Oftentimes, historic schools will create a scholarship fund to provide financial assistance to students who may otherwise be unable to afford tuition. If you’re thinking about a scholarship fund, the below may help:
- Clarify the purpose of the scholarship fund: identify the specific goals, such as supporting academically gifted students, students with financial need, or those from underrepresented backgrounds. Establish eligibility criteria, such as academic performance, extracurricular involvement, financial need, etc.
- Set fundraising goals: determine how much money you aim to raise for the scholarship fund based on the number of scholarships you want to provide, the amount of each scholarship, and the duration (example one-time or renewable).
- Develop a fundraising plan: create a plan to raise funds for the scholarship funds like organizing fundraising events, reaching out to donors and local businesses, establishing partnerships with community organizations, or launching crowdfunding campaigns.
- Establish an administrative structure: determine how the scholarship fund will be managed and administered. Designate an administrator, a committee and/or team responsible for reviewing applications, selecting recipients, and managing the disbursement of funds. Ensure that transparency, fairness, and accountability is maintained throughout the process.
- Create an application and selection process: develop an application form to evaluate applicants against the established criteria. Consider factors such as academic transcripts, recommendation letters, essays, and financial information. Ensure a fair and objective selection process, which may involve a committee reviewing applications and conducting interviews, if needed.
- Seek donations and sponsorships: reach out to individuals, businesses, foundations, and philanthropic organizations to request donations or sponsorships for the scholarship fund. Clearly communicate the purpose of the fund and the impact it will have on students’ lives.
- Promote the scholarship fund: raise awareness about the scholarship fund by utilizing communication channels to reach potential donors, including alumni, parents, local community members, and businesses. Leverage your school’s website, social media platforms, newsletters, and local media outlets to share stories and updates on the fund.
- Award and disburse scholarships: select scholarship recipients, communicate outcomes to all applicants and personally notify the recipients. Determine the process for disbursing the scholarships, whether it’s a one-time payment or ongoing support, and establish clear guidelines and expectations for recipients.
- Monitor and evaluate the impact: assess the impact of the scholarship fund by tracking the progress and achievements of recipients. Collect testimonials and success stories to share with donors and community to demonstrate the effectiveness of the fund in supporting students’ educational journeys.
- Sustain and grow the fund: continuously work to sustain and expand the scholarship fund by cultivating relationships with donors, maintain ongoing communication about the fund’s impact, and exploring new fundraising opportunities to ensure its longevity and ability to support future generations of students.
It is useful to consult legal and financial professionals for compliance with applicable regulations and best practices managing the scholarship fund, as it applies to your school or federal and/or state laws.