Your class is interested in setting up a scholarship. What should you do?
1. Select a few classmates (1-5) to explore establishing a scholarship for your class.
2. Contact Al Vaughan at 843-881-7827 or email him at email@example.com, to assist with questions and to help get started. Other board members to contact would be Nancy Snead Chappell (local), Gene Hart (local), David Arthur (recently moved back) or Eleanor Bagley Magette.
3. Determine how you want to structure the funding for your scholarship.
a. Awarded based on yearly contributions
b. Establish an endowment where your scholarship will be awarded from earnings from your fund. We strongly prefer this approach.
Review more details in section on Funding Structure for your scholarship.
4. Present your proposal to your classmates. This may be
done at a class reunion or in a mailing to class members.
5. Set up a group of classmates to develop the criteria
which the guidance office will use to select the recipient of
your scholarship. Review greater details in section on the
Selection of the individual to receive your scholarship.
6. Set up a bank account at Benchmark Community Bank to handle incoming and outgoing funds. Each class account will be a separate account under the Foundation’s tax ID number.
1. If you are establishing an endowment, determine how
your funds will be invested. The Class of 1967 chose to
work with the Vanguard Group and invest in the
separate Vanguard account.
2. Begin to collect money and invest in your endowment
3. Notify the guidance office at Central that your class will
be awarding a scholarship. Provide the guidance office
with your selection criteria and an application form that
the graduating seniors will complete.
4. Determine the scholarship amount you will offer and communicate with the guidance office. This is usually done in early May as the guidance office is getting geared up to evaluate seniors for awards.
5. Keep your classmates informed with an annual
6. Establish a committee or individuals to handle finances, fund raising, communication, criteria development and having your class plaque made.
7. One of the final things to do once you have decided to offer a scholarship in the name of your class is to have a plaque made which will hang in the halls at Central to document your scholarship recipients. A sample label on the 1967 plaque is as show below: