Giving College Money Away

If your client wants to establish a scholarship, there are several options. Often alumni will work with a college’s development office to establish a scholarship in the alum’s name. Foundations also often provide scholarships. In the fourth quarter of this year, Foundation Source (www.foundationsource.com), the Norwalk, Connecticut-based company that makes it easy to build private foundations and then run them, will introduce a new module to establish and maintain educational awards and scholarships. FoundationSource CEO Douglas Mellinger says the turnkey system will take care of gaining prior approval from the IRS, necessary with scholarships, making the actual awards, and taking care of the stringent monitoring and reporting requirements necessary with scholarships.