<p>Although somewhat off the mainstream topics for what typically gets posted here, I thought I would get still get some sound advice.</p>
<p>A sophomore from our high school unexpectedly passed away. Some friends and neighbors have suggested that a scholarship be set up in her name as a memorial. She was a runner at the school, and folks were thinking we could raise funds by holding an annual 5k to collect funds.</p>
<p>I am sure there is much more to it than that, and was hoping that folks here on CC could share some knowledge/experience they had in this area.</p>
<p>Thanks.</p>
<p>Our PTA does a scholarship every year – can you partner with them?</p>
<p>Do you envision a one time thing or an ongoing effort? In other words, do you plan to raise money annually to fund this or perhaps earn enough money to establish an endowment of some type?</p>
<p>You can set the terms (ie a female runner graduating from the high school) as you would like. </p>
<p>We have a scholarship in my father’s memory but it is housed at a university. We make contributions occasionally but it was funded in such a way as that it is meant to last.</p>
<p>Thanks for the input, I will check with our PTA to see if they can help. </p>
<p>We would like it to be an on-going, annual thing. We have some funding now, but not nearly enough for it to be an endowment type thing. The plan would be to raise money every year through funds raised by virute of a 5k run.</p>
<p>Anybody else have any suggstions?</p>
<p>Seems like you should try to run it through the school so that you don’t have to apply for tax-exempt status (Form 1023) and file an annual return (Form 990-PF) and get a lawyer and a CPA involved.</p>
<p>Our local chapter of Dollars for Scholars manages many memorial scholarships…I think the awards are generally in the $1,000-$1500/year range. My kids have received several, for which we are very grateful. It’s very nice to be able to meet and thank the donor in person at the award ceremony. If you have a local chapter, I would start there.</p>
<p>About a decade back, a scholar/athlete from our high school died. The friends and family started a scholarship, and fund it (in part) from an annual golf tournament. Back when my kids were eligible, the award was $40k over four years. It’s now at $100k over four.</p>
<p>If you want to pm me, I can give you some background info that can put you in touch with the people that run it.</p>