I need advice in establishing a "targeted" charity
May 1, 2012 10:41 AM Subscribe
When I was getting my Master's degree, my mentors suggested I continue on to a Ph.D. The application fees alone were enough to make me laugh, but a kind person paid those fees for me and I eventually was accepted into a program.
I've always wanted to pay this gift forward by helping to pay college-related fees for other aspiring students at my alma mater, and would like to do so in the name of the person who did this for me.
posted by Piscean to Work & Money (8 answers total) 3 users marked this as a favorite
The recession hit me hard and I have a terribly low paying job right now. I am tired of waiting for that magic, well-paying position and want to start giving money now. I can only swing about $100 a month right now, which may not be much but, from experience, I know even that amount is a huge help to a struggling student.
My question is, what is the best way to start this? Should I simply find a student group and ask them to let me know when they become aware of a student who could use assistance? Do I create a special bank account and write a check from there? Do I need a fund or can I just write personal a check?
I'm not interested in tax deductions, but as I become more financially stable I'd like to establish this idea as an official entity through which I assist students from my alma mater in paying entrance, application and test fees, and I want to do so in the name of my mentor with the suggestion that each recipient "pay it forward" once he or she is able.
In this beginning stage I certainly don't need/want a staff of people or any real "overhead". I just want to ensure that the money goes to the intended person for the intended need and with my intended message. How might I begin?
I want to give money to students in need at my alma mater a particular purpose, in the name of my mentor. I'm starting very small and want to do it properly!