How to Create a Memorial Scholarship with the Tumwater Education Foundation
Any individual or group may honor a cause or the memory of a loved one by establishing a perpetual scholarship with the Tumwater Education Foundation (the Foundation). The Foundation serves as the steward of the funds, investing the initial gift and future contributions that result in perpetual growth. Donor(s) can start a fund with an investment of $5000. As the fund grows, the scholarship award and/or number of awards can increase.
To establish a perpetual scholarship fund, please complete the following forms:
Tumwater Education Foundation Scholarship Commitment Form
Tumwater Education Foundation Pledge Form
Once completed forms may be emailed to info@tumwatereducationfoundation.org or mailed to 120 State Ave NE #303 Olympia, WA 98501
Creating the Fund
A minimum investment of $5000 is required to set up a memorial fund, in order to have an earning base to generate a perpetual award. The fund is under the ownership of the Tumwater Education Foundation and will be used exclusively for generating scholarships to be awarded as designated by the donor. As the fund increases, the Foundation may opt to increase the award amount and/or grant additional scholarships, provided the principal is not diminished.
A scholarship may be awarded in the first year of a newly created fund, if the funds are provided by the donor. This amount shall be separate from the principal and may be any amount. Otherwise, the first scholarship will be awarded one school year after the scholarship is established to allow the fund to draw interest for one year.
Donors are encouraged to write a description of the cause or individual being honored by the scholarship. This information will be included in printed materials, posted on the Foundation’s website and other appropriate forms of promotion.
Two important decisions are:
- The name of the scholarship. Would you like to name the scholarship in honor of a loved one or a particular cause? Do you want to include words like “memorial” or “endowment”?
- The criteria for selection. By law, there must be a fair and open competitive process; available to all qualified applicants.
Setting the Criteria
The following suggestions may be helpful as you set the criteria for selection of the scholarship recipient(s).
- Financial need
- Work history
- Grade point average of _____ or above in core academic classes
- Involvement in community activities
- Involvement in extra-curricular activities (clubs, sports, etc.)
- Athletic participation
- Other interests and/or achievements
- Specific career goals
- Overcame adversity during school years
Awarding the Scholarship
The Foundation will solicit applications for your scholarship, using the criteria you have set. Typically, the donor has no role in the selection process. Selection is done by an independent committee made up of community members.
Scholarship recipients are announced at a recognition event prior to graduation. Donors are welcome to attend the event.
In addition, the thank you note written by the recipient is shared with the donor.
Next steps
When you have determined the criteria you wish to use, please complete the following forms:
Tumwater Education Foundation Scholarship Commitment Form
Tumwater Education Foundation Pledge Form
Once completed forms may be emailed to info@tumwatereducationfoundation.org or mailed to 120 State Ave NE #303 Olympia, WA 98501
An agreement will be drafted for review by the donor and the Foundation. Following review, the agreement will be finalized and signed by both parties.