How to Establish a Memorial Scholarship Fund
By Scholarship America
Updated August 2024
When someone holds a special place in your heart, makes a big impact in your life, or changes the community for good, it’s appropriate to honor their contributions. This is especially true for those who wish to commemorate individuals through a memorial scholarship fund. Education is a gift that lasts a lifetime, and a memorial scholarship program offers a meaningful way for a family, foundation, or company to honor a special person while carrying their legacy forward to future generations of students.
Memorial scholarship programs are established for various reasons: a loved one may pass away unexpectedly, prompting a family to create a program immediately, or a company may wait before implementing a program. Whether setting up a program sooner or later, Scholarship America recognizes the sensitive and significant nature of making a memorial scholarship program as meaningful as the individual it honors.
While each memorial scholarship program is unique, there are common scholarship parameters to consider when planning.
Here are four common questions individuals have when looking to establish a memorial scholarship:
1) How can I create a memorial scholarship program?
First, determine how to fund the scholarship program. Will you, your family, or an organization fund it? Will you solicit donations or memorial gifts? If accepting monetary donations, will you establish a memorial fund at a bank or work with a nonprofit organization where people can send donations (such as the Scholarship America Memorial Scholarship Fund)? When considering funding, it is recommended to consult a tax advisor or lawyer to ensure the best decision for your circumstances.
2) How quickly can I launch a program?
Establishing a memorial scholarship requires time for planning and implementation. Factors to consider include eligibility requirements, distribution and award amount, frequency of the program, evaluation process, and fund availability. Typically, plan for a minimum of six to eight weeks for a program to launch once requirements are finalized.
3) What is the cost of offering a memorial scholarship program?
The cost varies based on the program’s size. Factors influencing size include the number of applicants and recipients. Budget for expenses like third-party administrator fees and award distribution costs. If these costs are not feasible, consider making a memorial gift to Scholarship America’s Memorial Scholarship Fund to support students pursuing their educational goals.
4) Who can assist in managing a memorial scholarship program?
Local schools, community foundations, Dollars for Scholars affiliates, or scholarship management organizations like Scholarship America can help with managing a memorial scholarship program. Creating a scholarship requires careful thought but can have a significant impact as you honor an important person in your life. Contact Scholarship America if you’re interested in starting a memorial scholarship program.
following sentence:
“The quick brown fox jumped over the lazy dog.”
Rewritten sentence:
“The lazy dog was jumped over by the quick brown fox.”