How To Start A Scholarship Fund In Honor Of Someone. An annual scholarship is a fund in which the money you contribute is directly disbursed (given out). As a way to honor them, include your loved one’s name in the name of the scholarship itself.
All it takes to set up a scholarship program is a combination of money and planning. Each year, the school’s selection committee administers the program, and selects the scholarship awardees. If you prefer anonymity, you can choose a name that reflects your charitable purposes.
The selection criteria may honor or memorialize a loved one, reflect your own values and ensure that your family name has a continuing presence in the community.
Setting up a scholarship in someone’s name is a great way to honor someone’s life and legacy, and to further causes that they cared for. Although there are always exceptions, most families should expect to set aside at least $20,000 in order to establish a formal scholarship fund. Depending on the type of scholarship you'd like to establish, there may be a minimum amount needed. Typically, once you have finalized the requirements of your memorial scholarship program, it’s good to plan for a minimum of 4 to 6 weeks for a program to launch.