How To Set Up A Scholarship Fund For A Child. Some scholarship funds also leverage their programs to impact society in a broader way, aiming to change whole institutions, industries, and specific communities through these awards. Some schools and organizations have established guidelines for their scholarships.
This account isn't available to everyone because you need to be under a certain income. For example, some universities set their minimum at $50,000. You can contact the development office at a university or work with a community foundation to set up a scholarship fund.
Depending on the type of scholarship you'd like to establish, there may be a minimum amount needed.
Decide who you’d like to help Setting up a scholarship is not terribly difficult, and there are a few general guidelines with which we can provide you, but you may need to consult an attorney, an accountant, or maybe both, for setting up the actual foundation that will offer the scholarship itself. All it takes to set up a scholarship program is a combination of money and planning. In general, you will need at least $25,000 to fund a $1,000 annually scholarship for 25 years.