Scholarships are a wonderful way to support students by assisting with the cost of their education. Establishing scholarship programs is one of the many ways DCM clients have generously used their wealth to help others.
A scholarship program can be designed to reflect your values and objectives. The first step is to decide who you want to help. Some examples include:
- Establishing a memorial fund to honor loved ones
- Choosing a field of study you want to support
- Assisting students in underrepresented communities
Scholarships don’t need to be large to have an impact. However, if you would like to support a university, it is best to ask their development department for the minimum annual gift requirement to establish an annual scholarship. Your advisor can work directly with university professionals to establish a one-time scholarship or an agreement for an endowed scholarship program. When it is time to grant the award, we will work with the university to transfer the funds.
The money from your scholarship donation will also be tax-deductible if the program is built to meet three qualifying criteria:
- Funds must go toward paying direct educational costs. This includes tuition, fees, course-required books, supplies, and equipment.
- The student receiving the award must be in a qualified charitable class.
- The selected recipient must be determined in an objective and nondiscriminatory way. Criteria could include financial need, GPA preference, and academic major preference.
If you are interested in creating a scholarship program, contact your advisor to help you with next steps.
