Q&A for How to Create an Educational Scholarship Fund

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Question

Are donations to a scholarship fund tax deductible?

Community Answer

It depends on the organization or the entity awarding the gift to the student. Entities must be Tax-exempt organizations according to the IRS code.

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Question

Can the check be written directly to the student scholarship winner - high school student?

Community Answer

By doing it this, you will be unsure if the student will use it for the institution's purpose or some other purpose. Wait until the student has the institution selected, then write the check to the institution directly to their Bursar office, but mail the check to the student so that they may use it in the proper time when the bill comes out.

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Question

Is there any benefit to the institution that offers scholarship program? If yes, what are those benefits?

Community Answer

Educational institutions offering scholarships can include this information when advertising their programs to help recruit and retain a higher caliber of students. Scholarship programs are always attractive to students and even when students don't get the scholarship, they now have learned more about the educational institution and may well have set their sights on staying with it regardless.

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Question

As a previously graduating class from our county school, we would like to award a scholarship in memory of our deceased classmates. Can part of the criteria be that the applicant have a family member who previously graduated from our county high school?

Community Answer

If you create a limited pool of potential applicants, you may not properly qualify under certain IRS tax provisions. Check with an accountant or attorney. But, if it's like a town, legacy students only make up about 20% of the student population.

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Question

How do I reward students for good grades in school?

Community Answer

That depends on the position you have within the school. If you're a teacher, movie days or class parties are great incentives. If you're a philanthropist, organizing and paying for class trips would be exciting for the children.

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Question

Can I create a scholarship that specifically helps children in Africa pay for their education cost?

Community Answer

Yes, you can. Draw your organizational structure and talk about your innovation to people around you to get ideas.

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Question

I want to do my masters degree in accounting but I do not have the funds, how do I get a sponsor?

Community Answer

Find a job and pay for your own education, as many people do. Avoid any kind of student loans because they may cause you to spend more than you can repay. Debt is also an obstacle to building wealth and living the better life you are trying to get by getting an education. If you need more assistance, check for grants, family help and drawing down savings.

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Question

How should the name of a scholarship be registered with my state? LLC, sole proprietorship, partnership?

Thabo Mashaba

Community Answer

Register the scholarship name under a legal structure, such as a nonprofit organization 501(c)(3), after consulting with legal professionals or your state's business registration office for specific requirements.

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