Scholarships Tambah Foundation

Making a difference one bridge at a time!

A scholarship fund is a helpful way to encourage learning across different demographics and foster an environment where everyone has access to the same education. While schools and colleges usually offer scholarship funds, nonprofit organizations have this ability as well. Here are the steps you should consider when establishing one.

1. Come Up With the Idea

The first step is to get a concrete idea in place. What, or who, will this scholarship be for? Are you going to use it for universities or take a new approach? For instance, a fund for college is the most traditional path, but you can also offer one for independent education, such as training programs.

As you turn your preliminary ideas into concrete ones, remember that scholarships covered 31% of college costs in 2018. This number must increase to make education more accessible to everyone.

2. Create a Budget

Your nonprofit likely allocates its annual budget for different things like fundraising, marketing, outreach programs and community events. As you work toward establishing a scholarship fund, you'll need to make room in the spending plan for it.

Funds come with subtle costs. Setting one up requires professional advice, so you may want to budget for management services. Tech programs require more money, too. You must create the application and post it on a platform for all to access. Also, getting the word out means utilizing social media and digital advertising.

With these factors in mind, you won't have any surprise fees you can't handle.

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