Establishing a Scholarship

How Scholarships Work

Donors interested in promoting educational opportunities for students often establish scholarship funds, a special sort of donor advised fund. This may also be a preferred opportunity to honor a community organization or remember a family member with a memorial scholarship.

Scholarships may support any level of education and can be based on the school the student is attending, their chosen field of study, financial need, or the community the student is from.

The Community Foundation plays an oversight role with the grant making and administration of all scholarship funds and helps donors comply with all tax regulations. The Foundation can help establish and monitor selection criteria, publicize the scholarship and choose recipients.

Guidelines

The following is a set of generic guidelines considering the establishment of a scholarship fund with the Community Foundation  

The donor(s) should decide how to define a scholarship fund using the following areas as guidelines for discussion:

Criteria for applicants:

The applicants for the scholarship must meet some or all of the following criteria:

Purpose of the scholarship

Process of managing the scholarship:

The Role of the Elk County Community Foundation:

The above items are extensive but by no means all encompassing. Add and subtract as it fits your scholarship's definition. call us at any time. We are advocates for, and supports of, scholarships for deserving students.