As the director of planned giving and senior stewardship officer in Trevecca’s Office of External Relations, I often get asked about the process of setting up a scholarship. It’s actually as easy as 1-2-3!
1. Decide what type of student you would like to assist.
You could create a scholarship that helps students pursuing degrees in particular fields, such as education or theatre. Or, you may want to designate the region the student lives, such as the state of Florida. You may want to assist students who have high financial need or combine various designations. It is important to note that the scholarships with fewer designations are easier to award that those with many restrictions.
2. Decide if you want to fund an endowed scholarship or an annual scholarship.
An endowed scholarship is one where the scholarship funds are invested and the income from the funds are available to award. A minimum of $20,000 (reached within three years) is needed to fund an endowed scholarship. An annual scholarship is one that is awarded as funds are available. Some donors choose to fund a combination of an endowed and an annual scholarship.
3. Decide what name you would like to give the scholarship fund.
It is helpful if the scholarship is for a particular type of student, that it is reflected generally in the name. For example, if the scholarship is to be awarded to education majors, then the word education would be included in the name. Many persons want to honor or memorialize a family member or friend with the scholarship, so the name should include the names of those you want to recognize. Others would like to include their own name as part of the scholarship name.
After you make these three key decisions, you only have one thing left to do: contact the Office of External Relations. Members of this office can help you draft written guidelines that clearly spell out the details of the scholarship.
Director of Planned Giving & Senior Stewardship Officer