What would it take to set up a scholarship prize?
September 28, 2009 7:33 AM
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What would it take to set up a scholarship prize fund for a particular school in a developing country?
I was recently in Africa, where I visited a community school in Lesotho.
I learned that the cost of sending children on to high school there is prohibitively expensive for most kids' families (~US$60/yr). To me this is a small amount of money, so it got me wondering about the logistics of establishing a self-sustaining scholarship prize, or fund of some kind, to send, for example, the 5 brightest kids per year through school.
This is all just a vague idea at the moment, but what would be involved in setting up such a scheme?
I'd be interested in examples both from the developing world and from elsewhere.
It would all need to be self-sustaining and above-board legally-speaking, and run from the UK.
posted by jonesor to education (5 comments total)
This act would provide an entity to hold and disperse funds, as well as deal with governments (i.e. where funds are collected and where funds are dispersed). The trust would require a certain level of administrative support e.g., a trustee, as well as some services from associated professionals e.g, Solicitors, Tax Preparers, etc.
Having spent lots of time - years in fact off and on - working on the ground in Africa, I fully understand your feelings and commend you for thinking of the less fortunate.
Unless you're thinking of capitalising this (worthy) endeavour to the tune a hundred thousand pounds or more, you're probably better off working through an established charity. The self-sustaining component of your query could be achieved via your own investments, letting you donate annually.
I'm not shilling for these folks, but they are representative and there are others like them.
Suggest you contact a few until you find one that you're comfortable with in terms of mission statement and administrative burden, rather than try to setup your own charity.
posted by Mutant at 8:28 AM on September 28