Question

Topic: Strategy

How Do I Launch And Communicate A Scholarship?

Posted by Anonymous on 8/5/2008 at 3:30 PM ET 125 Points
A close friend has asked me to develop and outline a Scholarship Fund he would like to offer to people who worked in his company before he sold it. This Scholarship would make funds available to former employees and their children for educational purposes and/or areas of the Arts and Athletics. I'm seeking advice on how to structure the program and how to define the application, review and notification process.

Thanks!
To continue reading this question and the solution, sign up ... it's free!
SUBSCRIBE
Or, SIGN IN

RESPONSES

  • Posted on 8/5/2008 at 3:42 PM Member
    I'd suggest you might set up an appointment with a high school guidance counselor and visit about scholarships that are presently available so you can get an idea of the format and method of determination of awards. Does your friend want to be involved in the determination? Does s/he want to have a committee formed to "judge" the applicants? Does s/he want any requirements as far as essays, need, specific secondary education choices, home situation, etc? Your friend can be as broad, or specific as s/he wishes. Is s/he going to endow a scholarship to provide for it in perpetuity? You might consider a local community foundation to hold the assets and make the award too.

    Lots to consider!
    Good Luck!

    CVN
  • Posted by CarolBlaha on 8/5/2008 at 3:51 PM Member
    Geez this is a big question.

    I'd start first with a well defined vision and mission statement for the fund. Will the fund be a nonprofit entity? Once you develop those items, many of those items you list will bubble up. It may seem like an easy few sentences, but I have sat in day long meetings to come up with them.

    There are many programs like yours I'd model your fund as a basis-- that I'd research -- pick what you like and don't. Similar plans will be a wealth of knowledge to you.

    Sell Well and Prosper tm
  • Posted by Mikee on 8/5/2008 at 3:51 PM Accepted
    Community foundations are a great asset. They me even be able to help you set up everything that is needed. Many have a vehicle called a donor advised fund where the person who donates the assets "determine" how they are distributed. If your friend wants to endow the money I am sure the foundation will work with him.

    As far as advertising it seems that an email or letter to all of the employees would suffice. The company that purchased it may even be willing to help get the word out as it is an admirable gift. You could go so far as to start a website for the scholarship where deadlines, applications and news can be placed. This way people could have another way of learning about it.

    If the employees are in one gepgraphic location you could notify all of the area high schools and let them know about the scholarship. I did a website for an area high school and one feature they have is a pdf of scholarships. This is something all of the students have access to and gets used quite a bit. High Schools are very helpful in pasing this information on.

    Hope this helps,
    Mike
  • Posted by Frank Hurtte on 8/5/2008 at 4:14 PM Member
    I suggest you create a not-for-profit corporation to adminstrate it.

    I assume you have the funding all worked out. But, think about continuing funding. How long will this scholarship continue?

    How are people qualified. We have the first qualificataion - former employees and their children. But what happens is 10 people come forward at once?
    What happens if nobody comes forward?
    I suggest selecting an impartial committee who select those to receive money.

    Hope this helps.. good luck
  • Posted by CarolBlaha on 8/5/2008 at 4:30 PM Accepted
    That is why creating a mission and vision statement is necessary. Of course set up a committee for review, but they must have guidelines defined ahead. Otherwise, they won't be impartial. You must make it objective vs subjective.

    A lot of the answers on marketing are too broad-- if only ex employees and families are eligible, then you'd not market it blanketly to schools. You can market it through HR as an employee benefit. HR has those who have left or retired.

    When my daughter applied to funding we found databases that described exclusive benefits. For example, my father retired with GM, and there was a plan for her to apply. These sites ask a series of questions (such as the GM example) she checked all blocks that applied, and was forwarded only the applications she qualified for. Beyond that- plans spelled out the employee qualification and the plan was only for specific fields-- like engineering.

    Again, This is a very big question for a forum like this.
  • Posted by Jay Hamilton-Roth on 8/6/2008 at 9:25 AM Member
    Some resources:
    https://superiorscholarship.org/grantsfunds_scholarshipfund.php
    https://scholarship.lifetips.com/cat/65674/setting-up-a-scholarship
    https://www.ehow.com/how_2075661_set-up-scholarship-fund-name.html
    https://www.finaid.org/educators/awarddesign.phtml
BACK TO TOP

Post a Comment

Related Discussions

Community Info

Top 25 Experts
(Strategy)