Hargrove Family Scholarship
First, who do we want to give our scholarship money to?
Things to consider:
• Age requirement
• Level of school – High school? College?
• Volunteer work
• Do they display good family values towards the Hargrove Family (i.e., attend family reunions)
• Interests or intended majors.
• Hometown or location of school
• Financial need
• Enrollment period
How much money will be given to one or more recipients?
Once we have established the criteria for the Hargrove scholarship and you can envision all of the amazing things your future scholarship recipients will do. Next, there is one thing you must do – ensure your funding is set up for success. The cost of creating a scholarship goes beyond just the award itself, you must also consider the cost of managing your scholarship – for example, websites, management services, and administration.
3. IRS compliance??
We know that absolutely no one in this world wants to talk about the IRS, not even your tax advisor, but to start a scholarship and ensure it is set up for success, we must. The IRS requires specific conditions and procedures to ensure your grant is tax exempt.
4. Launch your scholarship! – The green light flashes, the flags go up
You’ve determined your criteria, you found the funding, you made sure you’re IRS compliant – it’s go time! Your scholarship is live and ready for applicants. Things to think about: How will you market your program? How many applicants do you want?
Every student who applies to a Hargrove scholarship has a cloud-based profile automatically created for them, making it easier to apply to more scholarship and fund more of their education.
5. Decision making
Once you’ve closed the window for accepting college applications, it’s time to select the winner(s). Who is making the decision? Is it a specific review board? If more than one person is part of making the decision, be sure to outline the process.