Award Fund vs. Scholarship

LauraPayneLauraPayne Posts: 1
Conversation Starter
edited December 2022 in Grants & Scholarships

We have a potential donor who wants to create an Award Fund rather than a Scholarship Fund which looks to have different tax implications. Does anyone use Foundant to process award funds and if so, can you shed some light on how the administration of one might be different than a Scholarship?

Best Answer

  • CarolReynoldsCarolReynolds Posts: 108
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    Answer ✓

    We treat our awards like scholarships without an application in SLM. Basically, we create a bare-bones application, enter the student into SLM, if they aren't already, and then proxie in as them to submit it. From then on, we just push it through like any other scholarship except without an evaluation stage. Does that make sense?

    LauraPayne

Answers

  • CarolReynoldsCarolReynolds Posts: 108
    Voter User Group Meet-Ups Third Compass Anniversary
    ✭✭✭
    Answer ✓

    We treat our awards like scholarships without an application in SLM. Basically, we create a bare-bones application, enter the student into SLM, if they aren't already, and then proxie in as them to submit it. From then on, we just push it through like any other scholarship except without an evaluation stage. Does that make sense?

    LauraPayne
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