.
To set up a scholarship, staff is available by phone at (877) 253-4380 or anytime by emailing firstname.lastname@example.org.
“An investment in knowledge pays the best interest.”
– Ben Franklin
Scholarship Fund Basics
- Scholarship Funds are investment funds that are set up to financially assist students in their pursuit of higher education.
- The scholarships are used by the recipients to pay tuition and other college related costs.
- Scholarship selection is a competitive process.
- There are several ways that scholarships are administered through CommunityGiving.
What is a scholarship fund?
- Contributions are placed into an endowment fund and invested for the purpose of providing scholarships to students.
- Investment earnings make the scholarship possible. The earnings are used to pay the scholarship to the student’s school. The remaining dollars are invested to grow the fund so that the scholarship fund can grow.
- The IRS has several standards that scholarship funds must follow, including:
- be competitive on a defined basis
- apply to a broad applicant pool
- not be controlled by the donor
Things to consider when setting up a Scholarship Fund
Envision the type of student you want to help.
- Where are they from?
- What are their interests?
- Are they pursuing a certain degree or program?
- Example: Teaching or Mechanic or Welding or Science
- Are they currently active in specific programs?
- Example: Athletes, Leaders, Arts, Musicians
- Does current academic standing play a role?
- Does the student’s family financial situation matter?
Visiting With Foundation Staff
- Share your vision and criteria for the scholarship.
- Staff will share more about how funds are invested and distributed.
- Establish the fund.
- Review which format will work best for the scholarship.
To set up a scholarship, staff is available by phone (877) 253-4380 or anytime by emailing email@example.com.