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Setting up a memorial scholarship is a wonderful way to pay tribute to a loved one who has passed away.
There are a many different ways to approach setting up a memorial scholarship.
Award Period - Some scholarships are one time awards for which previous winners may or may not be allowed to re-apply.
Once an endowment fund is established at an institution, it will always be there.
Many colleges and universities have comprehensive development programs that encourage alumni to consider creating a scholarship endowment, either in their own names or in honor or memory of another person.
Most school development officers have knowledgeable fundraising professionals on staff who can teach interested graduates how to set up a scholarship fund that provides a perpetual source of scholarship funding for students as well as tax advantages for the donor.
Duration of Fund - some scholarship programs are one-time gifts.
Others are established as endowment funds, in which the principal of the donation is invested and the interest is awarded to scholarship recipients.
Scholarship Value - set an amount to be paid each year in scholarship funds.