How to set up a scholarship?
November 29, 2011 10:42 AM Subscribe
How do I set up a small one-time scholarship for college-bound kids at a high school?
posted by greta simone to grab bag (5 answers total) 1 user marked this as a favorite
Back in the summer, a family friend of mine passed away. She was a beloved substitute teacher at a local public high school for over forty years. Due to the overwhelming outpour of love for her after her death (her posthumous Facebook fan page has over 900 fans), I and her family have decided to try to raise a small fund through donations from school staff, school faculty, past students, and friends to go toward a scholarship for a student (or more than one, depending on the amount raised) at the high school who will be entering college next fall.
I hope to be able to take donations via a website of some kind, and for this money to be legitimately gained and distributed. I don’t expect to raise more than $5000 (even $500 I would consider a success). I will naturally be working with administrators at the high school on this project.
SO, I have never taken on a project like this, or anything close. Where do I start? I’m more concerned with the money aspect of this. Where can I take donations? Does money have to be funneled through a registered foundation to be legit? How do taxes come into play? How does one then turn it over to its intended recipient? Is this even doable?
Most of the resources I have found online apply to setting up large endowments or foundations or recurring scholarships. Could any of you point me toward more applicable resources? The school is located in North Carolina, in case that matters.