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 janeandal@bellsouth.net,
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
fund.
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
newsletter.
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: