Establishing a Scholarship Fund
Central Kentucky Community Foundation makes it easy for donors and organizations to establish scholarship funds. We can help start a fund, develop selection criteria, administer scholarship applications and awards, promote your scholarship to the community, and connect you to your recipients. Most scholarship funds at CKCF are permanent endowments, with the earnings from each year used to make the annual scholarship award.
- Why
- Scholarship Stories
- Establishing a Scholarship Fund FAQ
Why
Scholarship Stories
Establishing a Scholarship Fund FAQ
Frequently Asked Questions
1. How do I establish a scholarship fund?
2. How do scholarship funds work?
3. How do students apply for scholarships?
4. How are scholarship recipients selected?
5. How are scholarships paid?
6. Is my gift tax-deductible?
7. Can I select the scholarship recipient?
8. Can I be involved in presenting the scholarship award or get to know the recipient?
9. Can scholarships go to upperclassmen?
10. Can scholarships be for more than one year?
11. When do I need to get started on establishing a scholarship fund?
A scholarship fund is a wonderful way to honor your loved one, alma mater, high school, city or town, or profession. By establishing a scholarship endowment at Central Kentucky Community Foundation, you guarantee perpetual funding to students according to guidelines you determine with CKCF. In creating a scholarship, donors invest in our community’s future and show students they care. Central Kentucky Community Foundation provides the expertise to help donors meet their personal goals and award scholarships to deserving students. A scholarship can help students achieve their lifetime dreams. Establishing a scholarship fund with CKCF is easy; administering a scholarship fund can be challenging. Our experience and expertise are valuable to the donor and student as they navigate the financial structures in higher education today. Read more…
- A donor makes a gift to Central Kentucky Community Foundation — it can be cash, appreciated stocks, real estate, or other assets.
- We set up a Scholarship in the donor’s name, family name or business, or in honor of any person or organization.
- The donor receives tax benefits in the year the gift is made to Central Kentucky Community Foundation.
- Our professional program staff helps donors determine eligibility requirements for the Scholarship — whether they are based on a student’s field of study, academic achievements, extracurricular activities, financial need, background, or geography.
- We handle all the administrative details — scholarship application, review committee, selection process — and award Scholarships to deserving students in the name of the fund.
- Scholarship funds can be endowed so that it is invested over time and only the earnings from the fund are used to award scholarships. The gift and all future earnings from the gift to establish a scholarship fund— is a permanent source of community capital, helping to do good work forever.
If a scholarship is renewable, donors can review updated information on the progress of recipients over the years. Donors often find it rewarding to meet students receiving their scholarships.
- CKCF launched Scholarship Central, a one-stop online portal for many local scholarships. This service enhances the donor and student experience.
- We work closely with local high schools to ensure students are aware of scholarships and encouraged to apply.
We use volunteer reviewers each year to review and score each application. The reviews are conducted blindly, so reviewers do not know the identity of the applicants.
We work with colleges and universities to facilitate the scholarship gift. Scholarship awards are paid directly to the school on behalf of the student. Scholarship dollars are not paid directly to the student, ensuring the donor’s wishes to support educational expenses are carried out.
Because we are a 501(c)(3) not-for-profit organization you’ll qualify for the maximum income tax or estate tax deductions when you establish your scholarship fund. Consult with your tax professional for further details.
No. A panel of three volunteer scholarship reviewers score all scholarship applications blindly. However, you can have representatives on the review panel for your scholarship.
Absolutely! In fact, we encourage it and facilitate it. By hosting our Celebrating Achievement awards dinner in the spring, donors are seated with their scholarship recipients, giving them the chance to share their scholarship’s meaning and unique story and allowing donors an opportunity to get to know their recipients. Donors are also welcome to present awards at schools’ scholarship awards ceremonies.
Yes. We have several scholarships that are renewable each year a student completes academic requirements for the scholarship. Other scholarships are designated specifically for upperclassmen.
Yes. Although many scholarships present awards for the first year of college, several others are renewable as long as students continue to meet the scholarship’s outlined criteria.
We can begin the work of setting up your scholarship fund at any point in the year. In order ensure your scholarship is included on the upcoming year’s offerings on Scholarship Central, fund agreements are encouraged to be completed by November 30.