Thank you for considering a scholarship! Let us personally guide you through the process.
There are four steps to creating a new scholarship:
1. Determine type of scholarship
Determine whether you would like to establish an “endowed” scholarship or an “annual” scholarship:
Funds are designed to be permanent and perpetual and can be created with gifts totaling a minimum amount of $20,000, contributed in full at the outset or with an initial commitment that is added to over time until the endowment level of $20,000 is attained. The principal of the fund is invested to produce income, and an annual award of $1,000 is made to a student. The principal remains untouched, so the endowment can last into perpetuity.
Can be established with an outright gift of a minimum of $500. Although the Foundation prefers an annual commitment of four years, one-time gifts are accepted and appreciated. Unlike an endowed scholarship, an annual scholarship is not permanent and contributions must be made each year.
2. Establish scholarship criteria
As a scholarship donor you have two options in establishing scholarship criteria:
Allows you to choose the name of the scholarship as well as the criteria. The Director of the Franklin Pierce Foundation is available to help you create the criteria for your scholarship.
Allows you to take advantage of criteria already established by the Foundation. Each year the Foundation awards twelve $1,000 Distinguished Navigation Scholarships. For each $1,000 contribution, an additional scholarship will be awarded in your name (e.g., Distinguished Navigation Scholarship in Memory of Veronta St. Clair; Class of 1980’s 30th Reunion Distinguished Navigation Scholarship).
3. Contribute funds to the Foundation
- Cash contributions may be submitted online or by check:
- Online donations are handled through Network for Good. Use the Designation and Dedication or Gift fields to convey your wishes.
- Checks are to be made out to The Franklin Pierce Foundation with the name of the scholarship listed on the memo line.
- Each donor will be sent a receipt from the Foundation Treasurer.
- The Foundation is a 501(c)(3) charitable organization so a gift in the form of cash or check will allow you to receive immediate tax benefits in the year you make the gift to the Foundation.
- If the scholarship is from a group, we encourage each donor to make their contribution in the form of a check to the Foundation so they may receive this tax benefit.
4. Administration of the scholarship funds
Recipient selection process
The Foundation prefers that the high school’s scholarship selection committee carefully review the scholarship applications submitted by students and select the most deserving recipient based on the established criteria. Members of these committees have a better understanding of the applicant’s background, achievements, and potential for success in the pursuit of their career goals. However, if you wish to be involved in the selection process, that can be arranged.
Donor notification and involvement
Contributors of a scholarship fund are notified annually when the scholarship recipient has been selected and are informed of the name and the institution the student will be attending. Recipients often write a thank-you note to the donor. In addition you may be invited to present the scholarship, or be in attendance, at the school’s scholarship awards ceremony.
The recipient of the scholarship must submit an Acceptance Form to the Foundation by June 30 of the year they graduate from high school to hold the scholarship for that student. Funds will be held for up to 16 months before being offered to an alternate. Upon receipt of proof of enrollment (including the student ID number), the Foundation will release the funds to the institution in the name of the student.
Contact us when you are ready to get started!