Establishing a Scholarship
Establishing a scholarship with the Foundation for Seminole State College will create an everlasting memory of your generosity. Your contribution can help bright students — who may not otherwise have the opportunity to go to college — acquire the knowledge and education they deserve.
There are three steps to creating a scholarship:
- Decide whether to create an endowed or non-endowed scholarship.
- Create a Memorandum of Understanding (MOU).
- Sign the MOU.
Endowed and Non-Endowed Scholarships
An endowed scholarship will be awarded in perpetuity.
Endowed scholarships are established with a minimum contribution of $10,000. The $10,000 can be a one-time gift or a pledge of up to three years. Once the fund reaches a minimum of $10,000, it is invested, and a scholarship is awarded based on the earnings. This type of scholarship lasts indefinitely, and an average annual award is $500.
A non-endowed scholarship is a finite award but can be upgraded to endowed at any time, if desired.
This type of scholarship is established with a minimum gift of $3,000 as a one-time gift or pledge of up to three years. Scholarships may be awarded after the first donation. Non-endowed scholarships can be created for timely events, departmental projects such as disaster relief scholarships or study abroad sponsorships, or for specific fields of study.
Memorandum of Understanding
A Memorandum of Understanding (MOU) is a legal (but non-binding) document that clarifies all aspects of your scholarship, including award criteria and a plan of payment.
After the MOU
After the MOU has been signed by the Foundation Executive Director and the scholarship donor, the document becomes a contract. The scholarship award process may begin once the appropriate funding has been established.
If you are interested in establishing a scholarship, please email the Foundation.