Anyone ever do a memorial scholarship endowment?

[gsganzer]

TBN is like my Wikipedia for questions, most of which are completely unrelated to tractors. It just seems like I always get honest and practical info from the TBN brain trust.

My daughter recently won a scholarship and I went to the award ceremony. Almost all the scholarships were endowments to memorialize someone. Usually, the scholarship had some parameters for applying for it, such as a certain major, or in other cases, the recipient had to be in the band, drama club, certain sport etc.

It got me to thinking about doing one to memorialize my parents, who were civically active in their community all through the years. I did an on-line endowment calculator, and if I entered the info correctly, it looks like if I seeded the fund with $20K, it would spin off about $1K annually. That's a pretty decent scholarship amount for someone.

Anyone have any experience with this? Pro's/Con's? Other ideas?

 

[MossRoad]

That's commendable!

 

[Hay Dude]

Yes.
My best friend was run over & killed by a drunk teenager while on a golf outing in Palm Springs in 2002.
We created a scholarship in his name at the high school we attended together.

 

[MoKelly]

An endowed scholarship is a good thing. Especially if you have an affinity for a particular university.

We did one for my Dad when he passed a couple years ago. We did it at his Alma Mater.

The minimum amount they accepted for a memorial endowed scholarship was $250,000. Granted, he went to a very prestigious institution.

I’m sure most are not so high - but I’ve read the average is around $50,000.

So, check the schools website for places you are interested in endowing. Most outline the minimums and the process.

 

[gsganzer]

An endowed scholarship is a good thing. Especially if you have an affinity for a particular university.

We did one for my Dad when he passed a couple years ago. We did it at his Alma Mater.

The minimum amount they accepted for a memorial endowed scholarship was $250,000. Granted, he went to a very prestigious institution.

I’m sure most are not so high - but I’ve read the average is around $50,000.

So, check the schools website for places you are interested in endowing. Most outline the minimums and the process.

I think what I'm thinking of is different than what you might have done. I'm planning to give it to a high school graduating senior in the amount of $1000, that they can use for attending any school they want. The endowment part of it is just the "seed money", so the annual interest spins off $1000K/year, essentially making it perpetual or possibly growing in size.

That's what I think it is, anyway. Maybe I'm wrong.

 

[Hay Dude]

I think what I'm thinking of is different than what you might have done. I'm planning to give it to a high school graduating senior in the amount of $1000, that they can use for attending any school they want. The endowment part of it is just the "seed money", so the annual interest spins off $1000K/year, essentially making it perpetual or possibly growing in size.

That's what I think it is, anyway. Maybe I'm wrong.

That’s what we did.

 

[MoKelly]

I think what I'm thinking of is different than what you might have done. I'm planning to give it to a high school graduating senior in the amount of $1000, that they can use for attending any school they want. The endowment part of it is just the "seed money", so the annual interest spins off $1000K/year, essentially making it perpetual or possibly growing in size.

That's what I think it is, anyway. Maybe I'm wrong.

Ok. Sorry. I was thinking a university.

I’m sure high schools are much different.

 

[dodge man]

I think it‘s a good idea. I can remember my daughter getting one from her high school. It was $1000 as I recall. In her case I think a local business set it up. I don’t think there were a lot of applicants for it either.

 

[gsganzer]

Cool! I'm going to pursue this thing. It might be a while, but I'll let you know what I learn.

 

[square1]

This may sound harsh, but do it your own d@mn self. We have some friends we avoid more & more because at every opportunity they hit everyone up for contributions to their nephew's memorial scholarship fund. It's going on 10 years now and I get they loved him & want to preserve his memory but you can't have your hand out for a donation literally every time we have contact.