Thinking of starting a scholarship fund at CVCF?
Typically a donor has a vision in mind when partnering with the Central Valley Community Foundation to establish a scholarship fund. Once you have established the fund with the Foundation, a donor works to refine his/her vision for the scholarship fund and helps the Foundation identify committee members.
Sample Scholarship Criteria
This document captures the background story of the scholarship, the purpose of the scholarship, and, importantly, the eligibility and selection criteria. The following requirements are mandated by the IRS:
- The scholarship must be awarded on an objective and nondiscriminatory basis and The group of applicants from which the recipients are selected must be sufficiently broad as to be considered a charitable class
- No grants may be awarded to an officer, manager or trustee of the organization, nor to a member of the selection committee, nor to a substantial contributor, nor to certain US government officials. Family members of these individuals are also not eligible to receive grants.
CVCF has compiled a full list of IRS mandates around scholarships. You can view those here.
The selection committee
Committee Update Form
This document captures the names and contact information for the individuals that will review the applications and, based on the eligibility and selection guidelines for the scholarship, make a recommendation to the CVCF Board of Directors on who should receive the scholarship award.
The donor and related parties may sit on a selection committee, but they may not make up a majority of the committee. The majority of the committee must be made up of individuals who are not related parties and who are not designated or appointed by the donor.