OT: Fundraising questions for a scholarship

[john4psu]

Greetings everyone. Just wanted to hopefully get some advice from the All-Knowing BWI board. In a little over a year, I'll be retiring and I'm thinking of creating an annual college scholarship at the high school I graduated from. I was fortunate to be the recipient of several scholarships from my high school and at Penn State. Non-athletic lol.

Anyway, creating a scholarship from me personally is easy. Then I thought how could I possibly do even better. I thought perhaps I could encourage alumni of the high school to donate to a scholarship fund separate and distinct from mine as a way of giving back. What's the best way to do that? Set up a gofundme account for that purpose? I would want it to be secure and have a system whereby two individuals have to be able to withdrawal the funds for the scholarship to prevent any one person from being tempted to take the funds for personal use.

Any thoughts and advice is appreciated as I'm not thinking of doing this till 2023 at the earliest. Thank you in advance.

 

[psuro]

Good for you - you are doing a good thing. I started a scholarship in my high school in memory of my best friend and classmate who passed away. It was, as you mentioned, simple to do. I simply told the school what the paramettrs were, and they did the leg work.

With regards to your question, I would recommend talking to the school about your idea and let them set up a formal scholarship fund that people can donate to. You could be involved with trying to get the word out to alumni groups., and simply provide a marketing effort. If I am reading your post correctly, that is what you want, correct? I think setting up a GoFundMe page where someone outside the school would have to administer might be a hassle.

Good luck and kudos to you for your desire to help others.

 

[87 Penn St8]

We recently did the same thing as Euro when our daughter passed in 2018 at her high school/ which is also where I teach. Originally the Scholly was set up by the Friends of Music and managed by their Board/Treasurer . More than $30,000 was collected via Go Fund Me. We set the criteria and I personally picked the first 3 winners given my somewhat unique perspective of knowing the kids. A check was given directly to the kids to use for books, computers, transportation, whatever. That was apparently a lot of work for the Friends of Music volunteers...and without our knowledge the Scholly was transferred into the much larger district charity. The good news: the $40,000 or so that we had grew to $50,000 in the larger investment fund/bull market. We since have doubled our amount given to kids to $1,000 per year while enrolled in college/junior college. The downside: there are a lot more rules and tax implications, and I no longer can select the recipient. Also, the check must go directly to the school they are attending for use within a Bursars bill. I understand that your ? was more about the collection mechanism, and Go Fund Me worked great. Beyond the initial push people can donate to the larger fund via checks and electronic methods...and just stipulate that the $ go into her award pool. Overall it has been a positive experience, but I will admit to some unnecessary frustrations over the past 6 months or so. 501C3 charities are complex, with accounting firm oversight and checks/balances... Like any award recipient cannot be relayed to us in any manner ( which isn't an issue...but was not part of our other management process). Good luck!

 

[87 Penn St8]

Related to us....not relayed...damn autocorrect!

 

[Teenwolf_221]

Considering that you didn't give either of your kids a dime for college, in fact, I lost the scholarships that I received for college because you refused to cosign any of my student loans which prevented me from starting college on time, I don't know why you're considering such a thing.

 

[Keyser Soze 16801]

Considering that you didn't give either of your kids a dime for college, in fact, I lost the scholarships that I received for college because you refused to cosign any of my student loans which prevented me from starting college on time, I don't know why you're considering such a thing.

People change. My father was awful to me as a child, including physicality that would lead to jail in 2021. As an adult, he had mellowed and I could either remain bitter or forgive. I chose the latter and we developed a great relationship that lasted until the day he died. If he can change, anyone can.

 

[Agoodnap]

Maybe @razpsu can help you out with some guidance.

Raz, this is a good thing your parents did.

Zamrik boosts scholarship with $50,000 pledge | Penn State University

 

[john4psu]

Good for you - you are doing a good thing. I started a scholarship in my high school in memory of my best friend and classmate who passed away. It was, as you mentioned, simple to do. I simply told the school what the paramettrs were, and they did the leg work.

With regards to your question, I would recommend talking to the school about your idea and let them set up a formal scholarship fund that people can donate to. You could be involved with trying to get the word out to alumni groups., and act simply provide a marketing effort. If I am reading your post correctly, that is what you want, correct? I think setting up a GoFundMe page where someone outside the school would have to administer might be a hassle.

Good luck and kudos to you for your desire to help others.

Thank you and yes you got it. I'd want to spread the word about the alumni giving back scholarship. That's great that you created a scholarship in your best friend's memory. Thank you for your advice.

 

[BobPSU92]

Who needs a scholarship? NIL.

 

[razpsu]

Maybe @razpsu can help you out with some guidance.

Raz, this is a good thing your parents did.

Zamrik boosts scholarship with $50,000 pledge | Penn State University

Damn it. I wanted a boat!!! Lol.

Thank you for saying that!

Yea they have a scholarship at psu and Texas.

 

[Teenwolf_221]

People change. My father was awful to me as a child, including physicality that would lead to jail in 2021. As an adult, he had mellowed and I could either remain bitter or forgive. I chose the latter and we developed a great relationship that lasted until the day he died. If he can change, anyone can.

I agree, but not everyone will change. It's wonderful to hear you mended things with your father and that you salvaged a relationship with him, and I'm sorry you had such a tumultuous history and upbringing with him.

In the case with my father, unfortunately this is par for the course. He stopped talking to me the same way he stopped talking to my brother a decade ago. With a very ill and dying mother (his ex-wife) one would think if there was a time to want to mend things or change his ways, it would be now, but that's not the case.

On the bright side, at least maybe someone will benefit from him, he having been someone who was handed absolutely everything by grandparents, it's about time he gave back something.

 

[BobPSU92]

 

[Keyser Soze 16801]

I agree, but not everyone will change. It's wonderful to hear you mended things with your father and that you salvaged a relationship with him, and I'm sorry you had such a tumultuous history and upbringing with him.

In the case with my father, unfortunately this is par for the course. He stopped talking to me the same way he stopped talking to my brother a decade ago. With a very ill and dying mother (his ex-wife) one would think if there was a time to want to mend things or change his ways, it would be now, but that's not the case.

On the bright side, at least maybe someone will benefit from him, he having been someone who was handed absolutely everything by grandparents, it's about time he gave back something.

Thanks for the kind words and I hope you two find a way to mend the proverbial fences although it sounds like that is a longshot

 

[91Joe95]

Greetings everyone. Just wanted to hopefully get some advice from the All-Knowing BWI board. In a little over a year, I'll be retiring and I'm thinking of creating an annual college scholarship at the high school I graduated from. I was fortunate to be the recipient of several scholarships from my high school and at Penn State. Non-athletic lol.

Anyway, creating a scholarship from me personally is easy. Then I thought how could I possibly do even better. I thought perhaps I could encourage alumni of the high school to donate to a scholarship fund separate and distinct from mine as a way of giving back. What's the best way to do that? Set up a gofundme account for that purpose? I would want it to be secure and have a system whereby two individuals have to be able to withdrawal the funds for the scholarship to prevent any one person from being tempted to take the funds for personal use.

Any thoughts and advice is appreciated as I'm not thinking of doing this till 2023 at the earliest. Thank you in advance.

You have several avenues available to you:

and the more direct method popular with a bunch of the board members: