Scholarship Fund Minimums and Admin Fees

Hello,

 We are considering changing our minimums for donors wanting to start Scholarship Funds. We are also considering changing the annual administrative fee for scholarship funds. I was charged with the task of gathering information from other Community Foundations. I would appreciate your input on:


What is the minimum for donors to start a scholarship fund at your foundation?

What is the administrative fee for scholarship funds at your foundation?


Thank you!

Brittany Kennedy

Grants Manager

Benton Community Foundation (OR)

Tagged:
KaraAdams (Former Community Manager)

Answers

  • BethNuttallBethNuttall Posts: 49 ✭✭✭
    First Compass Anniversary First Comment Photogenic First Answer
    edited June 2021

    @BrittanyKennedy To start a fund donors usually must have about $5,000. We recently increased our minimum scholarship award to $2,500 (before it ranged from $1,000 - $5,000). We believe that $2,500 is more meaningful to students given increasing education costs.

    We do not charge an administrative fee for our scholarships funds - we only charge admin fees on fiscal sponsorships and those range from 5-10%.

    KaraAdams (Former Community Manager)
  • DeborahPfleddererDeborahPfledderer Posts: 6 ✭✭
    First Compass Anniversary 5 Likes Summit 2022 10-Year Anniversary

    We require $50,000 to start a scholarship fund and we charge a 2% annual fee charged monthly.

    BrittanyKennedyLaurelShulman
  • LaurieAbildsoLaurieAbildso Posts: 68 ✭✭✭
    First Compass Anniversary Name Dropper First Comment Summit 2022

    We recently increased our scholarship fund minimum from $10,000 to $20,000 (with three years to achieve that goal) and charge a 1.5% fee to administer.

    Laurie Abildso

    Vice President

    Your Community Foundation of North Central West Virginia, Inc.

  • JuliePoseyJuliePosey Posts: 1
    First Compass Anniversary Photogenic U.S.A. Dog Person

    @BrittanyKennedy 

    Our administrative fee for endowed scholarship funds (minimum balance of $25,000):

    • 1.0% per year on first $500,000
    • .5% per year on portion $500,000 - $1 million
    • .25% per year on portion $1 million - $3 million
    • Flat rate fee available per year on $3 million+
    • Minimum annual fee: $200; $500 if "high activity"

    Julie Posey

    Development and Communications Officer

    Parkersburg Area Community Foundation

    KaraAdams (Former Community Manager)
  • JodiBeersJodiBeers Posts: 8
    First Compass Anniversary 5 Likes Conversation Starter

    We will start a fund at any amount but they cannot grant or award a scholarship until the fund reaches $10,000.

    We charge a 1% administrative fee for all of our funds.

    KaraAdams (Former Community Manager)
Sign In or Register to comment.