Hello, just as the title says, I was wondering how to start a scholarship fund. I want to create a university scholarship fund to encourage and support ethnic, racial, and religious minorities and/or refugees/immigrants to get involved in the field of STEM, as they are highly underrepresented in the United States. However, I have no idea how to do this legally. I feel confident that I could start a website and link a PayPal account and whatnot, but I think I would want it to be an official scholarship (so it's easier to find too), and to be awarded to minorities with the financial need. So, I am wondering how you go about this process, and how you legally (and ethically) would get proof of applicants' financial status, and their race/ethnicity.
Would you just recommend using a scholarship management company that does all of the administrative work for you? Also, is it possible to set up scholarships of an undefined amount? I just graduated undergrad so this would be purely donation-based (I have no income to set aside a portion of for the scholarship lol), so the winner(s) would just be receiving whatever amount is accumulated, and then if it ever were to become large enough I could set a defined amount or guarantee to pay the students' whole college expenses.
Any insight or recommendations on this process would be highly appreciated. Thanks in advance!
Submitted August 06, 2020 at 02:32PM by whmmhw97 https://ift.tt/31vjK4g
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