4 Steps to Create a Scholarship Fund – Brigade Bookkeeping

I did it again and no, I’m not singing the Brittany Spears song. My team and I ran the FICPA Education Foundation 28th Annual 1040K Run in Coconut Grove this weekend.  We all ran to raise money for a great cause. The Florida Institute of Certified Public Accountants Education Foundation provides scholarships to well-deserving students who want to pursue a degree in the accounting field.

The scholarship fund is near and dear to my heart. Here’s how it works: I ask my family, friends and colleagues to donate to my cause and then I match that donation. Last year, I raised $5,965. This year I’m aiming for $5,000, which means Brigade Bookkeeping will double that. Even though my run is over, it’s not too late to help by going to my fundraising website https://fundraising.active.com/fundraiser/ElizabethManso2

Giving back to the community is a great way to help future generations, but it’s also a good way to market your business. Some companies sponsor youth sports teams, others donate to hospitals, but if you’re interested in setting up a scholarship fund, it’s not as hard as it sounds. Here are the four steps you need to take to set up your own scholarship fund:

• TEAM UP WITH AN ORGANIZATION – Major corporations and organizations like FICPA have their own education funds. Teaming up with an established organization is a great way to help future scholars, without having to go through the steps of setting up your own.

• FUNDING A SCHOLARSHIP – If you decide to set up your own scholarship or participate in an already established organization’s fund, you’ll have to decide how you will fund it. Will you donate the money yourself? Will you ask your family, friends and employees for donations, then match the total amount? Or will you set up your own non-profit organization? It’s important to know how you will fund the scholarship before setting it up.

• WHAT’S THE AWARD CRITERIA – Now that you’ve determined how you will fund the scholarship, you have to decide the criteria for receiving it. Will you award it to students based on their grades? Do you want to give it to a student in need? Or are you considering awarding it to a student with athletic or creative talent? Make sure you decide the criteria before you start setting up the scholarship.

• SPEAK TO A TAX EXPERT – Before you get too ahead of yourself, you may want to speak to a tax expert about establishing a scholarship. He or she can speak to you about different tax options, like whether to set up a trust or a non-profit organization. An expert can look into the tax liabilities you may be responsible for in the future.

You don’t have to be a big conglomerate to give back to the community. Small business owners can make a difference in so many ways. Setting up a scholarship or donating to an educational fund is a great way to carry on your legacy and to help future generations follow in your career footsteps.

Thank you to everyone who donated to my cause or is still planning to. I’m one of those people who would never have gone to college if it wasn’t for a scholarship, so I will be forever grateful! Now it’s my turn to return the generosity. Go ahead, I challenge you to give back to your community this year!