Those who wish to start a scholarship fund have many different options. When investigating how to start a scholarship, foundation organizations in your community are generally the best resources for information.
Community foundations can help individuals, organizations, and corporations start scholarship funds. Unless you plan to establish a private or corporate foundation, it is generally best to establish your foundation based scholarship with your local community foundation.
There are many different ways you can set up a scholarship foundation fund.
Contribute money to an existing scholarship fund or to establish a new one. Contribute stocks, bonds, or real property to an existing scholarship fund or to establish a new one. Bequeath money to the foundation in your will for the purpose of starting a scholarship fund. Name the foundation as a beneficiary for your life insurance policy or annuities. Establish a charitable remainder trust or other planned giving resource.
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