generate at least $12,000. “We had a plan in place to make sure we could do the appropriate fund-raising,” says Fullwood. This kept their ambition in line with their resources.
Establish a dedicated scholarship account. Open a separate bank account to deposit money raised for your scholarship fund. Work with a bank to find the best options for your money and research IRS regulations for charitable donations. Meet with a tax accountant to help guide you.
Engage all your resources, contacts, and acquaintances. It’s important to make a personal appeal to sponsors. Meet with them or call to explain how important your cause is and its relevance to the recipients. Having a personal touch with sponsors and contributors is critical to fund-raising. Ask local businesses to donate or match funds.
Celebrate the small successes. “We learned our scholarship was not only a big deal for the students but also for the parents. So, the second year we gave each student a plaque and got parents more involved,” adds Fullwood. “Recognition was a very important piece of this.”
Consider giving through a community foundation or public charity. You can set up a scholarship fund in your name, the name of your family or business, or in honor of any person or organization you choose. A community foundation or public charity will handle all of the administrative details, including managing and investing the money, and help you determine eligibility requirements for recipients. Check out the Twenty First Century Foundation, www.21cf.org, or Associated Black Charities, www.abc-md.org. To learn ways you can give back, log on to blackenterprise.com and read “America’s Leading Black Philanthropists.”