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Scholarship Fund Minimums and Admin Fees
BrittanyKennedy
Posts: 4 ✭✭
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)
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1
Answers
@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%.
We require $50,000 to start a scholarship fund and we charge a 2% annual fee charged monthly.
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.
@BrittanyKennedy
Our administrative fee for endowed scholarship funds (minimum balance of $25,000):
Julie Posey
Development and Communications Officer
Parkersburg Area Community Foundation
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.