AFF Create A Scholarship

How to create a scholarship. Last Updated: 5/15/2019 1:59 AM

Interested in Creating a Scholarship? Here's How!

It is rather simple to begin a scholarship.  The first step is to donate funds in honor or memory of someone. This starts a record-keeping process that has several checks and balances by the Board of Trustees.  Simply put, the money goes into the general fund; however, very careful records denote the exact total in the account.  Once the fund reaches $5000 by a June 1st deadline, then a scholarship is awarded the following May to an applicant that meets the criteria the family has established. A $5000 total awards a scholarship every other year; whereas, a $10,000 total awards a scholarship every year. 
 

Families write the scholarship criteria which can be altered in the future.  We simply ask that advanced notice be given so we can change the bios on the web page and in the booklet.  The Board of Trustees selects the students from the applicant pool, but consideration is given to an applicant who meets all the application terms.

An important feature is that the scholarship amounts are derived from INTEREST only and the principal is not touched.  Scholarship amounts vary according to the amount of money in the specific accounts.  As an example, our first scholarship for Joe Theiss has more funds than one that was started later.  Therefore, Joe's scholarship amount might be $750; whereas, the later one might be $500.  As interest has not been too good in recent years, we have still been able to begin scholarship amounts at $500.  We always caution folks that the amount might be a tad lower if interest continues to remain low. Alexander’s Future Foundation is a tax-exempt organization so donations may be listed as contributions on income taxes.


Donations may be mailed to Alexander’s Future Foundation, Post Office Box 204, Albany, Ohio 45710.  Questions may be directed to any member of the Board of Trustees.