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Scholarship - Room and Board

AbbeyCameronAbbeyCameron Posts: 6 ✭✭
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edited November 2022 in Grants & Scholarships

We have a very small scholarship program to date, but have a prospective funder who is very passionate about funding a "full-ride" scholarship including room and board. I understand this will create taxable income for the student. I'm looking for examples of a scholarship program that funds room/board and how you communicate that to the applicants. And any experience with releasing these funds or issues for students when they receive their tax paperwork? Thank you.

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    AlyseBraatenAlyseBraaten Posts: 63 ✭✭✭
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    Hey Abbey, I don't have an example myself, but at a conference I was at talked about doing two scholarships for each award. One that met non-taxable requirements and another for room and board. That way the entire award isn't taxable, just a portion. Not an expert here. Just something to think about.

    Alyse Braaten | Manager of Client Services – Grants & Scholarships | www.foundant.com | Bozeman, MT

    alyse.braaten@foundant.com | Direct: 406.922.3376 | Cell: 661.364.1012

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    AbbeyCameronAbbeyCameron Posts: 6 ✭✭
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    That makes a lot of sense, thank you!

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    DanaBerggrenDanaBerggren Posts: 35 ✭✭✭
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    @loritrenholm, this thread may be helpful to your question about room and board!

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    loritrenholmloritrenholm Posts: 23 ✭✭✭
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    Thank you @danaberggren!

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