STARTING A SCHOLARSHIP

A scholarship provides the financial resources for students to pay for tuition, books, fees and other costs of attendance. Starting a scholarship means giving students peace of mind, allowing them to perform better in class. Naming a scholarship can also be a great way to honor a loved one or promote an organization’s brand.

Types of Scholarship Funds

  • Endowment: Endowments are established with an initial gift of at least $10,000 and are permanent sources of scholarship funds. The principle gift is invested, and the earnings are used as a consistent source of aid for students.
  • Pass-Through: Pass-through scholarship funds are established with an initial gift of at least $2,500 and are used to help students immediately. Unlike endowments, they are not permanent and exist only as long as donors contribute to them.

Many donors choose to set up both types of funds to maximize their impact. Establishing a pass-through fund can allow an endowment to grow for greater giving potential while still meeting students’ immediate needs. Additional donations can be added to all funds after they are established.

NAMING AND CRITERIA

Donors have the honor of naming any scholarship they establish and choosing the criteria for how it is earned. Naming scholarships after loved ones is an excellent way to memorialize them and continue their legacies of helping others. Naming a scholarship after an organization is also a great away to show an organization’s values and establish its brand in the community as a company that cares.

Donors can establish scholarships for students based on criteria such as financial need, academic merit or area of study. The OTC Foundation staff will help you figure out what criteria is best to include and how to implement it. Common examples include requiring a specific GPA, area of study or level of financial need.

Donors may also choose to contribute to an existing scholarship for a given department or division. To learn more about existing scholarships, visit the Foundation Scholarship Index.

Note: While donors establish criteria for scholarships, a selection committee made up of faculty and staff ultimately select which students will receive funds.

To learn more about establishing or contributing to a scholarship, please contact us.

Have any questions? Email us now!