How to Set Up a Memorial Scholarship Fund in Honor of Someone

Creating a Memorial Scholarship Fund

Losing a loved one is a deeply challenging experience, and words often fall short in capturing the depth of our emotions.

Honoring a loved one can be a powerful and healing way to keep their memory alive. One meaningful way to do this is by creating a memorial scholarship fund. These scholarships celebrate the values and passions of the individual being remembered while providing a lasting legacy that inspires future generations. They also offer an opportunity for family, friends, and supporters to contribute to something impactful and enduring.

In short:

• Memorial scholarship funds honor a loved one’s memory by reflecting their passions and values.
• They provide financial support to students, opening doors to new opportunities and a brighter future.

So, how can you create a memorial scholarship fund? Here’s a quick overview of the five simple steps:

1. Fund Your Memorial Scholarship
2. Choose Who to Support
3. Set Up Your Memorial Scholarship Fund
4. Share Your Memorial Scholarship
5. Award Your Memorial Scholarship

Continue reading to learn about creating a memorial scholarship fund to celebrate your loved one's memory, leaving a lasting impact.

Our recommendation for creating a memorial scholarship fund is to speak with our Bold.org Donor Team. Here’s how we can help you honor your loved one:

• 100% of your support reaches the deserving students who embody the legacy you wish to honor.
• You can effortlessly create a memorial fundraising page to accept donations from family, friends, and your community.
• No extra fees — you won’t be charged beyond your donation.
• Our expert donor team will help you define and share your scholarship.
• You’ll receive thoughtful applications from remarkable individuals inspired by the story of your loved one.
• All donations are 100% tax-deductible.

Working with a trusted, free scholarship service provides you the support you need to create something truly meaningful to remember your loved one.

Here's how to create a memorial scholarship fund in five simple steps.

1. Fund Your Memorial Scholarship

Establishing a memorial scholarship doesn’t have to be financially overwhelming.

The first step in creating a memorial scholarship fund is to determine how much you'd like to contribute personally, what expenses you’re willing to cover, and how much you plan to gather in donations from family, friends, and your community.

Here are some common options for setting up a memorial scholarship, along with an overview of the typical costs involved:

Establishing an Endowed Scholarship at a University:

• Minimum Contribution: $50,000–$100,000, depending on the university’s guidelines.
• Costs: Administrative or setup fees, typically up to 5%.
• Fundraising Support: No.

Starting a Non-Profit Organization:

• Minimum Contribution: Usually, at least $1,000 to fund the creation of the organization.
• Costs: Legal expenses range from $5,000–$10,000 to set up the non-profit and secure tax-exempt status. This process may also require 20–40 hours of your time to handle paperwork and ongoing management.
• Fundraising Support: Yes.

Using Traditional Scholarship Platforms:

• Minimum Contribution: Generally requires at least $10,000.
• Costs: Fees are typically 5% or higher.
• Fundraising Support: No.

Using Bold.org:

• Minimum Contribution: $500.
• Costs: None.
• Fundraising Support: Yes.

When creating a memorial scholarship in memory of your loved one, it’s important to choose an option that feels meaningful and aligns with your goals. Think about how much you’re able to contribute, whether you’re comfortable covering any associated fees, and if you’d like to offer donation options for family and friends who may want to support the scholarship as a way to honor and remember your loved one.

It’s also worth considering the time involved in setting everything up. While scholarship management services can handle much of the work for you, managing the process on your own could require 40 hours or more. Choosing an option that feels right for you and is manageable during such a challenging time is an important part of the process.

2. Choose Who to Support

Now, it’s time to choose who to support to carry forward the legacy of your loved one.

The next step in creating a memorial scholarship is to define the details that honor the memory of the individual being remembered and guide applicants who share the values or qualities they cherished. Here’s what you need to consider:

1. Define eligibility criteria that resonate with the individual’s life and passions, such as a specific field of study, financial need, or dedication to community service.
2. Specify selection criteria by identifying qualities or achievements that best reflect the essence of the person’s being remembered—academic accomplishments, resilience in the face of challenges, meaningful personal stories, or contributions to their community.
3. Write a scholarship description that explains the purpose of the scholarship and how it serves as a tribute to the person’s life and impact.
4. Create a meaningful application prompt by developing a question or essay topic that encourages applicants to reflect on themes such as making a difference, overcoming obstacles, or pursuing goals with purpose and determination.

3. Set Up Your Memorial Scholarship Fund

This is where the scholarship takes shape as a meaningful way to continue the honoree's impact.

The next step is to structure the scholarship in a way that respects their memory and ensures it functions smoothly. Here's how:

1. Design a straightforward application process that is clear and easy for applicants to follow.
2. Allow for a variety of submission formats, such as essays, videos, or creative works, to give applicants the opportunity to express themselves in ways that align with the scholarship’s mission.
3. Partner with a 501(c)(3) organization or a scholarship management service to ensure donations made in their memory are tax-deductible and responsibly managed.

4. Share Your Memorial Scholarship

Connecting the memorial scholarship with the right applicants brings purpose and meaning to the tribute it represents.

