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