If you are interested t set up a scholarship fund in someone’s name, you need to learn about some formalities and significant steps that are required. You need to find out how to set up a memorial scholarship fund first. If you have plans to set up a scholarship fund in the memory of someone near and dear to you, you give a chance to eligible and deserving students so that they are able to achieve their scholastic goals and you will also get a chance to use your money for a worthy cause. However, it completely depends on you what criteria you wish to set and what is your basis for selecting candidates for the award money.
The first thing that you need to decide is the name of your scholarship fund. After selecting the name and the requirements that you want to set for selecting the candidates, you should also decide how and on what basis you are going to choose the candidates. Are you going to provide financial assistance to students every year, whether it is renewable or not and many such related aspects have to be taken care of. Your criteria must be fixed and that can be based on the academic achievements that are judged by the GPA of the applicant or geographical area or some other qualities that can be related to your subject and intention.
When you have found out how to set up a memorial scholarship fund and the steps involved in it, you need to follow the instructions now. It will be better if you make your points clear beforehand. Decide what will be the method through which you will prefer choosing the candidates. You should also decide whether you want to keep the scholarship award money fixed or variable and for the later one you will have to announce the scholarship money each year.
Check out details from your financial advisor and then check the steps involved in how to set up a memorials scholarship fund. Make sure you have everything legitimized and made official so that the students stay assured.