When you lose someone who you love and respect, you will likely do your best to honor that person in any way possible. A touching way to pay tribute to someone you love who has passed on is to set up a fund for college in their memory. When you set up a fund in a loved one’s memory, you’re touching the lives of hopeful students and honoring future generations. If you’re interested in setting up a grant in memory of someone, it will be helpful to know what a memorial fund is.
What Is a Memorial Scholarship Fund?
A memorial scholarship fund is a grant set up to show respect for a loved one who has passed on. While flowers, cards, and gifts are a touching gesture for loved ones of those who have passed, a grant collection directly honors the memory of a loved one who is no longer living. A grant will carry the name of a loved one along with a legacy to prioritize learning.
A grant fund carries on the memory of those that have passed on while also giving back to well-deserving students. These types of scholarships are tax-deductible grants that help students pay for the financial needs of their educational costs, like tuition or fees. A monetary collection can pay tribute to someone who has recently passed or someone who has been gone for several years. There are no limits on who can set up a fund or whose memory the scholarship will honor.
While there aren’t any limitations to whose memory you can honor with a memorial grant, there is a process to follow for anyone who decides to set up a memorial fund. There is a lot of consideration needed to create a fund in memory of someone, but the process to get started is simple. Here are several simple steps to create a collection in someone’s memory.
How to Create a Memorial Scholarship Fund in Six Simple Steps
When a person decides to set up a grant program in someone’s memory, there are several things to consider. Here are six steps to help outline the process of creating a memorial scholarship fund.
The Purpose Behind a Memorial Scholarship Fund
While you may be certain about who you want to honor with a grant, you will still need to consider the purpose behind the grant. Defining your purpose for setting up a program in someone’s honor can help drive the process forward. Once you have narrowed down the reason for the grant, you will more easily identify the grant parameters and other necessary information for your proposal. With your purpose, you’ll more easily define a few things. This includes your budget, how long to offer the grant, and grant recipients.
A scholarship program is a way to keep the memory of a loved one alive while honoring and contributing to the education of future leaders and innovators. A scholarship is a touching way to keep your eyes on the future and help you process your grief after a loss. The first step to setting up a collection is to decide the purpose behind your decision and move forward with the contribution in mind.
Your purpose may allow family and friends to cope with the loss of a loved one by contributing to a memorial fund for the educational journey of students. Your purpose may be to share the values that your loved ones held dear to them. There are many possible reasons to set up a grant in someone’s memory. Once you decide on your purpose, you need to decide on the scholarship details.
Define the Group of Applicants
You need to decide on several details before developing a scholarship in a loved one’s name. You will need to decide who the grant will help and who can apply for it. Will the grant help students studying science, humanities, math, or something else? Will you want only first-generation students to apply? Bold.org has many examples of different types of scholarships offered to students. This is one site that has many categories for scholarships, including grants for women, nursing students, high school seniors, and many more.
Explore scholarship sites to help you define the recipient pool for your grant. You can also think of the person you want to honor with the scholarship. Did they study a particular topic or subject? What were their passions? Did they come from a single-parent household? Take all of these things into consideration when you’re deciding who you’d like to apply to the scholarship. These are all different categories that you can consider to define the group of applicants. Keep in mind that this is a flexible and personal part of the development process.
Decide on the Scholarship Details
Once you define the pool of applicants, you will need to decide how much the grant will be, when to award the grant, and the submission requirements. Generally, the minimum amount to start a scholarship will be $500. Scholarships don’t need to consist of an outlandish amount of money. Students are happy to receive any amount of grant money to help pay for their education.
Consider your budget and decide on the amount that you feel comfortable contributing. Because this scholarship honors a person dear to you, consider asking family and friends if they would like to contribute as well. Once you decide how much the grant will be, you need to determine how often you will award it. Will you award the grant once a semester or once a year? How often you award it may be dictated by the budget. Once you decide how often to award the grant, you need to determine how students apply.
Do you want students to write an essay on a specific topic to apply? Would you prefer students send in videos they’ve made to share more about themselves to apply? Depending on the purpose of the grant, you may define the requirements as something specific to the person that it honors. Once you have all of the details ironed out, you will want to keep everything in one place.
Create Your Scholarship Proposal
Create a proposal to help keep all of your information organized and easy to access. A proposal will answer any questions that university staff or applicants may have about the grant. If you’re unsure of how to organize a proposal, it might be a good idea to look into specific platforms to help you build your proposal. These sites, like Bold.org, can also help you with any other questions you may have about the scholarship creation process.
Find a Platform to Help
There are many platforms, like a scholarship management service, that will claim to help you create a grant, but not all of them will offer you the same features. There is a lot that goes into developing a grant, and it’s important to get it right. One of the best platforms for creating scholarships is Bold.org. Bold can help you along each step of the process and offer you support from start to finish. With a scholarship management service, there is a team of qualified staff members ready to answer any questions you may have. This platform can help you create a scholarship page, give 100% of your funds to students, and even select applicants.
Tip: Because Bold is a nonprofit, your investments are fully tax-deductible. If you decide to use Bold, the process is straightforward and simple. First, you’ll go to their website and create a donor profile. Once you navigate to the donor page and create your donor profile, you will need to fill out the questions pertaining to the award you have in mind. This will serve as your proposal. The Bold team will help you along the way and help you efficiently create the award you have in mind. Another thing you need to consider is how you’ll fund the grant.
Fund Your Scholarship
Once you decide on your budget for the scholarship program, you need to consider the best ways to fund it. It can be difficult to raise funds, but with determination, it can be done. Will you ask for contributions from coworkers that studied the topics that your loved one studied? Will you set aside money specifically for this scholarship program? Will you approach loved ones to contribute to your cause? You might decide to pool together the collected contributions from family, friends, former coworkers, or loved ones. You also might have a specific account or credit card in mind that you want to use specifically for this award.
Tip: If you decide to use Bold to help you create the scholarship, it’s very easy to add the funds to the scholarship on their site. Their site will also have a page specifically for your scholarship program. On this page, you can share a picture of the person you’re honoring, as well as a paragraph to share more about them and the purpose of the grant. This adds a personal touch to the process and solidifies the purpose behind the award. Bold also gives the option for people to contribute to each grant on their site, including the one you create.
How to Start a Memorial Scholarship Fund Today
The best way to start a memorial scholarship program is to use a platform that can help you keep all of the grant information in one place.
Choose the Right Platform
There are many routes to take when you decide to create a memorial program in someone’s honor. You can use one of several platforms to help you complete the process, or you can do it on your own step-by-step. If you’re not using a website to help you, you will need to find a way to share the award online so students can apply.
Something else you’ll need to do is find a group of individuals equipped to help you answer all of your questions about creating a grant. You’ll also need to find a safe way to add the funds to the grant without compromising your card or account. There are platforms out there that can help you do all of these steps very quickly, efficiently, and in one secure online place. That way, your information will be easy to access, students can easily apply, and you can contact a team of trained professionals with any questions you have. Choosing the right platform is an essential step in starting a grant, but it’s just as important to stay organized.
Keep Your Scholarship Information Organized
If you use several different programs or people to help you with the process of creating a grant, items may be overlooked, misplaced, or forgotten. If you use a site like Bold, you’re more likely to work efficiently toward your goal of creating a memorial program to honor someone you deeply cared for. When you keep all of the information related to the grant you want to create in one space, you’re more likely to check off all of the boxes you need to create that award.
Many different moving parts come together to help people develop all kinds of scholarships. It’s important to stay organized and keep your goals in mind. The best way to start a fund today would be to follow the steps that you would to create an academic payment. That way, you can set up your program in a way that is similar to creating a grant.
If you decide to go this route, the process to start a memorial program is very easy. If you use Bold.org to create your grant, there are a few things you’ll need to do. You will need to set up your donor profile, submit your proposal, speak with Bold’s philanthropy team, and fund your award. If you go this route, people who believe in the purpose behind your grant can also donate. This will increase the money you share with a deserving student. If you use an easy-to-use platform to help you set up your grant, the hardest part will be finding ways to collect for the award.
Three Ways to Raise Money For a Memorial Scholarship Fund
Contribute Money You Have Saved
If you’re still unsure of how to best collect for the award, you can consider these ways to raise money for a memorial fund. If you’re considering setting up a grant in memory of someone but haven’t nailed down the details yet, you may want to start saving money now. Then, when you officially decide to move forward with creating a grant, you will have money set aside for the purpose of honoring a loved one.
Ask Family and Friends for Donations
As mentioned previously, you can reach out to loved ones who would love to take part in setting up an educational gift in memory of someone who has passed. You don’t need to only reach out to close family and friends, though. With advances in social media, you can reach out to friends and acquaintances that were touched by the passing of your loved one. You can also encourage friends and acquaintances to consider making a donation toward the grant instead of sending flowers. You may also consider reaching out to the professional community of your loved one.
Ask The Professional Community for Donations
If the fund you’re creating honors the academic advances of a loved one who has passed, you may consider reaching out to the professional community that knew your loved one. If the grant you’re creating focuses on a specific academic route or degree, these professionals may enjoy contributing to honor someone’s memory and give back to students.
Things to Consider When Starting a Memorial Scholarship Fund
Once you’ve decided to create a scholarship in someone’s memory, it’s best to keep a few things in mind.
How Long Will This Scholarship Exist?
One of the questions that may arise in the planning process might be how long you intend to give the grant to students. This is an important question because it includes a lot of other factors, like budget and seeking out donations. You, along with your loved ones, may decide that you want to renew the grant for the next ten years or perhaps only once.
Either way, the grant will touch the lives of students in a way that will honor the deceased and their legacy. An educational gift is an excellent way to honor a loved one’s legacy while also contributing to someone’s college education. There is no right or wrong answer, though this is an important consideration that you should take into account in the beginning stages of your planning. You will also need to consider how many students you will give to each time.
How Many Students Will Receive a Scholarship Each Time?
Another important consideration would be the number of students who you may receive the monetary gift each year or semester. This is another important consideration that can affect your budget. Will you split donations to create three separate scholarships instead of one large one? This is an important consideration that you may want to discuss with your loved ones as you decide on the details of your grant.
How Long Will The Application Window Be Open?
You will want to ensure that all students have plenty of time to research, prepare, and apply to your scholarship. Some scholarships remain open for three to six months to allow students plenty of time to prepare their materials. This is also dependent on how you want students to apply. Do you want students to write an essay on a given topic? Do you want students to develop and direct a movie about a specific topic? These are all items that will take students time to plan out and develop. A longer application window will allow students to do their best work.
Memorial Scholarship Ideas and Examples
If you’d like some ideas to help you get started in creating an educational gift to honor someone’s memory, take a look at these examples to help you.
This is an example of a $1,000 memorial scholarship created to honor Lois Johnson Kemble. The scholarship will be awarded to two women with a minimum grade point average of 3.0 or higher who exhibit strength in the face of unique challenges. For example, if a woman is in the STEM field without a female mentor. This is an example of an academic scholarship to help women succeed. Applicants will need to share their dreams and aspirations with the scholarship committee. Here is another example of a memorial scholarship.
The Janey Mae Memorial Scholarship is a $1000 scholarship that will be awarded to four students. Students that have lost a parent and who have a minimum grade point average of 2.5 or higher can apply to this scholarship. This scholarship is designed to help students who have lost a parent make the transition from high school to college. Here is another example of a memorial scholarship.
The Robert Lee, Sr. and Bernice Williams Memorial Scholarship is a scholarship intended for underrepresented minority students with a minimum grade point average of 3.0 or higher. Applicants with volunteering experience are encouraged to apply. To apply, applicants will need to detail how they have overcome adversity and how they wish to help their community in the future.
Frequently Asked Questions on Memorial Scholarship Funds
You might find that you’ve still got some questions about scholarship funds set up in memory of someone. Here are a few frequently asked questions and answers that can help you.
How does a memorial scholarship fund work?
There are a few steps involved, but picking the right platform can help you create a scholarship that’s exactly what you have in mind. First, you define your purpose and the scholarship parameters. Then you can use a platform to develop a donor page for yourself and a scholarship proposal. This platform, depending on which one you use, will likely share a page to your scholarship so students can apply.
Is a Memorial Scholarship Fund Tax-Deductible?
Yes, scholarship donations are tax-deductible, as long as the scholarship is intended for someone chosen on an objective and nondiscriminatory basis.
Can Anyone Start a Memorial Scholarship?
Yes, anyone can start a memorial scholarship to honor the memory of someone dear to them. It’s best to use a platform to help you set up a scholarship grant.
How Much Does it Cost to Start a Memorial Scholarship Fund?
Spending on which platform you use to help create the scholarship, you can start a scholarship fund with $500.
How to Start a Memorial Scholarship Fund?
The best way is to find a platform that can help you with each step of the process. There are sites that can help you plan, create, and your scholarship.
Is a Contribution to a Memorial Scholarship Fund Tax-Deductible?
It depends. If you contribute to a scholarship for yourself or a relative, it’s not tax-deductible. A contribution to a scholarship on an objective and nondiscriminatory basis is tax-deductible.
Who Funds Memorial Scholarships?
Anyone willing to donate can help contribute to memorial scholarships and support these grants. This can include loved ones, family friends, or work colleagues of the deceased.