What are the steps involved in setting up a scholarship fund?
Scholarship funds can be set up by any individual or organization. Creating a scholarship program might seem like a daunting task at first glance, but it seems much easier once you learn how to start a scholarship program. All it takes to set up a scholarship program is a combination of money and planning.
Steps in setting up a scholarship fund include:
Money - determine the amount of money available for the scholarship program. Many scholarship funds are started with generous donations from major corporate sponsors. Others are launched as a result of a bequest. Still others are the result of fundraising efforts of individuals or members of clubs or organizations.
Compliance - make sure the scholarship program is being established and operated within the boundaries of state and federal laws, including Internal Revenue Service regulations.
Scholarship Value - set an amount to be paid each year in scholarship funds. Some scholarship funds have a set dollar amount each year. Others are set up so that the value of funds to be awarded can change each year.
Eligibility Criteria - every scholarship fund must have documented criteria for eligibility, that specify the qualifications required to receive funding under the scholarship program.
Award Period - Some scholarships are one time awards for which previous winners may or may not be allowed to re-apply. Others are renewable based on certain criteria (such as satisfactory academic progress or continued performance ability).
Duration of Fund - some scholarship programs are one-time gifts. Others are established as endowment funds, in which the principal of the donation is invested and the interest is awarded to scholarship recipients. These types of scholarship programs become self perpetuating, if managed properly.
Scholarship Frequently Asked Questions
How do I apply for an athletic scholarship?
Are there scholarships available for athletics?
Why didn't I get the scholarship to a top division school?
Can I get a scholarship form the NCAA?
Are there scholarships for sports journalism?
Do they have sports scholarships for women?
What does my scholarship cover?
Is it true that Wal-Mart has scholarships?
What is the HOPE scholarship?
Is the Hope Scholarship Tax Credit an actual scholarship?
I have so many loans, how can I pay them all back?
What is FAFSA?
What is the federal work study program?
What is a financial aid package?
Is an internship the same as work study?
What if scholarships don't cover everything.
Can I work over the summer as part of my work study award?
What is work study?
What is the Benjamin Gilman Scholarship?
What is the Fullbright Scholarship?
What types of loans are available for International Students.
What is a Rhodes Scholar?
I want to study abroad, how can I pay for it?
I am African American, where can I look for scholarships.
I am Asian/ Pacific Islander where can I look for scholarships.
I am Gay/Lesbian/transgender, are there specific scholarships for me?
I am Hispanic, where can I look for scholarships?
Are there special scholarships available for minorities?
I am Native American where can I look for scholarships.
Does UPS offer scholarships for minorities?
How do I write a good college essay?
What do I do during my junior year?
How do I keep my focus at the end of my senior year?
What should I provide to the person I ask to write my letter or recommendation.
What do I do during my senior year?
When should I start applying for scholarships?
What types of topics do scholarship essay use?
What belongs in a letter of recommendation?
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Are there professional organizations that can help me fund my education?
How many scholarships should I apply for?
Do religious organizations offer scholarships.
I was home schooled, can I apply for scholarships?
How will I pay for college?
I am getting a later start on my college career, is financial aid available for me?
What is a Pell Grant?
I am a single parent, is other any aid for me?
What kind of scholarships are available?
What is the difference between a Scholarship and a Grant?
Are there scholarships available based on nationality?
Are scholarships available online?
What are some ways I can find scholarships?
My parent belongs to a union, can I get scholarship money from them?
I love writing poetry, can this help me get a scholarship?
I am blind or visually impaired, are there scholarships for me?
Does my local library offer scholarships?
My parents or grandparents are veterans, am I eligible for any scholarships?
I already know what field of nursing I want to concentrate on, are there scholarships?
What do I do with all these loans that I have?
Are there craft based contests available.
I am deaf or hard of hearing, are there scholarships for me?
What is the Florida Gold Seal Vocational Award?
Can I forgive/cancel my student loans as a teacher?
Who qualifies for the Freedom Alliance Scholarship?
What is an example of a scholarship contest?
Is there a Coke Scholarship?
How can I find a scholarship.
Are there scholarship for left handed people?
Are there other scholarships available for military personal?
Are there scholarships for minorities interested in nursing?
Are there scholarships available based on my name?
What is the PROMISE Teacher Scholarship.
What is a repayment program?
What is the ROTC Nursing program?
What is the ROTC?
Are all scholarships out there legit?
I want to get into nursing, are there scholarships for me?
I am a short story writer, are there specific scholarships for me.
What types of scholarships does North Carolina offer.
If I want to be a teacher, what sort of aid can I get?
