I know I have written about ways to honor a loved one….in my case? I wanted to push for an Endowment in the name of my Sister to the Law School she graduated from.
I felt that the best way to honor her memory and life would be to have a scholarship in her name every year….not just a one time scholarship.
So I am learning the difference and what it takes to set up an Endowment!
A scholarship is the easiest of course….whatever funds are given are presented one time. This is a great idea and a very good option! I just knew that because of all of my sister’s accomplishments it wasn’t the right fit for her!
An Endowment takes more work. There has to be a minimum fund of $25,000 that must be collected within 5 years….it also requires Board approval at the University or College of choice.
Yes…this means that the annual scholarships might not be as large as a one time scholarship. Therein lies the rub!
It is a decision to not take lightly. Discuss with other family and/or close friends to determine what direction is best.
Most importantly know that either choice is a fabulous way to celebrate your loved one!