How To Set Up A Scholarship Fund For A Child. For example, some universities set their minimum at $50,000. Depending on the type of scholarship you'd like to establish, there may be a minimum amount needed.
All it takes to set up a scholarship program is a combination of money and planning. Decide who you’d like to help Consider the requirements of the irs tax laws concerning the setup of a scholarship fund in your name.
In this case, the simplest and most efficient method is to rely on the school or other charitable organization and its scholarship selection committee to advertise, screen for qualified applicants, and administer the scholarship.
For example, some universities set their minimum at $50,000. Setting up a scholarship fund can be easy to do, but the specifics can vary depending on the type of fund you wish to establish. Distributions can be made from a donor advised fund (daf) to support the scholarship program. Some schools and organizations have established guidelines for their scholarships.