Should I go to Graduate School?
What does it mean to defer my loans?
I was in the reserves, am I still eligible for the GI Bill?
I am a military veteran, is there any financial assistance for me?
I play a musical instrument, are there band scholarships?
Are there height based scholarships?
Are there any wacky or unusual scholarships available?
What sorts of scholarships are available in the sciences.
Does UPS offer scholarships for non employees?
Does UPS offer scholarships for employees?
I'm interested in a vocational career, are there scholarships available?
What are some of the most unusual scholarships?
What are some warning sign to look for to avoid scholarship scams.
What is the Washington Trucking Association Scholarship.
What type of essay contests are there?
Are there scholarships for Music Majors?
Should I apply for every scholarship?
Can I turn in a scholarship application late or incomplete?
How can I protect myself from losing my application information?
What other resources are available to find college scholarships?
What types of academic excellence scholarships are available?
What is the procedure for applying for a National Merit Scholarship?
What are the criteria for military academy scholarships?
How can I improve my standardized test scores to qualify for academic scholarships?
Are there any scholarship programs that recognize seniors who work while completing high school?
Are there any scholarship programs specifically for two-year degree students?
How can I learn about corporate Scholarship programs?
Are there any minority scholarship programs for MBA students?
Are there any minority scholarship programs for Hispanic students?
Are there scholarships designated for Hispanic nursing students?
Does General Motors fund any minority college scholarship programs?
What types of scholarship programs are available for Asian American students?
Are there any medical school scholarship programs earmarked for minority students?
Do the individual states fund student grant programs?
Are there any federal grant programs that can supplement Pell Grant funding?
Are there grant programs specifically for math and science majors?
Are there grant programs designated for students who completed high school programs designated as rigorous secondary school programs of study?
How can I get scholarships and grants to help pay for school?
How do I apply for grants for college?
Are there any scholarships that fund professional opera training for vocalists?
Are there any music scholarships designated for church musicians?
Are there any scholarship programs designated for music therapy students?
Are there any national scholarship competitions for Interior Design students?
Are there any arts scholarships designated for sculpture students?
Are there programs for high school artists that can qualify them for arts-related college scholarships?
Does the Department of Homeland Security fund graduate school scholarships?
Does the National Society of Collegiate Scholars offer any graduate level scholarships?
Are there scholarships available for international students who wish to pursue graduate study in the United States?
Are there any scholarship opportunities for American graduate students who wish to study abroad?
Does the American Cancer society sponsor graduate degree scholarships for nursing professionals?
Are there scholarship programs for golf caddies?
Are there any scholarships related to Star Trek?
Are there any skateboarding scholarships?
Are there any scholarships for vegetarians?
Are there any athletic scholarships for bowlers?
Should I pay an application fee to apply for a scholarship?
Are there laws in place to protect consumers from scholarship scams?
Are scholarship scams just a myth, or do they really happen?
Why do people keep falling for scholarship scams?
Are all scholarship search services scams?
Are there really millions of dollars of unclaimed scholarship money every year?
Are there any national creative writing scholarships for high school seniors?
How are the Scholastic Art & Writing Awards determined?
Are there any scholarship poetry contests that donít charge entry fees?
How can I tell which scholarship writing contests are really scams?
Are there any writing scholarships for mystery writers?
Are there any scholarship writing contests for law students?
creative writing scholarships
Are there any benefits to starting out at a community college and then transferring to a senior university?
How important is the Free Application for Federal Student Aid (FAFSA)?
How can joining the military help me pay for college?
Are there any circumstances under which I donít have to repay my student loans?
What can I expect from my schoolís financial aid office?
Is there an organization who can help me set up and administer a scholarship fund?
What are the steps involved in setting up a scholarship fund?
What is involved in setting up an endowed scholarship fund at my college?
What is the purpose of memorial scholarship funds?
How can I set up a foundation-based scholarship program?
Are there any scholarship programs specifically for women engineering majors?
Do any womenís professional organizations sponsor scholarships for women?
What types of scholarships are available for women who are entering MBA programs.
Do any of the African American womenís organizations offer scholarships designated for black women?
Are there scholarship programs for young women who are transitioning from high school to college?
Are there scholarships designated specifically for women majoring in a scine-related field?
Are there any scholarship programs specifically for women over the age of 30?
How can I be sure that scholarship opportunities I find are legitimate?
Are there resources to identify scholarships for my particular minority group?
Is it a good idea to look at scholarship essay samples when I am working on my own essays?
What kinds of questions am I going to have to write essays about for my college scholarship applications?
How can I come up with good things to say about myself in a scholarship application essay?