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When thinking about starting a scholarship program of your own, one of the best resources for providing you information regarding how to start a scholarship fund is your local community foundation. Most metropolitan areas have a community foundation, which is an organization that both provides grant funding to charitable organizations and assists citizens who wish to contribute to or establish charitable funds. Examples of community foundations include The Dallas Foundation and The Community Foundation of South Alabama.
Individuals, corporations, professional organizations, and other groups can set easily up scholarship funds with the assistance of a community foundation. Community foundations can handle scholarship funds that are established as a result of a bequest, as well as funds donated by individuals, corporations, and other groups.
Community foundations can provide a variety of services that ensure that new scholarship programs are established in compliance with IRS regulations. Foundations are able to assist donors by setting up eligibility criteria, structuring the procedures for applying for the scholarship, and putting together an advisory committee.