My company has always supported local education nonprofits, but we would also like to make a more direct impact by providing scholarships for students attending college or trade school. We don’t have a large staff or expertise in this space, so I’m concerned about managing such a program. What would you recommend? – Educational Advocate
It is wonderful that you want to make an impact on a student’s life and future career. The rising cost of higher education is a barrier for so many, and scholarships make a huge difference.
You may want to consider working with your local community foundation to open a scholarship fund. Not only are community foundations experts in managing philanthropic funds, but they also understand the needs in their local regions.
At Foundation For The Carolinas, we manage scholarship funds for corporations, as well as for nonprofits and individuals. In fact, we administer more than 150 programs of various sizes. Some examples of FFTC Corporate Scholarships are: the Fred C. Wikoff Scholarship (for employees of Wikoff Color Corporation), Amwins Foundation Scholarship, David T. Brown College Scholarship (for employees of Insulate America member companies) and the Coca-Cola Consolidated Hope Scholarship.
We make administering a fund easy. Here’s how it works:
- FFTC Scholarship Funds are created with a minimum gift of $100,000 from your organization. This fund is set up as an endowment, which means the principal will be maintained and scholarship awards will be distributed from investment gains. This allows your scholarship program to last forever.
- You design the criteria for your program, such as school or area of study.
- FFTC’s expert staff manages the administration of the fund. We place the online application on our website, correspond with students and their parents, and work with the school to ensure adherence to all relevant tax laws. And we determine the amount that can be given in awards each year to ensure the principal is protected.
- If you open a fund with $500,000 or more, FFTC will also handle promoting your program, managing the selection committee and even managing renewals in future years.
Our local team is always happy to speak with you about your goals. We will advise you throughout the entire process and will ensure your vision is adhered to. Please contact Qiana Austin at firstname.lastname@example.org to start a conversation.