Anyone ever do a memorial scholarship endowment?

[Hay Dude]

The money for my friends scholarship was started through a golf tournament. Once we had made enough money, the tournament was retired. Took about 10 years.

At the rate of college tuition increases, $1,000 pays for your books for maybe a year?

 

[workinonit]

At the club I belong to we do an annual scholarship tournament and give $1000 each to the selected senior at the local public and private schools. My daughter got it the year she graduated. I guess what I will say about it is that $1K is not very much money unless they are going to a tech school. But it is a nice gesture.

 

[RustyA]

In our area there is an organization called Dollars for Scholars that administers high school graduation scholarships. You can fund a named scholarship and set parameters for how it's awarded. They invest the money and distribute the account earnings.

 

[Smokeydog]

The lady we bought the farm from wanted to leave endowments. While living shopped around various attorneys and groups like East Tennessee Foundation that specialize in setting up gifts and endowments. You want the money to be managed and best utilized for future students.

After her passing, as executor, did three endowments with different Universities in two different states. While all endowments were similar in size and scope but results were very different.

University of Tennessee, Knoxville. Great endowment experience, yearly thank you letters from students, graduates, donor dinner events and recognition. Regular accounting for every dollar.

University of Ohio, Columbus. Irregular donor recognition and endowment accounting.

Ohio Northern University, Bowling Green. No accounting.

Some universities are very appreciative of gifts and how the money is used. Some want you to give and forget.

Giving wisely is noble and commendable. It is also hard work to make sure the results are met.

 

[gsganzer]

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.

I don't plan to ask anyone for money. I was going to fund it 100% from their estate.

 

[2manyrocks]

Haven't looked at the rules to actually know anything, but think there may be some tax advantages for donating appreciated assets instead of giving cash if that is something you might want to look into?

 

[MoKelly]

Haven't looked at the rules to actually know anything, but think there may be some tax advantages for donating appreciated assets instead of giving cash if that is something you might want to look into?

True.

Avoid capital gains tax.

Receive full FMV deduction for contribution.

 

[airbiscuit]

In our area there is an organization called Dollars for Scholars that administers high school graduation scholarships. You can fund a named scholarship and set parameters for how it's awarded. They invest the money and distribute the account earnings.

X 2 on Dollars for Scholars (now called Scholarship America) We had an employee who was KIA in Iraq. His widow wanted my help in setting up an endowed scholarship at his kids high school. Dollars for Scholars made the set up and admin easy, and tailored to their wishes.

 

[square1]

I don't plan to ask anyone for money. I was going to fund it 100% from their estate.

Tis a noble thing you are considering

 

[fishheadbob]

You have to realize that the $1000.00 disbursed is per year; colleges are a 4 year event. So after year 1 there are 2 option; continue sending your $1,000.00 to the same kid for 4 years, or send $250 to a new student every year then continue that student for 4 years with 1 new student per year. Either way amounts to chump change at most places. You might just want to fund your daughters education.
Yes some schools are better than others at keeping you posted. My sister died in 1997 and a scholarship was set up at a private, classy local H.S; about $65,000.. We were advised of the first student selected and how she did,then nothing since 1999.