I'm going to establish a memorial scholarship to aid students in the nursing program at the local vo-tech school. I've set up a meeting with the school. I'd like input from anyone with first hand knowledge. Thanks in advance.

Hi parttime, there are many rules and regulations, and facets to establishing a scholarship award. I think the website eHow.com offers some great points and advice and sends you in the right direction to obtain proper licensing for this.

eHow | How to Videos, Articles & More - Trusted Advice for the Curious Life | eHow.com (http://www.ehow.com) › Education

I think you will have to enter 'estabishing a scholarship award' in the search feature before accessing the proper information.

In your meeting with the school you will need to find out what their policy is for establishing a new scholarship fund. Some of the issues to discuss would be:

1. How much do they will require to establish a dedicated scholarship fund account?

2, How is that initial amount going to be generated? I assume you have a figure in mind for your own initial donation. If that amount is not adequate to set up a dedicated scholarship you will need to discuss how to raise more money for it. You should also think ahead of time whether you will be making additional donations in the future, approximately how much, and when?

3. If there will be fund raising to build donations for the scholarship, how will that work? Do you want to take a lead in fund raising efforts? Is there a particular group of people that you feel are good candidates to solicit contributions from (acquantances of the person the fund is named for, for example). Can fund rasing for this cause be combined with other efforts by the school (for example - made part of a larger capital campaign they may be planning)?

4. How will scholarship grants be administered each year? Who decides who gets the scholarship aid? Will a few individuals each year receive fairly large scholarships, or will a larger number of recipients each receive a relatively small amount?

5. How much cash will the fund spin off each year for scholarships? FYI - typically you can expect about 4% - 6% of the principal amount to be spun off each year.

I think that will get you started. Good luck!