How to Create a Scholarship Fund

The San Angelo Area Foundation makes it easy to create a scholarship fund. Donors need to consider:

  • What do I want to name the fund? 
  • Do I want the fund to last in perpetuity (endowed)?
  • How much do I want the recipient to receive each semester?
  • Do I want the recipient to receive awards every semester? 
  • Do I want to target a particular field of study? 
  • Do I care what college the student desires to attend? 
  • Do I care which high school the student attends?

Many donors who desire to establish a fund can easily do so by contacting the Foundation and working with the staff to answer the questions above. The Foundation then prepares an agreement, and the Fund is created. The amount required to establish an endowed fund will depend upon the answers above to semester awards and ability to renew the scholarship. There is no need to establish a separate entity or trust account to handle this type of fund. Donations to Funds at the Foundation are considered charitable and are fully deductible from federal income tax. (Be sure to consult your professional tax advisor.)