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Corporate scholarship guide 1

Guide to Establishing a Corporate Scholarship CTable of Contents Contents Table of Contents Preface Basic Steps to Establishing a Corporate Scholarship Determine how your company will fund the scholarship award s Endowed Scholarships Annual Scholarships Determine amount available for scholarship award s Determine the duration of scholarship award s Establish scholarship criteria Trust Document Committee The Criteria Write Your Application Beyond the Application Promote your scholarship Select and monitor scholarship recipients Administration of Scholarship Funds What the IRS Needs You to Understand Foundations Selection committee Do not discriminate The scholarship check should go to the institution Addendum A Sample Criteria Establishment Form for an Academic Scholarship Addendum B Sample Academic Scholarship Application CPreface The PMA Foundation for Industry Talent PMA FIT has recognized the need for guidance in the development of corporate scholarships Members of the produce industry have spoken and we ? ve responded by presenting you with this Guide to Establishing a Corporate Scholarship From selecting the type of scholarship funds to establishing criteria for student selection this Guide will explain the general steps involved with setting up your own scholarship A bonus ?? What the IRS Needs You to Understand ? section will explain some of the intricacies involved from a tax standpoint to make sure you prepare accordingly Completing the Guide is a sample application that you may use as a reference for creating your own scholarship application We hope that this Guide to Establishing a Corporate Scholarship will assist you in reaching the ultimate objective of helping students reach their educational goals Please Note PMA FIT is providing this Guide to Establishing a Corporate Scholarship for general information purposes only PMA FIT makes no representations or warranties regarding the accuracy completeness or reliability of any information contained herein and nothing herein is intended to constitute legal accounting tax or other advice or opinions This Guide references third parties for informational purposes but nothing herein constitutes an endorsement by PMA FIT of such parties or their products or services C CBasic Steps to Establishing a Corporate Scholarship Determine how your company will fund the scholarship award s There are two basic types of scholarship funds endowed and annual Your company will need to choose the one with which to establish its scholarship Endowed Scholarships Endowments are large amounts of money that form the fund and are invested The amount invested is never spent on the scholarship awards Rather a portion of the money earned in this investment is awarded for scholarships An investment broker can advise your company on the best ways to invest the endowment Annual Scholarships Unlike the endowed scholarship described above an annual scholarship is not a permanent fund The annual scholarship is awarded only as long your company chooses to contribute to the fund They may either be a one-time gift or replenished each year through an endowment Determine amount available for scholarship award s Once your company has accumulated the amount of capital needed to establish a scholarship it must determine