Sharing your memorial scholarship is an important way to honor the memory of the person it celebrates. By spreading the word, you can reach applicants who reflect their values and carry on their memory in a meaningful way. Here’s how to share it:

1. Contact schools like high schools, colleges, and universities to let students know about the scholarship.
2. Use social media platforms such as Instagram, Facebook, and LinkedIn to share the story behind the scholarship and reach more people.
3. Connect with local organizations like community centers, libraries, and student groups to spread the word.
4. Work with scholarship management services to help find applicants whose goals align with the scholarship’s purpose.

5. Award Your Memorial Scholarship

Choosing a recipient for your memorial scholarship is a deeply meaningful part of the scholarship process.

The final step in creating your memorial scholarship is selecting the recipient and awarding the funds, a process that honors the memory of the person being commemorated. Here’s how to proceed:

1. Ensure the selection process is fair, transparent, and compliant with legal guidelines, providing every applicant with an equal opportunity.
2. Thoughtfully review each application, selecting a recipient whose story and aspirations best reflect the values the memorial scholarship seeks to uphold.

Celebrate the Life of Someone Special Through a Scholarship

You can make the memorial scholarship even more personal and meaningful by including their name in the title and using a photo of them in the scholarship image. Sharing a piece of their story in the scholarship description adds a heartfelt touch, allowing others to connect with the life and values being celebrated. You might also choose to seek applicants whose passions, values, or experiences align with the qualities they embodied, ensuring the scholarship continues to reflect their spirit and impact.

Honoring a Loved One with Bold.org

At Bold.org, we provide a simple and meaningful way to set up a memorial scholarship that honors the life of someone special. Here’s how we help make the process smoother:

• You can fully customize your scholarship, from eligibility requirements to the topic, application prompt, and selection criteria, to reflect the values and story of the person you’re honoring.
• You can design essay, video, or image application prompts to inspire creative and meaningful submissions.
• Your scholarship will automatically be matched with exceptional candidates, ensuring it reaches applicants who meet your criteria and reflect its purpose.
• Your donations, along with contributions from friends, family, and your community, are 100% tax-deductible.
• Every dollar you donate goes directly to deserving recipients—there are no administrative fees.
• You’ll receive dedicated support to help you review applications and select the most fitting recipient.
• You’ll work with an experienced team that has guided thousands of donors in creating impactful scholarships.
• We’ll ensure your scholarship complies with all nonprofit and grant-making regulations so the process is secure and worry-free.

The entire process is completely free. You don't need to pay for anything beyond your donation.

Frequently Asked Questions About Memorial Scholarships

How soon can I get a memorial scholarship up and running?

The exact timeframe depends on the service you use. Many choose to collaborate with an educational institution, community foundation, or nonprofit that already runs scholarship programs. Bold.org strives to make creating and managing memorial scholarships as simple and straightforward as possible. In fact, some donors have successfully set up a memorial scholarship in time for their loved one's memorial service.

How much does it cost to set up a memorial scholarship fund?

The cost of a memorial scholarship program depends on the route you take to create the scholarship. Some scholarship management platforms may charge service fees, initiation fees, management fees, etc. However, free scholarship management services like Bold.org are great options that allow you to create memorial scholarships at no cost beyond the minimum donation of $500.

Is a scholarship fund tax deductible?

Scholarship funds are generally considered tax-deductible donations if they comply with specific IRS guidelines. Consulting a tax advisor can help ensure your scholarship meets these requirements to receive tax benefits.

Moreover, partnering with a trusted scholarship management service or nonprofit organization helps simplify the process by ensuring accurate tax reporting, proper fund distribution, and support for eligible educational expenses, offering confidence and clarity for both donors and recipients.

How does a memorial scholarship fund work?

A memorial scholarship fund provides financial support to students for direct educational expenses, such as tuition and fees. Recipients are chosen through a fair, objective, and nondiscriminatory process to ensure equal opportunity for all applicants. These funds can often be tax-deductible, allow for community contributions to raise funds, and serve as a meaningful way to honor and keep your loved one's memory alive.

What is an educational scholarship fund?

An educational scholarship fund provides financial assistance to students for academic-related expenses, such as tuition, books, and fees. You can start a scholarship fund specifically to honor the memory of someone special while supporting students who share their values and aspirations. This not only helps keep their memory alive but also provides meaningful assistance to students working to reduce their student debt.

Are donations from fundraising events tax-deductible?

If your memorial scholarship is managed by a recognized nonprofit organization, donations from fundraising events are generally tax-deductible. To ensure full compliance, consider consulting with a nonprofit organization or a tax advisor.

Why Start a Memorial Scholarship Fund?

Creating a memorial scholarship is a meaningful way to honor and preserve the memory of someone you’ve lost. It allows you to celebrate their life by supporting students who reflect their values, passions, and spirit, ensuring their impact lives on.

At Bold.org, establishing a memorial scholarship is both accessible and heartfelt. Our Donor Team is here to guide you through every step, from designing the scholarship to selecting recipients, making the process simple and focused on what truly matters—honoring the individual(s).