Thinking about setting up a scholarship?
Join the dozens of businesses, organizations, individuals and non-profits who have committed to helping thousands of students achieve their dream of a college education. As a scholarship donor, you will receive thank-you notes from the students who benefit from your generosity as well as bi-annual progress reports. Enjoy the personal touch our foundation provides for you, the donor, as well as for our scholarship recipients.
As the only private, non-profit organization in the region whose focus is to administer scholarship funds, we are in a unique position to guide you through the process of establishing a scholarship fund.
If you are interested in starting a scholarship fund, there are two things to decide before hand:
1) The type of student you would like to see receive the scholarship funds.
Should he/she have graduated from a certain high school, be attending a certain college, majoring in a certain field, have been involved in a specific organization or activity while in high school, have a certain GPA or above, etc., etc. Any specific characteristics, provided they are allowable by the Internal Revenue Service, that can narrow down the field of applicants will help the CSF find the best recipient for your scholarship dollars;
2) How you wish to fund the scholarship. There are three ways to set up and fund a scholarship:
a) A permanently restricted or endowed scholarship fund.
This is a fund, governed by state law, set up with a donation generally large enough that only the income, or interest, may be spent to fund the scholarship. A permanently restricted or endowed scholarship should, theoretically, go on forever since the donated principal cannot be utilized and must remain untouched. Only the income, or interest, the endowment earns is allowed to be used for the scholarship award(s). If, in economic downturns, the fund may not have enough earned income to award a scholarship, the principal must remain intact so when the economy does rebound, your principal donation will once again be earning the necessary income to provide the scholarship dollars;
b) A temporarily restricted scholarship fund.
This is a fund set up for a specific purpose (the type of student you would like to receive the scholarship award) and usually for a specific amount of time. For instance, you may want to make a scholarship fund contribution of $10,000 with instructions that it be awarded in $2,500 increments to a student who meets the requirements you have selected. Once the $10,000 is spent, the fund is dissolved. However, many people do start with a temporarily restricted scholarship fund, make scholarship awards from their initial contribution, but add to it through fundraisers, friends and relative contributions and other donations, until it becomes large enough to evolve into a permanently restricted, or endowed, fund. Contributions are no longer needed since now the earned income is enough to generate that $2,500 scholarship;
c) A “Pay as You Go” scholarship fund.
Again, the type of student is decided upon, the amount of the scholarship is decided upon, the scholarship is awarded and the CSF will request your contribution when the scholarship payment is due the school. For example, you would like to give a $1,000 scholarship to an education major attending the University of Cincinnati. The CSF will select the student, notify you as to whom the recipient is and, when it is time to pay UC, will request your scholarship contribution to cover the award made.
Click here to contact us about setting up a scholarship fund.
List of scholarships we currently administer.